0451991 20240103211354.220160229235959.9 84949485358 000374450100012 10.1007/s10100-015-0430-7 21 s. P cav_un_epca*02930281435-246X242 (2016)435-454 Stochastic programming Risk management Mean-risk modeling Emissions trading Emissions management cav_un_auth*0324365 50 Zapletal F. CZ K cav_un_auth*0101206 Ekonometrie Department of Econometrics E E Department of Econometrics 50 Šmíd Martin UTIA-B Ústav teorie informace a automatizace AV ČR, v. v. i. http://library.utia.cas.cz/separaty/2015/E/smid-0451991.pdf cav_un_auth*0323625 SP2014/146 EC XE cav_un_auth*0323626 SP2013/148 EC XE cav_un_auth*0281000 GBP402/12/G097 GA ČR CZ cav_un_auth*0292622 GA13-25911S GA ČR We propose a mean-risk decision model for a steel company facing emission limits and trading with emission allowances. The model is calibrated using data of a real-life steel company and is subsequently solved for five different scenarios of demand and different levels of risk aversion. It is found that while the limits are never reached, permit trading influences the decision to a great extent, especially given extremely low or extremely high demand when large amounts of permits need to be traded. We demonstrate that the risk caused by emission trading may increase not only with an increasing demand but also when the demand is low and a great amount of allowances must be sold. BB 2017 2 RVO:67985556 http://hdl.handle.net/11104/0253700 cav_un_auth*0323627 VSB - Technical University of Ostrava VSB-TU Ostrava CZ S 3+4 Article Operations Research Management Science OPERATIONSRESEARCH&MANAGEMENTSCIENCE 0.904 0.327 5.6 0.00096 0.305 398 0.531 Q3 0.625 49 Q4 7.294 15.1 Q4 Q3 15.06 2016 84949485358 SCOPUS 000374450100012 WOS cav_un_epca*0293028 Central European Journal of Operations Research 1435-246X 1613-9178 Roč. 24 č. 2 2016 435 454