fig14

Figure 14. Sensitivity of CO₂ emissions and transaction costs to parameter changes relative to the dual-market baseline (S1). (A) allowance or CCER price change separately; (B) free allocation ratio; (C) CCER certification rate; (D) CCER offset rate; (E) joint changes in allowance and CCER prices; (F) adjustment coefficient φ. Within each group, the left and right plots show emissions and transaction costs, respectively. CCER: China Certified Emission Reduction.