{"status":"ok","message-type":"work","message-version":"1.0.0","message":{"indexed":{"date-parts":[[2025,10,12]],"date-time":"2025-10-12T03:13:26Z","timestamp":1760238806382,"version":"build-2065373602"},"reference-count":59,"publisher":"MDPI AG","issue":"9","license":[{"start":{"date-parts":[[2020,8,31]],"date-time":"2020-08-31T00:00:00Z","timestamp":1598832000000},"content-version":"vor","delay-in-days":0,"URL":"https:\/\/creativecommons.org\/licenses\/by\/4.0\/"}],"funder":[{"DOI":"10.13039\/501100001809","name":"National Natural Science Foundation of China","doi-asserted-by":"publisher","award":["71774071, 71834003"],"award-info":[{"award-number":["71774071, 71834003"]}],"id":[{"id":"10.13039\/501100001809","id-type":"DOI","asserted-by":"publisher"}]},{"name":"Key Project of Jiangsu Social Science Fund","award":["20ZLA007"],"award-info":[{"award-number":["20ZLA007"]}]},{"name":"the Young Academic Leader Project of Jiangsu University","award":["5521380003"],"award-info":[{"award-number":["5521380003"]}]},{"name":"Japan Society for Promotion of Science","award":["19K13742"],"award-info":[{"award-number":["19K13742"]}]}],"content-domain":{"domain":[],"crossmark-restriction":false},"short-container-title":["Entropy"],"abstract":"<jats:p>Carbon emission control is an urgent environmental issue that governments are paying increasing attention to. Improving carbon market transaction efficiency in the context of China\u2019s power industry is important for green growth, low carbon transmission, and the realization of sustainable development goals. We used the entropy-weighted Technique for Order Preference by Similarity to an Ideal Solution (TOPSIS) method in this empirical study to analyze the carbon market transaction efficiency of China\u2019s power industry. The results showed that the Beijing carbon market has the highest transaction efficiency, followed by those of Guangdong Province and Shenzhen City. Hubei Province also has a relatively high carbon market transaction volume and turnover; its transaction efficiency ranks fourth. Shanghai, Tianjin, and Chongqing are the lowest-ranked regions, having carbon markets with relatively low trading volume and turnover. We, therefore, recommend that to develop a unified national carbon market, governmental agencies at all levels should equitably allocate carbon; strict regulations and penalties are also needed.<\/jats:p>","DOI":"10.3390\/e22090973","type":"journal-article","created":{"date-parts":[[2020,8,31]],"date-time":"2020-08-31T11:53:49Z","timestamp":1598874829000},"page":"973","update-policy":"https:\/\/doi.org\/10.3390\/mdpi_crossmark_policy","source":"Crossref","is-referenced-by-count":13,"title":["Measuring Carbon Market Transaction Efficiency in the Power Industry: An Entropy-Weighted TOPSIS Approach"],"prefix":"10.3390","volume":"22","author":[{"given":"Jin","family":"Zhu","sequence":"first","affiliation":[{"name":"College of Economics and Management, Nanjing University of Aeronautics and Astronautics, Nanjing 211106, China"}],"role":[{"role":"author","vocabulary":"crossref"}]},{"ORCID":"https:\/\/orcid.org\/0000-0002-9328-7850","authenticated-orcid":false,"given":"Huaping","family":"Sun","sequence":"additional","affiliation":[{"name":"Division of Low-carbon Economy and Environmental Regulation, Institute of Industrial Economics, Jiangsu University, Zhenjiang 212013, China"}],"role":[{"role":"author","vocabulary":"crossref"}]},{"given":"Nanying","family":"Liu","sequence":"additional","affiliation":[{"name":"Division of Low-carbon Economy and Environmental Regulation, Institute of Industrial Economics, Jiangsu University, Zhenjiang 212013, China"}],"role":[{"role":"author","vocabulary":"crossref"}]},{"given":"Dequn","family":"Zhou","sequence":"additional","affiliation":[{"name":"College of Economics and Management, Nanjing University of Aeronautics and Astronautics, Nanjing 211106, China"}],"role":[{"role":"author","vocabulary":"crossref"}]},{"ORCID":"https:\/\/orcid.org\/0000-0001-5446-7093","authenticated-orcid":false,"given":"Farhad","family":"Taghizadeh-Hesary","sequence":"additional","affiliation":[{"name":"Social Science Research Institute, Tokai University, Hiratsuka-shi, Kanagawa-ken 259-1292, Japan"}],"role":[{"role":"author","vocabulary":"crossref"}]}],"member":"1968","published-online":{"date-parts":[[2020,8,31]]},"reference":[{"key":"ref_1","doi-asserted-by":"crossref","first-page":"1163","DOI":"10.1038\/nature08019","article-title":"Warming caused by cumulative carbon emissions towards the trillionth tonne","volume":"458","author":"Allen","year":"2009","journal-title":"Nature"},{"key":"ref_2","doi-asserted-by":"crossref","first-page":"220","DOI":"10.1016\/j.jclepro.2013.12.017","article-title":"Co-control of local air pollutants and CO2 from the Chinese coal-fired power industry","volume":"67","author":"Mao","year":"2014","journal-title":"J. Clean. Prod."},{"key":"ref_3","doi-asserted-by":"crossref","first-page":"31","DOI":"10.1016\/j.resconrec.2017.11.011","article-title":"How can China allocate CO2 reduction targets at the provincial level considering both equity and efficiency? Evidence from its Copenhagen accord pledge","volume":"130","author":"Dong","year":"2018","journal-title":"Resour. Conserv. Recycl."},{"key":"ref_4","doi-asserted-by":"crossref","first-page":"104707","DOI":"10.1016\/j.eneco.2020.104707","article-title":"Adjusting productivity measures for CO2 emissions control: Evidence from the provincial thermal power sector in China","volume":"87","author":"Chen","year":"2020","journal-title":"Energy Econ."},{"key":"ref_5","doi-asserted-by":"crossref","first-page":"451","DOI":"10.1017\/S1355770X97000247","article-title":"Are environmental Kuznets curve misleading US? The case of CO2 emissions, special issue on environmental Kuznets curves","volume":"2","author":"Moomaw","year":"1997","journal-title":"Environ. Dev. Econ."},{"key":"ref_6","doi-asserted-by":"crossref","first-page":"317","DOI":"10.1016\/S0301-4215(01)00098-2","article-title":"Escaping carbon lock-in","volume":"30","author":"Unruh","year":"2002","journal-title":"Energy Policy"},{"key":"ref_7","doi-asserted-by":"crossref","first-page":"63","DOI":"10.1016\/S0928-7655(00)00030-0","article-title":"Environmental efficiency and regulatory standards: The case of CO2 emissions from OECD industries","volume":"23","author":"Zofio","year":"2001","journal-title":"Resour. Energy Econ."},{"key":"ref_8","doi-asserted-by":"crossref","first-page":"647","DOI":"10.1057\/jors.2009.11","article-title":"Do market share and efficiency matter for each other? An application of the zero\u2013sum gains data envelopment analysis","volume":"61","author":"Hu","year":"2010","journal-title":"J. Oper. Res. Soc."},{"key":"ref_9","doi-asserted-by":"crossref","unstructured":"Jiang, H., Shao, X., Zhang, X., and Bao, J. (2017). A study of the allocation of carbon emission permits among the provinces of china based on fairness and efficiency. Sustainability, 9.","DOI":"10.3390\/su9112122"},{"key":"ref_10","doi-asserted-by":"crossref","first-page":"4144","DOI":"10.1016\/j.jclepro.2015.07.035","article-title":"Efficient allocation of CO2 emissions in China: A zero sum gains data envelopment model","volume":"112","author":"Miao","year":"2016","journal-title":"J. Clean. Prod."},{"key":"ref_11","doi-asserted-by":"crossref","first-page":"3921","DOI":"10.1016\/j.energy.2010.06.013","article-title":"Potential impact of (CET) carbon emissions trading on China\u2019s power sector: A perspective from different allowance allocation options","volume":"35","author":"Cong","year":"2010","journal-title":"Energy"},{"key":"ref_12","doi-asserted-by":"crossref","first-page":"1014","DOI":"10.1016\/j.ejor.2017.12.012","article-title":"Cascade equilibrium strategies in a two-server queuing system with inspection cost","volume":"267","author":"Hassin","year":"2018","journal-title":"Eur. J. Oper. Res."},{"key":"ref_13","doi-asserted-by":"crossref","unstructured":"Lu, J., Shi, C., and Zhang, G. (2006). On Bilevel Multi-Follower Decision Making: General Framework and Solutions, Elsevier Science Inc.","DOI":"10.1016\/j.ins.2005.04.010"},{"key":"ref_14","doi-asserted-by":"crossref","first-page":"5137","DOI":"10.1016\/j.enpol.2011.05.050","article-title":"The effect of carbon tax on per capita CO2 emissions","volume":"39","author":"Lin","year":"2011","journal-title":"Energy Policy"},{"key":"ref_15","doi-asserted-by":"crossref","first-page":"420","DOI":"10.1093\/oxrep\/19.3.420","article-title":"Carbon trading in the policy mix","volume":"19","author":"Sorrell","year":"2003","journal-title":"Oxf. Rev. Econ. Policy"},{"key":"ref_16","doi-asserted-by":"crossref","first-page":"49","DOI":"10.1080\/14693062.2006.9685588","article-title":"CO2 cost pass through and windfall profits in the power sector","volume":"6","author":"Sijm","year":"2006","journal-title":"Clim. Policy"},{"key":"ref_17","doi-asserted-by":"crossref","unstructured":"Teeter, P., and Sandberg, J. (2017). Constraining or enabling green capability development? How policy uncertainty affects organizational responses to flexible environmental regulations. Br. J. Manag., 28.","DOI":"10.1111\/1467-8551.12188"},{"key":"ref_18","doi-asserted-by":"crossref","first-page":"111002","DOI":"10.1016\/j.enpol.2019.111002","article-title":"Institutional quality, green innovation and energy efficiency","volume":"135","author":"Sun","year":"2019","journal-title":"Energ. Policy"},{"key":"ref_19","doi-asserted-by":"crossref","first-page":"419","DOI":"10.1080\/00207543.2013.829592","article-title":"Allocation of emission permits using dea: Centralised and individual points of view","volume":"52","author":"Sun","year":"2014","journal-title":"Int. J. Prod. Res."},{"key":"ref_20","doi-asserted-by":"crossref","first-page":"543","DOI":"10.1109\/TPWRS.2009.2030377","article-title":"Partial carbon permits allocation of potential emission trading scheme in australian electricity market","volume":"25","author":"Zhou","year":"2010","journal-title":"IEEE Trans. Power Syst."},{"key":"ref_21","doi-asserted-by":"crossref","first-page":"215","DOI":"10.1016\/j.enpol.2014.09.010","article-title":"Diffusion of low emission vehicles and their impact on CO2 emission reduction in Japan","volume":"81","author":"Oshiro","year":"2015","journal-title":"Energy Policy"},{"key":"ref_22","doi-asserted-by":"crossref","first-page":"1422","DOI":"10.1016\/j.energy.2006.09.018","article-title":"Pinch analysis approach to carbon-constrained energy sector planning","volume":"32","author":"Raymond","year":"2007","journal-title":"Energy"},{"key":"ref_23","unstructured":"Baron, R., Buchner, B., and Ellis, J. (2009). Sectoral approaches and the carbon market. OECD\/IEA Clim. Chang. Expert Group Pap."},{"key":"ref_24","doi-asserted-by":"crossref","first-page":"1889","DOI":"10.1016\/j.enpol.2005.02.001","article-title":"Allocation of CO2 emission permits\u2014Economic incentives for emission reductions in developing countries","volume":"34","author":"Toblas","year":"2006","journal-title":"Energy Policy"},{"key":"ref_25","doi-asserted-by":"crossref","first-page":"469","DOI":"10.1023\/B:EARE.0000003625.77571.9f","article-title":"Constraining equitable allocations of tradable CO2 emission quotas by acceptability","volume":"26","author":"Germain","year":"2003","journal-title":"Environ. Resour. Econ."},{"key":"ref_26","doi-asserted-by":"crossref","first-page":"748","DOI":"10.1016\/0301-4215(93)90145-6","article-title":"A CO2 agreement proposal with flexible quotas","volume":"21","author":"Welsch","year":"1993","journal-title":"Energy Policy"},{"key":"ref_27","doi-asserted-by":"crossref","first-page":"99","DOI":"10.1016\/j.eneco.2014.06.019","article-title":"Optimal path for controlling CO2 emissions in China: A perspective of efficiency analysis","volume":"45","author":"Zhou","year":"2014","journal-title":"Energy Econ."},{"key":"ref_28","doi-asserted-by":"crossref","first-page":"787","DOI":"10.1016\/j.enpol.2007.10.029","article-title":"Price drivers and structural breaks in European carbon prices 2005\u20132007","volume":"36","author":"Alberola","year":"2008","journal-title":"Energy Policy"},{"key":"ref_29","doi-asserted-by":"crossref","first-page":"202","DOI":"10.1016\/j.eneco.2018.11.007","article-title":"A multiscale analysis for carbon price drivers","volume":"78","author":"Zhu","year":"2019","journal-title":"Energy Econ."},{"key":"ref_30","doi-asserted-by":"crossref","first-page":"517","DOI":"10.1016\/j.omega.2012.06.005","article-title":"Carbon price forecasting with a novel hybrid ARIMA and least squares support vector machines methodology","volume":"41","author":"Zhu","year":"2013","journal-title":"Omega Int. J. Manag. Sci."},{"key":"ref_31","doi-asserted-by":"crossref","first-page":"1953","DOI":"10.1016\/j.renene.2007.09.026","article-title":"Modeling of a green certificate market","volume":"33","author":"Marchenko","year":"2008","journal-title":"Renew. Energy"},{"key":"ref_32","doi-asserted-by":"crossref","first-page":"12","DOI":"10.1016\/j.enpol.2007.09.007","article-title":"Firm performance and employment in the EU emissions trading scheme: An empirical assessment for Germany","volume":"36","author":"Anger","year":"2008","journal-title":"Energy Policy"},{"key":"ref_33","doi-asserted-by":"crossref","first-page":"488","DOI":"10.1016\/j.aos.2008.08.005","article-title":"The European emissions trading scheme: An exploratory study of how companies learn to account for carbon","volume":"34","author":"Engels","year":"2009","journal-title":"Organ. Soc."},{"key":"ref_34","doi-asserted-by":"crossref","first-page":"468","DOI":"10.1016\/j.ijepes.2013.05.029","article-title":"Development of a probabilistic tool using Monte Carlo simulation and smart meters measurements for the long termanalysis of low voltage distribution grids with photovoltaic generation","volume":"53","author":"Klonari","year":"2013","journal-title":"Int. J. Electr. Power Energy Syst."},{"key":"ref_35","doi-asserted-by":"crossref","first-page":"141","DOI":"10.1016\/j.ijepes.2014.02.026","article-title":"An affine adjustable robust model for generation and transmission network planning","volume":"60","author":"Ng","year":"2014","journal-title":"Int. J. Electr. Power Energy Syst."},{"key":"ref_36","doi-asserted-by":"crossref","first-page":"374","DOI":"10.1016\/j.jclepro.2018.01.102","article-title":"How China\u2019s current carbon trading policy affects carbon price? An investigation of the Shanghai Emission Trading Scheme pilot","volume":"181","author":"Song","year":"2018","journal-title":"J. Clean. Prod."},{"key":"ref_37","doi-asserted-by":"crossref","first-page":"338","DOI":"10.1016\/j.jclepro.2014.06.045","article-title":"Case study on initial allocation of Shanghai carbon emission trading based on Shapley value","volume":"103","author":"Liao","year":"2015","journal-title":"J. Clean. Prod."},{"key":"ref_38","doi-asserted-by":"crossref","first-page":"429","DOI":"10.1016\/0377-2217(78)90138-8","article-title":"Measuring the efficiency of decision making units","volume":"2","author":"Charnes","year":"1978","journal-title":"Eur. J. Oper. Res."},{"key":"ref_39","doi-asserted-by":"crossref","first-page":"616","DOI":"10.1057\/palgrave.jors.2602384","article-title":"Modelling undesirable outputs with zero sum gains data envelopment analysis models","volume":"59","author":"Gomes","year":"2008","journal-title":"J. Oper. Res. Soc."},{"key":"ref_40","doi-asserted-by":"crossref","first-page":"214","DOI":"10.1016\/j.enpol.2012.11.030","article-title":"Regional allocation of CO2 emissions allowance over provinces in China by 2020","volume":"54","author":"Wang","year":"2013","journal-title":"Energy Policy"},{"key":"ref_41","doi-asserted-by":"crossref","first-page":"119519","DOI":"10.1016\/j.jclepro.2019.119519","article-title":"Measuring environmental sustainability performance of South Asia","volume":"251","author":"Sun","year":"2019","journal-title":"J. Clean. Prod."},{"key":"ref_42","doi-asserted-by":"crossref","first-page":"419","DOI":"10.1016\/j.rser.2015.05.022","article-title":"Pareto improvement through a reallocation of carbon emission quotas","volume":"50","author":"Pang","year":"2015","journal-title":"Renew. Sustain. Energy Rev."},{"key":"ref_43","doi-asserted-by":"crossref","first-page":"192","DOI":"10.1080\/15567249.2010.527900","article-title":"An efficiency evaluation of the EU\u2019s allocation of carbon emission allowances","volume":"10","author":"Chiu","year":"2015","journal-title":"Energy Sources Part B Econ. Plan. Policy"},{"key":"ref_44","doi-asserted-by":"crossref","first-page":"1633","DOI":"10.1016\/j.ecolecon.2008.07.012","article-title":"Environmental cost benefit analysis of alternative timing strategies in greenhouse gas abatement: A data envelopment analysis approach","volume":"68","author":"Kuosmanen","year":"2009","journal-title":"Ecol. Econ."},{"key":"ref_45","doi-asserted-by":"crossref","unstructured":"Sun, Y., Chen, L., Sun, H., and Taghizadeh-Hesary, F. (2020). Low-carbon financial risk factor correlation in the belt and road ppp project. Financ. Res. Lett.","DOI":"10.1016\/j.frl.2020.101491"},{"key":"ref_46","doi-asserted-by":"crossref","first-page":"98","DOI":"10.1016\/j.frl.2019.04.016","article-title":"The way to induce private participation in green finance and investment","volume":"31","author":"Yoshino","year":"2019","journal-title":"Financ. Res. Lett."},{"key":"ref_47","doi-asserted-by":"crossref","first-page":"77","DOI":"10.1108\/IJESM-05-2018-0005","article-title":"Empirical analysis of factors influencing the price of solar modules","volume":"13","author":"Yoshino","year":"2019","journal-title":"Int. J. Energy Sect. Manag."},{"key":"ref_48","doi-asserted-by":"crossref","unstructured":"Wang, Y., Zhao, H., Duan, F., and Wang, Y. (2018). Initial provincial allocation and equity evaluation of China\u2019s carbon emission rights\u2014Based on the improved TOPSIS method. Sustainability, 10.","DOI":"10.3390\/su10040982"},{"key":"ref_49","first-page":"170","article-title":"Elementary discussion of application of utility information entropy on shooting targets selection mathematics model","volume":"41","author":"Ma","year":"2011","journal-title":"Math. Pract. Theory"},{"key":"ref_50","first-page":"379","article-title":"A mathematical theory of communication","volume":"27","author":"Shannon","year":"1948","journal-title":"BSTJ"},{"key":"ref_51","doi-asserted-by":"crossref","first-page":"685","DOI":"10.1016\/j.energy.2018.04.077","article-title":"Measuring China\u2019s new energy vehicle patents: A social network analysis approach","volume":"153","author":"Sun","year":"2018","journal-title":"Energy"},{"key":"ref_52","doi-asserted-by":"crossref","first-page":"1670","DOI":"10.1016\/j.energy.2006.11.014","article-title":"Grey prediction with rolling mechanism for electricity demand forecasting of Turkey","volume":"32","author":"Akay","year":"2007","journal-title":"Energy"},{"key":"ref_53","doi-asserted-by":"crossref","first-page":"229","DOI":"10.1006\/jema.1997.0146","article-title":"Productivity and undesirable outputs: A directional distance function approach","volume":"51","author":"Chung","year":"1997","journal-title":"J. Environ. Manag."},{"key":"ref_54","doi-asserted-by":"crossref","first-page":"61","DOI":"10.1080\/14693062.2005.9685541","article-title":"Allocation of carbon emission certificates in the power sector: How generators profit from grandfathered rights","volume":"5","author":"Kim","year":"2005","journal-title":"Clim. Policy"},{"key":"ref_55","doi-asserted-by":"crossref","first-page":"1075","DOI":"10.1007\/s11069-016-2473-z","article-title":"Initial carbon quota allocation methods of power sectors: A China case study","volume":"84","author":"Li","year":"2016","journal-title":"Nat. Hazards"},{"key":"ref_56","doi-asserted-by":"crossref","first-page":"594","DOI":"10.1016\/j.apenergy.2016.01.055","article-title":"How will auctioning impact on the carbon emission abatement cost of electric power generation sector in China?","volume":"168","author":"Liu","year":"2016","journal-title":"Appl. Energy"},{"key":"ref_57","doi-asserted-by":"crossref","first-page":"472","DOI":"10.1016\/j.jclepro.2017.02.079","article-title":"Cost-based modelling of optimal emission quota allocation","volume":"149","author":"Liu","year":"2017","journal-title":"J. Clean. Prod."},{"key":"ref_58","doi-asserted-by":"crossref","first-page":"3101","DOI":"10.1016\/j.jclepro.2016.10.157","article-title":"Scenario analysis of CO2 emissions from China\u2019s electric power industry","volume":"142","author":"Meng","year":"2017","journal-title":"J. Clean. Prod."},{"key":"ref_59","doi-asserted-by":"crossref","first-page":"61","DOI":"10.1016\/j.ecolind.2017.06.043","article-title":"Identifying the spatial effects and driving factors of urban PM2.5 pollution in China","volume":"82","author":"Cheng","year":"2017","journal-title":"Ecol. Indic."}],"container-title":["Entropy"],"original-title":[],"language":"en","link":[{"URL":"https:\/\/www.mdpi.com\/1099-4300\/22\/9\/973\/pdf","content-type":"unspecified","content-version":"vor","intended-application":"similarity-checking"}],"deposited":{"date-parts":[[2025,10,11]],"date-time":"2025-10-11T10:05:15Z","timestamp":1760177115000},"score":1,"resource":{"primary":{"URL":"https:\/\/www.mdpi.com\/1099-4300\/22\/9\/973"}},"subtitle":[],"short-title":[],"issued":{"date-parts":[[2020,8,31]]},"references-count":59,"journal-issue":{"issue":"9","published-online":{"date-parts":[[2020,9]]}},"alternative-id":["e22090973"],"URL":"https:\/\/doi.org\/10.3390\/e22090973","relation":{},"ISSN":["1099-4300"],"issn-type":[{"type":"electronic","value":"1099-4300"}],"subject":[],"published":{"date-parts":[[2020,8,31]]}}}