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Emissions trading systems have come to the fore as the most economicallyefficient mechanisms that can be employed to bring about an optimalgreenhouse gas reduction goal. Even though much has been written aboutthe advantages and disadvantages of these systems, one element of crucialimportance - emission allowance allocation - has not been considered inadequate depth until the present study. Such an analysis takes on increasedimportance as market-based auctioning will become a central allocation methodthroughout the EU under the amended Emissions Trading System (ETS).