简介:UnliketheEuropeanUnionemissiontradesystem(EUETS),ChinaspilotETSsimplementeddiversifiedpolicydesignsinsteadofusingauniformframework.VarianceratiotestisusedtoevaluatetheEfficientMarketHypothesis(EMH)inChina’scarbontradingmarkets.TheresultsoftwoversionsofvarianceratiotestsindicatethatthecarbontradingmarketinHubeiisconsideredweakformefficient,andthesocialistmarketeconomydoesnotnecessarilyleadtomarketinefficiencyincarbontradingmarkets.ThintradingactivitiesgeneratemarketfrictionsandbiastheEfficientMarketHypothesis(EMH)tests.