Carbon　emission　trading　is　one　way　of　using　market　mechanism　to　promote　the　low　carbon　economy.　The　auction　approach　is　an　economic　efficient　way　in　carbon　emission　trading.　This　paper,　based　on　a　multi-agent　carbon　allowance　auction　mode　l,　aims　to　study　in　two　scenarios　the　respective　payoff　of　the　government　as　the　main　body　and　the　participating　manufacturers　in　the　auction,　a　s　well　as　the　issue　of　fairness　in　order　to　examine　the　pros　and　cons　of　two　auction　mechanisms,　and　then　shed　light　on　China＇s　carbon　emissions　trading　system.　©　2011　IEEE.