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In this study, a time simulation model for long-term wind capacity investment decisions in the presence of an electricity market and a tradable green certificate (TGC) market is proposed. Decisions related to the investments in the wind capacity are fundamentally based on incentives gained from both of these markets. Fundamental concepts and models of these markets are described. The TGC price trend-following and value-trading strategies for both generation and distribution companies and the regulatory policies for the limitation of TGC holding time and TGC borrowing fraction are included. In this study, a new dynamic model of coupled TGC and electricity markets is considered in order to examine the performance of the hybrid trading strategies and regulatory policies in these markets. Besides, the paper analyses different strategies of the market players for trading TGCs and gives recommendations on the best combination of different strategies in order to reach the players' objectives. The decision model of this dynamic framework enables market players and regulators to determine the possible consequences of different decisions, such as adoption of different trading strategies and policies, and uncertainties in both the preliminary design and operating phases of a TGC market.