A Tradeable Green Certificates (TGCs) is a market oriented instrument to achieve targets of renewables in deregulated electricity markets. TGCs have already been implemented in several countries, but the effect of the market instrument is still uncertain with respect to price formation and efficiency. We give a survey of previous studies on TGC markets predominantly based on static comparative analyses and equilibrium models. A system dynamics analysis of the Swedish TGC market design is then presented. The dynamic analysis of the TGC market reveals new insights caused by the investment dynamics. In the last part of our paper, we expand our study to represent trading of TGCs. The performance of the TGC market is analysed using laboratory experiments. In particular, the price formation shows to be dependent on market design chosen and trading strategies adopted. We hypothesize some some trading strategies that shows to mimic the behaviour of the laboratory experiments as well as the observations of the Swedish TGC market.