Emissions trading: principles and practice
First published in 1985, Emissions Trading was a comprehensive review of the first large-scale attempt to use economic incentives in environmental policy in the United States since its publication it has consistently been one of the most widely cited works in the tradable permits literature. The second edition of this classic study of pollution reform considers how the use of transferable permits to control pollution has evolved over the last twenty-five years.Initially little more than an academic curiosity, the use oftradable permits eventually became the centerpiece of both the U.S. program to control acid rain and the European approach to controlling greenhouse gases. The second edition of Emissions Trading skillfully weaves together a vast amount of theoretical and empirical information, offering a thorough survey of what we have learned about this important environmental policy instrument after twenty-five years of theorizing, conducting empirical research, and evaluating the implementation experience.Intended to appeal bothto academics and practitioners, Emissions Trading outlines what has been learned to date about the appropriate niche for this instrument and identifiesbest practices for the design of effective programs.
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The Conceptual Framework
Figure 21 CostEffectiveness and the Emissions Permit System
The Consequences of Emissions Trading
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abatement costs achieved acid rain air pollution air quality airshed allowable emissions ambient permit system ambient standards auction market banking command-and-control approach concentration control authority control costs control responsibility cost of control cost penalty cost savings cost-effective allocation credits distribution economic effects emis emissions permit system emissions reduction emissions standards emissions trading programs emissions trading system environmental ex post evaluations financial burden firms flexibility hot spots implementation important incentive increase initial allocation involves Kyoto Protocol least-cost allocation lower marginal cost market power mixed assimilative pollutants monitoring and enforcement Nitrogen dioxide non-uniformly mixed assimilative noncompliance offset period permit market permit price pollution control possible price-setting source price-taking problem receptor regulations regulatory result sellers simulations specific strategy studies Sulfur Allowance Program Sulfur dioxide target temporal tion total emissions trading rules transactions costs transfer coefficients typically U.S. EPA uniformly mixed United violations zones