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An Emission Saved Is an Emission Earned: An Empirical Study of Emission Banking for Light-Duty Vehicle Manufacturers

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  • Rubin Jonathan
  • Kling Catherine

Abstract

This paper presents results of an empirical study of emission banking for light-duty vehicle manufacturers. An intertemporal model of manufacturers' choices is combined with econometrically estimated abatement cost functions to simulate the cost savings and emission effects of an averaging, trading, and banking marketable permit system relative to command-and-control regulations. While the cost savings of such a system are estimated to be modest, the intertemporal emission effects may be sizable. The sensitivity of the results to discount rates, abatement cost functions, and model specifications is also explored.

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Bibliographic Info

Article provided by Elsevier in its journal Journal of Environmental Economics and Management.

Volume (Year): 25 (1993)
Issue (Month): 3 (November)
Pages: 257-274

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Handle: RePEc:eee:jeeman:v:25:y:1993:i:3:p:257-274

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Web page: http://www.elsevier.com/locate/inca/622870

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References

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  1. Cropper, Maureen L & Oates, Wallace E, 1992. "Environmental Economics: A Survey," Journal of Economic Literature, American Economic Association, vol. 30(2), pages 675-740, June.
  2. Maloney, Michael T. & Yandle, Bruce, 1984. "Estimation of the cost of air pollution control regulation," Journal of Environmental Economics and Management, Elsevier, vol. 11(3), pages 244-263, September.
  3. Carmen Difglio & K.G. Duleep & David L. Green, 1990. "Cost Effectiveness of Future Fuel Economy Improvements," The Energy Journal, International Association for Energy Economics, vol. 0(Number 1), pages 65-86.
  4. Hahn, Robert W & Axtell, Robert L, 1995. "Reevaluating the Relationship between Transferable Property Rights and Command-and-Control Regulation," Journal of Regulatory Economics, Springer, vol. 8(2), pages 125-48, September.
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Cited by:
  1. Tietenberg, Tom, 1998. "Ethical influences on the evolution of the US tradable permit approach to air pollution control," Ecological Economics, Elsevier, vol. 24(2-3), pages 241-257, February.
  2. Schwabe, Kurt A., 1999. "The effects of separability on incentive-based instrument performance," Economics Letters, Elsevier, vol. 63(3), pages 377-380, June.
  3. Kling, Catherine L. & Rubin, Jonathan, 1997. "Bankable Permits for the Control of Environmental Pollution," Staff General Research Papers 1479, Iowa State University, Department of Economics.
  4. Ellerman, A.D. & Juan-Pablo Montero, 2002. "The Temporal Efficiency of SO2 Emissions Trading," Cambridge Working Papers in Economics 0231, Faculty of Economics, University of Cambridge.
  5. Hongli Feng & Jinhua Zhao, 2002. "Alternative Intertemporal Permit Trading Regimes with Stochastic Abatement Costs," Center for Agricultural and Rural Development (CARD) Publications 02-wp318, Center for Agricultural and Rural Development (CARD) at Iowa State University.
  6. Pizer, William & Newell, Richard & Zhang, Jiangfeng, 2003. "Managing Permit Markets to Stabilize Prices," Discussion Papers dp-03-34, Resources For the Future.
  7. Li, Shoude, 2014. "Dynamic optimal control of pollution abatement under emissions permit banking," Economic Modelling, Elsevier, vol. 36(C), pages 363-369.
  8. Considine, Timothy J. & Larson, Donald F., 2006. "The environment as a factor of production," Journal of Environmental Economics and Management, Elsevier, vol. 52(3), pages 645-662, November.
  9. Charles Raux, 2002. "The Use of Transferable Permits in the Transport Sector," Post-Print halshs-00080454, HAL.
  10. Daniel Phaneuf & Till Requate, 2002. "Incentives for Investment in Advanced Pollution Abatement Technology in Emission Permit Markets with Banking," Environmental & Resource Economics, European Association of Environmental and Resource Economists, vol. 22(3), pages 369-390, July.
  11. Innes, Robert, 2003. "Stochastic pollution, costly sanctions, and optimality of emission permit banking," Journal of Environmental Economics and Management, Elsevier, vol. 45(3), pages 546-568, May.
  12. Schwabe, Kurt A., 2000. "Modeling state-level water quality management: the case of the Neuse River Basin," Resource and Energy Economics, Elsevier, vol. 22(1), pages 37-62, January.
  13. Speir, Cameron & Stephenson, Kurt & Shabman, Leonard A., 2000. "Command-And-Control Or Effluent Allowance Markets: Roles Of Economic Analysis," 2000 Annual meeting, July 30-August 2, Tampa, FL 21869, American Agricultural Economics Association (New Name 2008: Agricultural and Applied Economics Association).
  14. Robert W. Hahn, 1995. "Choosing among fuels and technologies for cleaning up the air," Journal of Policy Analysis and Management, John Wiley & Sons, Ltd., vol. 14(4), pages 532-554.
  15. Solomon, Barry D., 1999. "New directions in emissions trading: the potential contribution of new institutional economics," Ecological Economics, Elsevier, vol. 30(3), pages 371-387, September.

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