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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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  1. Maloney, Michael T. & Yandle, Bruce, 1984. "Estimation of the cost of air pollution control regulation," Journal of Environmental Economics and Management, Elsevier, Elsevier, vol. 11(3), pages 244-263, September.
  2. Carmen Difglio & K.G. Duleep & David L. Green, 1990. "Cost Effectiveness of Future Fuel Economy Improvements," The Energy Journal, International Association for Energy Economics, International Association for Energy Economics, vol. 0(Number 1), pages 65-86.
  3. Hahn, Robert W & Axtell, Robert L, 1995. "Reevaluating the Relationship between Transferable Property Rights and Command-and-Control Regulation," Journal of Regulatory Economics, Springer, Springer, vol. 8(2), pages 125-48, September.
  4. Cropper, Maureen L & Oates, Wallace E, 1992. "Environmental Economics: A Survey," Journal of Economic Literature, American Economic Association, American Economic Association, vol. 30(2), pages 675-740, June.
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Cited by:
  1. Solomon, Barry D., 1999. "New directions in emissions trading: the potential contribution of new institutional economics," Ecological Economics, Elsevier, Elsevier, vol. 30(3), pages 371-387, September.
  2. Charles Raux, 2002. "The Use of Transferable Permits in the Transport Sector," Post-Print, HAL halshs-00080454, HAL.
  3. Tietenberg, Tom, 1998. "Ethical influences on the evolution of the US tradable permit approach to air pollution control," Ecological Economics, Elsevier, Elsevier, vol. 24(2-3), pages 241-257, February.
  4. Feng, Hongli & Zhao, Jinhua, 2002. "Alternative Intertemporal Permit Trading Regimes with Stochastic Abatement Costs," Staff General Research Papers, Iowa State University, Department of Economics 10057, Iowa State University, Department of Economics.
  5. Richard Newell & William Pizer & Jiangfeng Zhang, 2005. "Managing Permit Markets to Stabilize Prices," Environmental & Resource Economics, European Association of Environmental and Resource Economists, European Association of Environmental and Resource Economists, vol. 31(2), pages 133-157, 06.
  6. Schwabe, Kurt A., 1999. "The effects of separability on incentive-based instrument performance," Economics Letters, Elsevier, Elsevier, vol. 63(3), pages 377-380, June.
  7. Kling, Catherine & Rubin, Jonathan, 1997. "Bankable permits for the control of environmental pollution," Journal of Public Economics, Elsevier, Elsevier, vol. 64(1), pages 101-115, April.
  8. Robert W. Hahn, 1995. "Choosing among fuels and technologies for cleaning up the air," Journal of Policy Analysis and Management, John Wiley & Sons, Ltd., John Wiley & Sons, Ltd., vol. 14(4), pages 532-554.
  9. Schwabe, Kurt A., 2000. "Modeling state-level water quality management: the case of the Neuse River Basin," Resource and Energy Economics, Elsevier, Elsevier, vol. 22(1), pages 37-62, January.
  10. Considine, Timothy J. & Larson, Donald F., 2004. "The environment as a factor of production," Policy Research Working Paper Series, The World Bank 3271, The World Bank.
  11. Innes, Robert, 2003. "Stochastic pollution, costly sanctions, and optimality of emission permit banking," Journal of Environmental Economics and Management, Elsevier, Elsevier, vol. 45(3), pages 546-568, May.
  12. Li, Shoude, 2014. "Dynamic optimal control of pollution abatement under emissions permit banking," Economic Modelling, Elsevier, Elsevier, vol. 36(C), pages 363-369.
  13. Ellerman, A.D. & Juan-Pablo Montero, 2002. "The Temporal Efficiency of SO2 Emissions Trading," Cambridge Working Papers in Economics, Faculty of Economics, University of Cambridge 0231, Faculty of Economics, University of Cambridge.
  14. 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, American Agricultural Economics Association (New Name 2008: Agricultural and Applied Economics Association) 21869, American Agricultural Economics Association (New Name 2008: Agricultural and Applied Economics Association).
  15. 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, European Association of Environmental and Resource Economists, vol. 22(3), pages 369-390, July.

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