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Enforcing Emissions Trading when Emissions Permits are Bankable

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Author Info

  • John Stranlund

    ()

  • Christopher Costello

    ()

  • Carlos Chávez

    ()

Abstract

We propose enforcement strategies for emissions trading programs with bankable emissions permits that guarantee complete compliance with minimal enforcement costs. Our strategies emphasize imperfect monitoring supported by a high unit penalty for reporting violations, and tying this penalty directly to equilibrium permit prices. This approach is quite different from several existing enforcement strategies that emphasize high unit penalties for emissions in excess of permit holdings. Our analysis suggests that a high penalty for excess emissions cannot be used to conserve monitoring effort, and that it may actually increase the amount of monitoring necessary to maintain compliance. Copyright Springer Science+Business Media, Inc. 2005

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File URL: http://hdl.handle.net/10.1007/s11149-005-3108-6
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Bibliographic Info

Article provided by Springer in its journal Journal of Regulatory Economics.

Volume (Year): 28 (2005)
Issue (Month): 2 (09)
Pages: 181-204

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Handle: RePEc:kap:regeco:v:28:y:2005:i:2:p:181-204

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Web page: http://www.springerlink.com/link.asp?id=100298

Related research

Keywords: compliance; enforcement; emissions trading; permit banking; L51; Q28;

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  1. Juan-Pablo Montero, 2002. "The Temporal Efficiency of SO2 Emissions Trading," Documentos de Trabajo, Instituto de Economia. Pontificia Universidad Católica de Chile. 225, Instituto de Economia. Pontificia Universidad Católica de Chile..
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