A Mixed Bag: Assessmentof Market Performance and Firm Trading Behaviour in the NOx Reclaim Programme
AbstractTradable permit markets have become an increasingly popular tool to address environmental policy problems. This paper describes and evaluates the performance of the Regional Clean Air Incentives Market (RECLAIM) that started operating in Southern California at the beginning of 1994. In analysing overall market performance as well as industry and firm specific information,we find strong evidence for uncertainty influencing market participation during the first two years. Furthermore we find evidence for flexibility-induced abatement cost savings as well as a potential business cycle effect on trading behaviour.Our findings emphasizethe importanceof institutional features of trading programmes.
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Bibliographic InfoArticle provided by Taylor & Francis Journals in its journal Journal of Environmental Planning and Management.
Volume (Year): 40 (1997)
Issue (Month): 6 ()
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- Sovacool, Benjamin K., 2011. "The policy challenges of tradable credits: A critical review of eight markets," Energy Policy, Elsevier, vol. 39(2), pages 575-585, February.
- Stavins, Robert N., 2003.
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- Stavins, Robert, 2001. "Experience with Market-Based Environmental Policy Instruments," Discussion Papers dp-01-58, Resources For the Future.
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