Designing More Efficient Markets: Lessons from Los Angeles Smog Control
AbstractMarket-based approaches for environmental protection are beginning to take root around the world. This article attempts to improve our understanding of the performance of environmental markets by constructing and evaluating an information base on trades in Los Angeles, which includes the first detailed data on trading prices. The analysis suggests that trading activity has been shaped by the detailed regulations governing the market. In addition, transaction costs have played a crucial role. We argue that the move toward adopting market-based approaches for environmental protection needs to be accompanied by a vigorous effort to assess the properties of these systems as they are actually implemented. Copyright 1995 by the University of Chicago.
Download InfoTo our knowledge, this item is not available for download. To find whether it is available, there are three options:
1. Check below under "Related research" whether another version of this item is available online.
2. Check on the provider's web page whether it is in fact available.
3. Perform a search for a similarly titled item that would be available.
Bibliographic InfoArticle provided by University of Chicago Press in its journal Journal of Law & Economics.
Volume (Year): 38 (1995)
Issue (Month): 1 (April)
Contact details of provider:
Web page: http://www.journals.uchicago.edu/JLE/
You can help add them by filling out this form.
CitEc Project, subscribe to its RSS feed for this item.
- Charlotte Duke & Lata Gangadharan, 2005.
"Regulation in Environmental Markets: What Can We Learn from Experiments to Reduce Salinity?,"
Australian Economic Review,
The University of Melbourne, Melbourne Institute of Applied Economic and Social Research, vol. 38(4), pages 459-469, December.
- Duke, Charlotte & Gangadharan, Lata, 2005. "Regulation in Environmental Markets: What can we learn from Experiments to Reduce Salinity?," 2005 Conference (49th), February 9-11, 2005, Coff's Harbour, Australia 137857, Australian Agricultural and Resource Economics Society.
- Gustafsson, Bo, 1998. "Scope and limits of the market mechanism in environmental management," Ecological Economics, Elsevier, vol. 24(2-3), pages 259-274, February.
- L. Gangadharan & A. Farrell & R. Croson, 2005. "Investment Decisions and Emissions Reductions : Results from Experiments in Emissions Trading," Department of Economics - Working Papers Series 942, The University of Melbourne.
- Stavins, Robert, 2003.
"Market-Based Environmental Policies: What Can We Learn from U.S. Experience and Related Research?,"
Working Paper Series
rwp03-031, Harvard University, John F. Kennedy School of Government.
- Stavins, Robert, 2003. "Market-Based Environmental Policies: What Can We Learn from U.S. Experience (and Related Research)?," Discussion Papers dp-03-43, Resources For the Future.
- Evans, David A. & Kruger, Joseph A., 2006. "Taking up the Slack: Lessons from a Cap-and-Trade Program in Chicago," Discussion Papers dp-06-36, Resources For the Future.
- Schwabe, Kurt A. & Smith, V. Kerry, 1998. "Have Incentive Based Policies Been Oversold?," 1998 Annual meeting, August 2-5, Salt Lake City, UT 20787, American Agricultural Economics Association (New Name 2008: Agricultural and Applied Economics Association).
- Andersson, Thomas, 1997. "The Tropical Forests as a Global Resource: Impacts of Trade-Related Policy," Working Paper Series in Economics and Finance 187, Stockholm School of Economics, revised 01 Nov 1997.
- Pan, Haoran & Regemorter, Denise Van, 2004. "The costs and benefits of early action before Kyoto compliance," Energy Policy, Elsevier, vol. 32(13), pages 1477-1486, September.
- Fershtman, C. & Zeeuw, A.J. de, 1996.
"Tradeable Emission Permits in Oligopoly,"
1996-30, Tilburg University, Center for Economic Research.
- Blackman, Allen & Harrington, Winston, 1999. "The Use of Economic Incentives in Developing Countries: Lessons from International Experience with Industrial Air Pollution," Discussion Papers dp-99-39, Resources For the Future.
- 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.
- Schwarze, Reimund & Zapfel, Peter, 1998. "Sulfur allowance trading and the regional clean air incentives market: How similar are the programs really?," MPRA Paper 52751, University Library of Munich, Germany, revised 02 Nov 1999.
- 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).
- Lawrence H. Goulder, 2013. "Markets for Pollution Allowances: What Are the (New) Lessons?," Journal of Economic Perspectives, American Economic Association, vol. 27(1), pages 87-102, Winter.
- 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.
- Juan-Pablo Montero, 2004. "Markets for environmental protection: design and performance incomplete enforcement," Estudios de Economia, University of Chile, Department of Economics, vol. 31(1 Year 20), pages 79-99, June.
- Lata Gangadharan, 2004. "Analysis of prices in tradable emission markets: an empirical study of the regional clean air incentives market in Los Angeles," Applied Economics, Taylor & Francis Journals, vol. 36(14), pages 1569-1582.
- Reimund Schwarze & Peter Zapfel, 2000. "Sulfur Allowance Trading and the Regional Clean Air Incentives Market: A Comparative Design Analysis of two Major Cap-and-Trade Permit Programs?," Environmental & Resource Economics, European Association of Environmental and Resource Economists, vol. 17(3), pages 279-298, November.
For technical questions regarding this item, or to correct its authors, title, abstract, bibliographic or download information, contact: (Journals Division).
If references are entirely missing, you can add them using this form.