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Economic Assessment of the Regional Clean Air Incentives Market: A New Emissions Trading Program for Los Angeles

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  • Scott Lee Johnson
  • David M. Pekelney
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    Abstract

    This article documents the methodology used to compare policy alternatives considered for RECLAIM, an emissions trading program for Los Angeles which commenced January 1994. RECLAIM reduces NO x and SO x emissions from stationary sources with declining emissions credit allocations. The emissions trading model (ETM) includes credit supply and demand, spatial restrictions, and opportunity costs of owning credits. The ETM solves interactively with a regional model that estimates economic impacts. Predicted emissions distributions are input into airshed and exposure models. The models predict similar improvements in air quality and public health as command and control regulations, but with lower costs and employment impacts.

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    Bibliographic Info

    Article provided by University of Wisconsin Press in its journal Land Economics.

    Volume (Year): 72 (1996)
    Issue (Month): 3 ()
    Pages: 277-297

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    Handle: RePEc:uwp:landec:v:72:y:1996:i:3:p:277-297

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    Web page: http://le.uwpress.org/

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    Cited by:
    1. Sovacool, Benjamin K., 2011. "The policy challenges of tradable credits: A critical review of eight markets," Energy Policy, Elsevier, Elsevier, vol. 39(2), pages 575-585, February.
    2. Fowlie, Meredith & Perloff, Jeffrey M, 2008. "Distributing pollution rights in cap-and-trade programs : are outcomes independent of allocation?," CUDARE Working Paper Series, University of California at Berkeley, Department of Agricultural and Resource Economics and Policy 0968R, University of California at Berkeley, Department of Agricultural and Resource Economics and Policy.
    3. Gary D. Libecap, 2013. "Addressing Global Environmental Externalities: Transaction Costs Considerations," NBER Working Papers 19501, National Bureau of Economic Research, Inc.
    4. Larson, Donald F. & Parks, Paul, 1999. "Risks, lessons learned, and secondary markets for greenhouse gas reductions," Policy Research Working Paper Series, The World Bank 2090, The World Bank.
    5. Burtraw, Dallas & Evans, David A., 2009. "Tradable rights to emit air pollution," Australian Journal of Agricultural and Resource Economics, Australian Agricultural and Resource Economics Society, Australian Agricultural and Resource Economics Society, vol. 53(1), March.
    6. Chao-Ning Liao, 2009. "Technology adoption decisions under a mixed regulatory system of tradable permits and air pollution fees for the control of Total Suspended Particulates in Taiwan," Journal of Regulatory Economics, Springer, Springer, vol. 35(2), pages 135-153, April.
    7. Stephen P. Holland & Michael Moore, 2008. "When to Pollute, When to Abate? Intertemporal Permit Use in the Los Angeles NOx Market," NBER Working Papers 14254, National Bureau of Economic Research, Inc.
    8. Gary D. Libecap, 2014. "Addressing Global Environmental Externalities: Transaction Costs Considerations," Journal of Economic Literature, American Economic Association, American Economic Association, vol. 52(2), pages 424-79, June.
    9. 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, European Association of Environmental and Resource Economists, vol. 17(3), pages 279-298, November.
    10. Robert W. Hahn & Robert N. Stavins, 2011. "The Effect of Allowance Allocations on Cap-and-Trade System Performance," Journal of Law and Economics, University of Chicago Press, University of Chicago Press, vol. 54(S4), pages S267 - S294.
    11. Liao, Chao-Ning, 2007. "Modelling a mixed system of air pollution fee and tradable permits for controlling nitrogen oxide: a case study of Taiwan," Australian Journal of Agricultural and Resource Economics, Australian Agricultural and Resource Economics Society, Australian Agricultural and Resource Economics Society, vol. 51(4), December.
    12. Burtraw, Dallas & Evans, David A., 2008. "Tradable Rights to Emit Air Pollution," Discussion Papers, Resources For the Future dp-08-08, Resources For the Future.

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