Transaction Costs in Pollution Markets: An Empirical Study
AbstractThis paper studies a market in pollution permits launched in Los Angeles in 1994. This tradable permit market has been projected to lead to substantial cost savings due to the flexibility it provides firms in terms of compliance with environmentarl egulation. This paper shows that transaction costs can play an important role in the initial years of the program. The transaction cost variables have been defined to include search costs and information costs. These costs are significant in explaining non-participation of some firms in the market. The study also draws policy implications for the development of future emissions trading programs.
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Bibliographic InfoArticle provided by University of Wisconsin Press in its journal Land Economics.
Volume (Year): 76 (2000)
Issue (Month): 4 ()
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Web page: http://le.uwpress.org/
Find related papers by JEL classification:
- Q28 - Agricultural and Natural Resource Economics; Environmental and Ecological Economics - - Renewable Resources and Conservation - - - Government Policy
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