A Market-Based Environmental Policy Experiment in Chile
AbstractDespite the increasing interest in the use of emissions trading for pollution control, empirical evidence reduces to a few experiences in the US. This paper studies the Â“emission-offsets trading programÂ” established since 1992 to control particulate in Santiago-Chile. While the program is doing well from an environmental perspective, thanks, in part, to the price-based introduction of natural gas, the market is poorly performing because of high transaction costs, uncertainty and low enforcement. However, the scarcity rents created by the allocation of grandfathered emission rights to incumbents have proved very effective for the completion of the emissions inventory.
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Bibliographic InfoPaper provided by Instituto de Economia. Pontificia Universidad Católica de Chile. in its series Documentos de Trabajo with number 192.
Date of creation: 2000
Date of revision:
Publication status: Published as "A Market-Based Environmental Policy Experiment in Chile", Journal of Law and Economics, Vol. 45, 267-287, 2002.
Other versions of this item:
- Montero, Juan-Pablo & Sanchez, Jose Miguel & Katz, Ricardo, 2002. "A Market-Based Environmental Policy Experiment in Chile," Journal of Law and Economics, University of Chicago Press, vol. 45(1), pages 267-87, April.
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