A Review of Markets for Clean Air: The U.S. Acid Rain Program
AbstractThe book begins with a quote from J.H. Dales’ Pollution, Property, and Prices, "If it is feasible to establish a market to implement a policy, no policy-maker can afford to do without one." This book provides important evidence in support of Dales’ statement. The book is a thorough examination of the first several years of the U.S. Acid Rain Program. This innovative program uses a cap-and-trade approach, rather than the traditional command-and-control approach, to reduce sulfur dioxide (SO2) emissions. The book offers substantial evidence of the program’s success. The analysis is of both practical and scientific importance. From a practical viewpoint, the acid rain program is an ambitious effort to reduce a major pollutant. It is important for us to understand whether the program is successful and how it might be improved. From a scientific viewpoint, the authors’ analysis provides a framework and methodology for evaluating similar programs. There is much we can learn about effective regulation from the analysis.
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Bibliographic InfoPaper provided by University of Maryland, Department of Economics - Peter Cramton in its series Papers of Peter Cramton with number 00jel.
Length: 7 pages
Date of creation: 31 Aug 2000
Date of revision: 31 Aug 2000
Publication status: Published in Journal of Economic Literature, 38, 627-633, September 2000
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Postal: Economics Department, University of Maryland, College Park, MD 20742-7211
Phone: (202) 318-0520
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Web page: http://www.cramton.umd.edu
Auctions; Environmental Auctions; Cap-and-Trade;
Find related papers by JEL classification:
- D44 - Microeconomics - - Market Structure and Pricing - - - Auctions
This paper has been announced in the following NEP Reports:
- NEP-ALL-2002-04-15 (All new papers)
- NEP-ENE-2002-04-15 (Energy Economics)
- NEP-REG-2002-04-15 (Regulation)
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- Antelo, Manel & Bru, Lluís, 2009. "Permit markets, market power, and the trade-off between efficiency and revenue raising," Resource and Energy Economics, Elsevier, vol. 31(4), pages 320-333, November.
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