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Regional carbon dioxide permit trading in the United States: coalition choices for Pennsylvania

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Author Info
Rose, Adam
Peterson, Thomas D.
Zhang, ZhongXiang

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Abstract

An overview is given of the growing number of regional associations in which states have entered into voluntary arrangements to limit greenhouse gas (GHG) emissions. In particular, in the Regional Greenhouse Gas Initiative (RGGI), a number of northeastern states have joined to create a regional GHG cap and trade program, beginning with the utility industry. Analysis is made of the five key issues relating to these current and potential climate action associations: the extent of the total and individual state mitigation cost-savings across all sectors from potential emission permit trading coalitions; the size of permit markets associated with the various coalitions; the relative advantages of joining various coalitions for swing states such as Pennsylvania; the implications of the exercise of market power in the permit market; and the total and individual state/country cost-savings from extending the coalition beyond US borders. It is shown that overall efficiency gains from trading with a system of flexible state caps, with greater overall cost savings increasing with increasing geographic scope.

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File URL: http://mpra.ub.uni-muenchen.de/13547/
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Publisher Info
Paper provided by University Library of Munich, Germany in its series MPRA Paper with number 13547.

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Date of creation: Feb 2006
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Handle: RePEc:pra:mprapa:13547

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Related research
Keywords: Regional Greenhouse Gas Initiative; Cap and trade program; Market power in the permit market; Mitigation costs; The size of permit market; Coalition choices for Pennsylvania;

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Find related papers by JEL classification:
R13 - Urban, Rural, and Regional Economics - - General Regional Economics - - - General Equilibrium and Welfare Economic Analysis of Regional Economies
Q52 - Agricultural and Natural Resource Economics; Environmental and Ecological Economics - - Environmental Economics - - - Pollution Control Costs; Distributional Effects; Employment Effects
Q48 - Agricultural and Natural Resource Economics; Environmental and Ecological Economics - - Energy - - - Government Policy
Q54 - Agricultural and Natural Resource Economics; Environmental and Ecological Economics - - Environmental Economics - - - Climate; Natural Disasters
D42 - Microeconomics - - Market Structure and Pricing - - - Monopoly
Q58 - Agricultural and Natural Resource Economics; Environmental and Ecological Economics - - Environmental Economics - - - Environmental Economics: Government Policy

References listed on IDEAS
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  1. ZhongXiang Zhang, 2000. "The design and implementation of an international trading scheme for greenhouse gas emissions," Environment and Planning C: Government and Policy, Pion Ltd, London, vol. 18(3), pages 321-337, June. [Downloadable!] (restricted)
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  2. Adam Rose & Zhong Zhang, 2004. "Interregional burden-sharing of greenhouse gas mitigation in the United States," Mitigation and Adaptation Strategies for Global Change, Springer, vol. 9(4), pages 477-500, October. [Downloadable!] (restricted)
    Other versions:
  3. Zhang, ZhongXiang & Löschel, Andreas, 2002. "The Economic and Environmental Implications of the US Repudiation of the Kyoto Protocol and the Subsequent Deals in Bonn and Marrakech," ZEW Discussion Papers 02-28, ZEW - Zentrum für Europäische Wirtschaftsforschung / Center for European Economic Research. [Downloadable!]
    Other versions:
  4. Adam Rose & Brandt Stevens & Jae Edmonds & Marshall Wise, 1998. "International Equity and Differentiation in Global Warming Policy," Environmental & Resource Economics, European Association of Environmental and Resource Economists, vol. 12(1), pages 25-51, July. [Downloadable!] (restricted)
  5. Adam Rose & Brandt Stevens, 2001. "An Economic Analysis of Flexible Permit Trading in the Kyoto Protocol," International Environmental Agreements: Politics, Law and Economics, Springer, vol. 1(2), pages 219-242, April. [Downloadable!] (restricted)
  6. Stevens, Brandt & Rose, Adam, 2002. "A Dynamic Analysis of the Marketable Permits Approach to Global Warming Policy: A Comparison of Spatial and Temporal Flexibility," Journal of Environmental Economics and Management, Elsevier, vol. 44(1), pages 45-69, July. [Downloadable!] (restricted)
  7. Rose, Adam & Stevens, Brandt, 1993. "The efficiency and equity of marketable permits for CO2 emissions," Resource and Energy Economics, Elsevier, vol. 15(1), pages 117-146, March. [Downloadable!] (restricted)
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