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Cost Savings sans Allowance Trades? Evaluating the SO2 Emission Trading Program to Date

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Author Info
Burtraw, Dallas () (Resources for the Future)

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Abstract

Title IV of the 1990 amendments to the Clean Air Act initiated a historic experiment in incentive-based environmental regulation through the use of tradable allowances for emission of sulfur dioxide by electric generating facilities. To date, relatively little allowance trading has taken place; however, the costs of compliance have been much less than anticipated. The purpose of this paper is to address the apparent paradox that the allowance trading program may not require (very much) trading to be successful. Title IV represented two great steps forward in environmental regulation: first a move toward performance standards and second formal allowance trading. The first step has been sufficient to date for improving dynamic efficiency and achieving relative cost-effectiveness.

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Paper provided by Resources For the Future in its series Discussion Papers with number dp-95-30-rev.

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Date of creation: 01 Feb 1995
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Handle: RePEc:rff:dpaper:dp-95-30-rev

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Please report citation or reference errors to , or , if you are the registered author of the cited work, log in to your RePEc Author Service profile, click on "citations" and make appropriate adjustments.:
  1. Kaslow, Thomas W. & Pindyck, Robert S., 1994. "Valuing flexibility in utility planning," The Electricity Journal, Elsevier, vol. 7(2), pages 60-65, March. [Downloadable!] (restricted)
  2. Bohi, Douglas R., 1994. "Utilities and state regulators are failing to take advantage of emission allowance trading," The Electricity Journal, Elsevier, vol. 7(2), pages 20-27, March. [Downloadable!] (restricted)
  3. Chao, Hung-Po & Wilson, Robert, 1993. "Option Value of Emission Allowances," Journal of Regulatory Economics, Springer, vol. 5(3), pages 233-49, September.
  4. Hahn, Robert W. & May, Carol A., 1994. "The behavior of the allowance market: Theory and evidence," The Electricity Journal, Elsevier, vol. 7(2), pages 28-37, March. [Downloadable!] (restricted)
  5. Cason Timothy N., 1993. "Seller Incentive Properties of EPA's Emission Trading Auction," Journal of Environmental Economics and Management, Elsevier, vol. 25(2), pages 177-195, September. [Downloadable!] (restricted)
  6. Stavins Robert N., 1995. "Transaction Costs and Tradeable Permits," Journal of Environmental Economics and Management, Elsevier, vol. 29(2), pages 133-148, September. [Downloadable!] (restricted)
  7. Rose, Kenneth, 1995. "Twelve common myths of allowance trading: Improving the level of discussion," The Electricity Journal, Elsevier, vol. 8(4), pages 64-69, May. [Downloadable!] (restricted)
  8. Winebrake, James J. & Bernstein, Mark A. & Farrell, Alex E., 1995. "Estimating the impacts of restrictions on utility participation in the SO2 allowance market," The Electricity Journal, Elsevier, vol. 8(4), pages 50-54, May. [Downloadable!] (restricted)
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  1. Saveyn Bert & Van Regemorter Denise, 2007. "Environmental Policy in a Federal State - A Regional CGE Analysis of the NEC Directive in Belgium," Energy, Transport and Environment Working Papers Series ete0701, Katholieke Universiteit Leuven, Centrum voor Economische Studiën, Energy, Transport and Environment. [Downloadable!]
  2. Toman, Michael & Powell, Mark & Lile, Ron, 1997. "Assessing the Constraints and Opportunities for Private Sector Participation in Activities Implemented Jointly: Two Case Studies From the U.S. Initiative for Joint Implementation," Discussion Papers dp-97-38-rev, Resources For the Future. [Downloadable!]
  3. 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, vol. 17(3), pages 279-298, November. [Downloadable!] (restricted)
  4. Toman, Michael & Powell, Mark & Lile, Ron, 1998. "Implementing the Clean Development Mechanism: Lessons from U.S. Private-Sector Participation in Activities Implemented Jointly," Discussion Papers dp-99-08, Resources For the Future. [Downloadable!]
  5. Paul Leiby & Jonathan Rubin, 2001. "Intertemporal Permit Trading for the Control of Greenhouse Gas Emissions," Environmental & Resource Economics, European Association of Environmental and Resource Economists, vol. 19(3), pages 229-256, July. [Downloadable!] (restricted)
  6. Burtraw, Dallas & Palmer, Karen & Cropper, Maureen & Carlson, Curtis, 1998. "Sulfur-Dioxide Control By Electric Utilities: What Are the Gains from Trade?," Discussion Papers dp-98-44-rev, Resources For the Future. [Downloadable!]
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  7. Don Fullerton & Shaun P. McDermott & Jonathan P. Caulkins, 1996. "Sulfur Dioxide Compliance of a Regulated Utility," NBER Working Papers 5542, National Bureau of Economic Research, Inc. [Downloadable!] (restricted)
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