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A Review of Markets for Clean Air: The U.S. Acid Rain Program by A. Denny Ellerman, Paul L. Joskow, Richard Schmalensee, Juan-Pablo Montero, and Elizabeth M. Bailey

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  • Peter Cramton

Abstract

Markets for Clean Air is the definitive text on 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 emissions. The authors conclude that the program was successful in cutting the costs of SO2 emission reductions by about half, saving tens of billions of dollars. Both scholars and policy makers will have a better sense of the virtues and pitfalls of market-based regulation after reading this.

Suggested Citation

  • Peter Cramton, 2000. "A Review of Markets for Clean Air: The U.S. Acid Rain Program by A. Denny Ellerman, Paul L. Joskow, Richard Schmalensee, Juan-Pablo Montero, and Elizabeth M. Bailey," Journal of Economic Literature, American Economic Association, vol. 38(3), pages 627-633, September.
    • Handle: RePEc:aea:jeclit:v:38:y:2000:i:3:p:627-633
    Note: DOI: 10.1257/jel.38.3.627
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    File URL: http://www.aeaweb.org/articles.php?doi=10.1257/jel.38.3.627
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    Citations

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    Cited by:

    1. Ronald G. Cummings & Charles A. Holt & Susan K. Laury, 2004. "Using laboratory experiments for policymaking: An example from the Georgia irrigation reduction auction," Journal of Policy Analysis and Management, John Wiley & Sons, Ltd., vol. 23(2), pages 341-363.
    2. 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.

    More about this item

    JEL classification:

    • Q25 - Agricultural and Natural Resource Economics; Environmental and Ecological Economics - - Renewable Resources and Conservation - - - Water
    • Q28 - Agricultural and Natural Resource Economics; Environmental and Ecological Economics - - Renewable Resources and Conservation - - - Government Policy

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