Trading Sulphur Emissions in Europe: `Guided Bilateral Trade'
In this paper a system of `guided permit trading' is developed for SO 2 emissions reduction which considers permit trading as a bilateral andsequential process. This implies that in order to meet the deposition targetsat the end of the trading process, not every single trade transaction hasto meet the deposition targets. To ensure that the target is ultimately met,the number of permits traded should be controlled by a trade coordinatinginstitution. A simulation of the system of guided bilateral trading ofSO 2 permits among European countries on the basis of the SecondSO 2 Protocol indicates that some non-profitable trade transactionstake place. This prevents the cost effective emission allocation from beingfully achieved. However, the calculations show that guided bilateral permittrading may generate substantial cost savings while contributing toenvironmental protection. Copyright Kluwer Academic Publishers 2000
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Volume (Year): 16 (2000)
Issue (Month): 4 (August)
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- Dallas Burtraw & Keneth Harrison & Paul Turner, 1998. "Improving Efficiency in Bilateral Emission Trading," Environmental & Resource Economics, Springer;European Association of Environmental and Resource Economists, vol. 11(1), pages 19-33, January.
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- Atkinson, Scott & Tietenberg, Tom, 1991. "Market failure in incentive-based regulation: The case of emissions trading," Journal of Environmental Economics and Management, Elsevier, vol. 21(1), pages 17-31, July.
- Hahn, Robert W, 1989. "Economic Prescriptions for Environmental Problems: How the Patient Followed the Doctor's Orders," Journal of Economic Perspectives, American Economic Association, vol. 3(2), pages 95-114, Spring.
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