Emission trading in theory and practice: an analysis of RECLAIM in Southern California
After the national Acid Rain Program, Southern California's tradeable permit system RECLAIM is the second comprehensive attempt in US environmental policy to create a workable system of tradeable permits. In this paper analyses of the most important regulations, of the environmental, legal, and economic background, and of the first results of this program are provided. The focus is on the conditions under which this instrument of environmental policy can be effective in practice.
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