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Emission Trading in Theory and Practice: An Analysis of RECLAIM in Southern California

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  • O Fromm
  • B Hansjürgens

Abstract

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.

Suggested Citation

  • O Fromm & B Hansjürgens, 1996. "Emission Trading in Theory and Practice: An Analysis of RECLAIM in Southern California," Environment and Planning C, , vol. 14(3), pages 367-384, September.
    • Handle: RePEc:sae:envirc:v:14:y:1996:i:3:p:367-384
    DOI: 10.1068/c140367
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    References listed on IDEAS

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    1. Malik, Arun S., 1990. "Markets for pollution control when firms are noncompliant," Journal of Environmental Economics and Management, Elsevier, vol. 18(2), pages 97-106, March.
    2. 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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    1. Park, Hojeong, 2012. "Real option analysis for effects of emission permit banking on investment under abatement cost uncertainty," Economic Modelling, Elsevier, vol. 29(4), pages 1314-1321.
    2. Pang, Rui-zhi & Deng, Zhong-qi & Chiu, Yung-ho, 2015. "Pareto improvement through a reallocation of carbon emission quotas," Renewable and Sustainable Energy Reviews, Elsevier, vol. 50(C), pages 419-430.
    3. Brockmann, Karl Ludwig & Koschel, Henrike & Schmidt, Tobias F. N., 1998. "Tradable SO-2-permits in the European Union: a practicable scheme for public utilities," ZEW Discussion Papers 98-15, ZEW - Leibniz Centre for European Economic Research.
    4. Simon Quemin & Christian Perthuis, 2019. "Transitional Restricted Linkage Between Emissions Trading Schemes," Environmental & Resource Economics, Springer;European Association of Environmental and Resource Economists, vol. 74(1), pages 1-32, September.
    5. Sovacool, Benjamin K., 2011. "The policy challenges of tradable credits: A critical review of eight markets," Energy Policy, Elsevier, vol. 39(2), pages 575-585, February.
    6. Walton, William, 1997. "The potential scope for the application of pollution permits to reducing car ownership in the UK : Some preliminary thoughts," Transport Policy, Elsevier, vol. 4(2), pages 115-122, April.
    7. Lehmann, Paul, 2008. "Using a policy mix for pollution control: A review of economic literature," UFZ Discussion Papers 4/2008, Helmholtz Centre for Environmental Research (UFZ), Division of Social Sciences (ÖKUS).

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