Designing More Efficient Markets: Lessons from Los Angeles Smog Control
Market-based approaches for environmental protection are beginning to take root around the world. This article attempts to improve our understanding of the performance of environmental markets by constructing and evaluating an information base on trades in Los Angeles, which includes the first detailed data on trading prices. The analysis suggests that trading activity has been shaped by the detailed regulations governing the market. In addition, transaction costs have played a crucial role. We argue that the move toward adopting market-based approaches for environmental protection needs to be accompanied by a vigorous effort to assess the properties of these systems as they are actually implemented. Copyright 1995 by the University of Chicago.
To our knowledge, this item is not available for
download. To find whether it is available, there are three
1. Check below under "Related research" whether another version of this item is available online.
2. Check on the provider's web page whether it is in fact available.
3. Perform a search for a similarly titled item that would be available.
When requesting a correction, please mention this item's handle: RePEc:ucp:jlawec:v:38:y:1995:i:1:p:19-48. See general information about how to correct material in RePEc.
For technical questions regarding this item, or to correct its authors, title, abstract, bibliographic or download information, contact: (Journals Division)
If references are entirely missing, you can add them using this form.