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Economic Assessment of the Regional Clean Air Incentives Market: A New Emissions Trading Program for Los Angeles

  • Scott Lee Johnson
  • David M. Pekelney
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    This article documents the methodology used to compare policy alternatives considered for RECLAIM, an emissions trading program for Los Angeles which commenced January 1994. RECLAIM reduces NO x and SO x emissions from stationary sources with declining emissions credit allocations. The emissions trading model (ETM) includes credit supply and demand, spatial restrictions, and opportunity costs of owning credits. The ETM solves interactively with a regional model that estimates economic impacts. Predicted emissions distributions are input into airshed and exposure models. The models predict similar improvements in air quality and public health as command and control regulations, but with lower costs and employment impacts.

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    File URL: http://www.jstor.org/stable/pdfplus/3147197
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    Article provided by University of Wisconsin Press in its journal Land Economics.

    Volume (Year): 72 (1996)
    Issue (Month): 3 ()
    Pages: 277-297

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    Handle: RePEc:uwp:landec:v:72:y:1996:i:3:p:277-297
    Contact details of provider: Web page: http://le.uwpress.org/

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    1. Montgomery, W. David, 1972. "Markets in licenses and efficient pollution control programs," Journal of Economic Theory, Elsevier, vol. 5(3), pages 395-418, December.
    2. Thomas H. Tietenberg, 1980. "Transferable Discharge Permits and the Control of Stationary Source Air Pollution: A Survey and Synthesis," Land Economics, University of Wisconsin Press, vol. 56(4), pages 391-416.
    3. 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.
    4. Oates, Wallace E & Portney, Paul R & McGartland, Albert M, 1989. "The Net Benefits of Incentive-Based Regulation: A Case Study of Environmental Standard Setting," American Economic Review, American Economic Association, vol. 79(5), pages 1233-42, December.
    5. Krupnick, Alan J. & Oates, Wallace E. & Van De Verg, Eric, 1983. "On marketable air-pollution permits: The case for a system of pollution offsets," Journal of Environmental Economics and Management, Elsevier, vol. 10(3), pages 233-247, September.
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