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A Market-Based Environmental Policy Experiment in Chile

Listed author(s):
  • Juan-Pablo Montero

    ()

    (Instituto de Economía. Pontificia Universidad Católica de Chile.)

  • José Miguel Sánchez

    ()

    (Instituto de Economía. Pontificia Universidad Católica de Chile.)

  • Ricardo Katz

Despite the increasing interest in the use of emissions trading for pollution control, empirical evidence reduces to a few experiences in the US. This paper studies the ""emission-offsets trading program"" established since 1992 to control particulate in Santiago-Chile. While the program is doing well from an environmental perspective, thanks, in part, to the price-based introduction of natural gas, the market is poorly performing because of high transaction costs, uncertainty and low enforcement. However, the scarcity rents created by the allocation of grandfathered emission rights to incumbents have proved very effective for the completion of the emissions inventory.

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File URL: http://www.economia.uc.cl/docs/dt_192.pdf
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Paper provided by Instituto de Economia. Pontificia Universidad Católica de Chile. in its series Documentos de Trabajo with number 192.

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Date of creation: 2000
Publication status: Published as "A Market-Based Environmental Policy Experiment in Chile", Journal of Law and Economics, Vol. 45, 267-287, 2002.
Handle: RePEc:ioe:doctra:192
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  1. 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.
  2. Foster, Vivien & Hahn, Robert W, 1995. "Designing More Efficient Markets: Lessons from Los Angeles Smog Control," Journal of Law and Economics, University of Chicago Press, vol. 38(1), pages 19-48, April.
  3. Stavins Robert N., 1995. "Transaction Costs and Tradeable Permits," Journal of Environmental Economics and Management, Elsevier, vol. 29(2), pages 133-148, September.
  4. Montero, Juan-Pablo, 1998. "Marketable pollution permits with uncertainty and transaction costs," Resource and Energy Economics, Elsevier, vol. 20(1), pages 27-50, March.
  5. Charles D. Kolstad, 2000. "Spatial Environmental and Resource Economics," Books, Edward Elgar Publishing, number 1918.
  6. Richard Schmalensee & Paul L. Joskow & A. Denny Ellerman & Juan Pablo Montero & Elizabeth M. Bailey, 1998. "An Interim Evaluation of Sulfur Dioxide Emissions Trading," Journal of Economic Perspectives, American Economic Association, vol. 12(3), pages 53-68, Summer.
  7. Joskow, Paul L & Schmalensee, Richard, 1998. "The Political Economy of Market-Based Environmental Policy: The U.S. Acid Rain Program," Journal of Law and Economics, University of Chicago Press, vol. 41(1), pages 37-83, April.
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