Auction Design and the Market for Sulfur Dioxide Emissions
Title IV of the Clean Air Act Amendments of 1990 created a market for electric utility emissions of sulfur dioxide (SO2). Recent papers have argued that flaws in the design of the auctions that are part of this market have adversely affected its performance. These papers incorrectly assume that trade can only occur at auctions, however. Our empirical analysis of the SO2 emissions market shows that the auctions have become a small part of a relatively efficient market and that the auction design problems that have attracted the most attention have had no effect on actual market prices
|Date of creation:||Sep 1996|
|Date of revision:|
|Publication status:||published as (Published as "The Market for Sulfur Dioxide Emissions) American Economic Review, Vol. 88, no. 4 (September 1998): 669-685.|
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- Laffont, Jean-Jacques, 1997.
"Game theory and empirical economics: The case of auction data 1,"
European Economic Review,
Elsevier, vol. 41(1), pages 1-35, January.
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- 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.
- Cason Timothy N., 1993. "Seller Incentive Properties of EPA's Emission Trading Auction," Journal of Environmental Economics and Management, Elsevier, vol. 25(2), pages 177-195, September.
- Don Fullerton & Shaun P. McDermott & Jonathan P. Caulkins, 1996.
"Sulfur Dioxide Compliance of a Regulated Utility,"
NBER Working Papers
5542, National Bureau of Economic Research, Inc.
- Cason, Timothy N. & Plott, Charles R., 1996. "EPA's New Emissions Trading Mechanism: A Laboratory Evaluation," Journal of Environmental Economics and Management, Elsevier, vol. 30(2), pages 133-160, March.
- Karl Hausker, 1992. "The politics and economics of auction design in the market for sulfur dioxide pollution," Journal of Policy Analysis and Management, John Wiley & Sons, Ltd., vol. 11(4), pages 553-572.
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