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Sulfur allowance trading and the regional clean air incentives market: How similar are the programs really?

Listed author(s):
  • Schwarze, Reimund
  • Zapfel, Peter

This paper investigates in detail the design parameters of the two most prominent U.S. tradeable emission permit program - the U.S. EPA Sulfur Allowance Trading Program and the South Californian Regional Clean Air Incentives Market (RECLAIM). In contrast to expectations and the existing literature the two programs turn out to be rather different in several important design parameter choices. Common elements emerge primarily in the existence of an ambitious, quantified environmental target, stringent emission monitoring methods and high penalties for non-compliance, the importance of a competitive permit market, and some compromises necessary in order to gain political acceptability for the instrument and program.

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File URL: https://mpra.ub.uni-muenchen.de/52751/1/MPRA_paper_52709.pdf
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Paper provided by University Library of Munich, Germany in its series MPRA Paper with number 52751.

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Date of creation: 25 Jun 1998
Date of revision: 02 Nov 1999
Publication status: Published in Environmental and Resource Economics 3 (November).17(2000): pp. 279-298
Handle: RePEc:pra:mprapa:52751
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  1. 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.
  2. Montgomery, W. David, 1972. "Markets in licenses and efficient pollution control programs," Journal of Economic Theory, Elsevier, vol. 5(3), pages 395-418, December.
  3. Burtraw, Dallas, 1995. "Cost Savings sans Allowance Trades? Evaluating the SO2 Emission Trading Program to Date," Discussion Papers dp-95-30-rev, Resources For the Future.
  4. Coggins, Jay S. & Swinton, John R., 1996. "The Price of Pollution: A Dual Approach to Valuing SO2Allowances," Journal of Environmental Economics and Management, Elsevier, vol. 30(1), pages 58-72, January.
  5. 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.
  6. Tom Tietenberg, 1995. "Tradeable permits for pollution control when emission location matters: What have we learned?," Environmental & Resource Economics, Springer;European Association of Environmental and Resource Economists, vol. 5(2), pages 95-113, March.
  7. Douglas R. Bohi & Dallas Burtraw, 1991. "Avoiding regulatory gridlock in the acid rain program," Journal of Policy Analysis and Management, John Wiley & Sons, Ltd., vol. 10(4), pages 676-684.
  8. Winebrake, James J. & Farrell, Alexander E. & Bernstein, Mark A., 1995. "The clean air act's sulfur dioxide emissions market: Estimating the costs of regulatory and legislative intervention," Resource and Energy Economics, Elsevier, vol. 17(3), pages 239-260, November.
  9. Howe, Charles W & Lee, Dwight R, 1983. "Organising the Receptor Side of Pollution Rights Markets," Australian Economic Papers, Wiley Blackwell, vol. 22(41), pages 280-289, December.
  10. Ger Klaassen & Andries Nentjes, 1997. "Sulfur Trading Under the 1990 CAAA in the US: An Assessment of First Experiences," Journal of Institutional and Theoretical Economics (JITE), Mohr Siebeck, Tübingen, vol. 153(2), pages 384-384, June.
  11. 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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