Introduction. Describing the evolution ; The evolution of emissions trading ; The evolution of design features ; An overview of the book The conceptual framework. The regulatory dilemma ; The cost-effectiveness framework ; Cost-effective permit markets ; The role of transactions costs ; The role of administrative costs ; The role of technical change The consequences of emissions trading. The nature of the evidence ; Ex ante evaluations: the evidence ; Ex post evaluations: the evidence The spatial dimension. Difficulties in implementing an ambient permit system ; Possible alternatives The temporal dimension. Borrowing, banking, and the nature of the environmental target ; Linking emissions and pollutant concentrations ; The role of banking and borrowing ; Strategies for controlling seasonal or episodic peaks
The initial allocation. Initial allocation approaches ; Comparing the allocation approaches ; Cost-effectiveness implications of the initial allocation Market power. Permit price manipulation: conceptual models ; Leveraging power between output and permit markets ; Ex ante simulations ; Results from experimental studies ; Mechanisms for controlling market power ; Programmatic design features that affect market power Monitoring and enforcement. The nature of the domestic enforcement process ; The nature of the international enforcement process ; The economics of enforcement ; Current enforcement practice Lessons. Lessons about program effectiveness ; Lessons about instrument choice and program design ; Lessons for theory-based expectations ; Lessons about ex post evaluation ; Concluding comments.
Rev. ed. of: Emissions trading, an exercise in reforming pollution policy. 1985.
Bibliography, etc. Note
Includes bibliographical references (pages 207-223) and index.