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Journal of Economic Perspectives: Vol. 12 No. 3 (Summer 1998)

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An Interim Evaluation of Sulfur Dioxide Emissions Trading

Article Citation

Schmalensee, Richard, Paul L. Joskow, A. Denny Ellerman, Juan Pablo Montero, and Elizabeth M. Bailey. 1998. "An Interim Evaluation of Sulfur Dioxide Emissions Trading." Journal of Economic Perspectives, 12(3): 53-68.

DOI: 10.1257/jep.12.3.53

Abstract

This paper summarizes recent empirical research on compliance costs and strategies and on permit market performance under the U.S. acid rain program, the first large-scale, long-term program to use tradeable emissions permits to control pollution. An efficient market for emissions permits developed in a few years, and this program more than achieved its early goals on time, and it cost less than had been projected. Because of expectation errors, however, investment was excessive, and permit prices substantially understate abatement costs. The tradeable permits approach has worked well, but it is not a miracle cure for environmental problems. Coauthors are Paul L. Joskow, A. Denny Ellerman, Juan Pablo Montero, and Elizabeth M. Bailey.

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Authors

Schmalensee, Richard (MIT)
Joskow, Paul L. (MIT)
Ellerman, A. Denny (MIT)
Montero, Juan Pablo (MIT)
Bailey, Elizabeth M. (MIT)

JEL Classifications

Q28: Renewable Resources and Conservation: Government Policy
H23: Taxation and Subsidies: Externalities; Redistributive Effects; Environmental Taxes and Subsidies
Q25: Renewable Resources and Conservation: Water

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