A Mixed Bag: Assessment of Market Performance and Firm Trading Behavior in the NO sub(x) RECLAIM Programme

Over the course of the past decade, tradable permit markets have grown widely popular as a policy tool for addressing environmental concerns. A performance review of the Regional Clean Air Incentives Market (RECLAIM), which became effective in southern California in January of 1994, is presented. Re...

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Bibliographic Details
Published in:Journal of environmental planning and management 1997-11, Vol.40 (6), p.751-751
Main Authors: Klier, Thomas H, Mattoon, Richard H, Prager, Michael A
Format: Article
Language:English
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Summary:Over the course of the past decade, tradable permit markets have grown widely popular as a policy tool for addressing environmental concerns. A performance review of the Regional Clean Air Incentives Market (RECLAIM), which became effective in southern California in January of 1994, is presented. Researchers evaluated both the overall market performance of RECLAIM and a wide range of industry and firm specific information. Good evidence was found to support the contention that uncertainty influences market participation during the first two years of operation. Evidence is also uncovered of flexibility-induced abatement cost savings and possible business cycle effect on trading activities. The importance of institutional characteristics of trading programs is underscored.
ISSN:0964-0568