Contract-Based Trading Programs in Environmental Regulation

Emissions trading markets have been successful in addressing pollution problems where regulated entities can be treated in a similar manner and precise control of emissions quantities across time and space is not critical. In other situations, trading must account for individual circumstances, compl...

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Bibliographic Details
Published in:Contemporary economic policy 2004-10, Vol.22 (4), p.526-533
Main Author: Keeler, Andrew G.
Format: Article
Language:English
Subjects:
Acid rain
Air pollution
Air quality
Analysis
Commodities
Compensation
Cost control
Costs
Economic aspects
Economic policy
Economic theory
Efficiency
Emission standards
Emissions credit trading
Emissions trading
Environmental impact
Environmental policy
Environmental protection
Environmental regulations
Greenhouse gases
Industrial plant emissions
Industrial pollution
Outdoor air quality
Policy studies
Pollution control
Regulation
Studies
U.S.A
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Summary:Emissions trading markets have been successful in addressing pollution problems where regulated entities can be treated in a similar manner and precise control of emissions quantities across time and space is not critical. In other situations, trading must account for individual circumstances, complexity, and the patchwork of existing regulations. In these circumstances trading systems have elements of contracts, in that transactions are unique and must be negotiated and approved individually. Such programs imply a high payoff to improved environmental information and to innovations in trading systems that allow making better use of such information. (JEL Q21, Q25, Q28)
ISSN:1074-3529
1465-7287
DOI:10.1093/cep/byh039