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A comprehensive description and evaluation of the first three years
of the U.S. Acid Rain Program. This environmental control program
is the world's first large-scale use of a tradeable emission permit
system for achieving environmental goals. The book analyzes the
behavior and performance of the market for emissions permits, known
as allowances, and quantifies emission reductions, compliance
costs, and cost savings associated with the trading program. The
book also includes chapters on the historical context in which this
pioneering program developed and the political economy of allowance
allocations. Finally, the book discusses the program's successes,
its weaknesses, and the lesson learned regarding application of the
emissions-trading approach to controlling other types of emissions,
including greenhouse gases. The volume is an indispensable addition
to the library of all interested in the application of marker
principles for meeting environmental goals.
Markets for Clean Air provides a comprehensive, in-depth description and evaluation of the first three years' experience with the U.S. Acid Rain Program. This environmental control program is the world's first large-scale use of a tradable emission permit system for achieving environmental goals. The book analyzes the behavior and performance of the market for emissions permits, called allowances in the Acid Rain Program, and quantifies emission reductions, compliance costs, and cost savings associated with the trading program. The book also includes chapters on the historical context in which this pioneering program developed and the political economy of allowance allocations.
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