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Emissions Trading: Environmental Policy's New Approach

Richard F. Kosobud (Editor), Douglas L. Schreder (Associate Editor), Holly M. Biggs (Associate Editor)
ISBN: 978-0-471-35504-5
331 pages
January 2000
Emissions Trading: Environmental Policy
Authoritative, comprehensive, accessible-the definitive guide to a new approach in environmental policy Emissions Trading: Environmental Policy's New Approach presents the work of an outstanding group of contributors on the successes and limitations of this new and exciting incentive-based tool for reducing environmental pollutants. By including the comments of emitters, regulators, public interest group representatives, and academics, the book reveals the criticisms, disagreements, and growing resolution of numerous environmental questions, including:
* Can markets be used to correct market environmental failure?
* Will decentralized decisions by emitters produce an improvement in air quality?
* Can this approach realize significant control cost savings?
* Can emissions trading be monitored and enforced effectively at a reduced cost?
* Will affected groups support this dramatic innovation?
Supported with sound analytical thinking and careful consideration of the evidence, Emissions Trading presents an open and candid discussion of the issues and choices that lie ahead. As emissions trading is extended to air pollutants such as nitrogen oxides and carbon dioxide, the data and information contained in this book will become even more important and compelling for anyone interested in matters destined to have a profound impact on the economy, the environment, and public health.
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INCENTIVE-BASED ENVIRONMENTAL QUALITY CONTROL.

Emissions Trading Emerges from the Shadows (R. Kosobud).

APPRAISING ENVIRONMENTAL POLICY'S NEW APPROACH.

What Do We Really Know about Market-Based Approaches to Environmental Policy?: Lessons from Twenty-Five Years of Experience (R. Stavins).

From Porcopolis to Carbopolis: The Evolution from Pork Bellies to Emissions Trading (W. Nordhaus).

Some Observations on the Evolution of the International Greenhouse Gas Emissions Trading Market (R. Sandor & M. Walsh).

VIEWS FROM THE MARKET DESIGNERS AND ADMINISTRATORS.

Emissions Trading Designs in the OTAG Process (M. Gade & R. Kanerva).

A Tale of Two Revolutions: Administration of the SO_2 Trading Program (J. Kruger, et al.).

AN APPLICATION AT CENTER STAGE: THE PIONEERING NATIONAL CAP-AND-TRADE MARKET TO REDUCE ACID RAIN.

Appraisal of the SO_2 Cap-and-Trade Market (D. Burtraw).

From Autarkic to Market-Based Compliance: Learning from Our Mistakes (A. Ellerman).

AN APPLICATION AT CENTER STAGE: THE PIONEERING REGIONAL CAP-AND-TRADE MARKET TO REDUCE URBAN SMOG.

The RECLAIM Program (Los Angeles' Market-Based) Emissions Reduction Program) at Three Years (J. Lents).

AN APPLICATION AT CENTER STAGE: VOLUNTARY DISCRETE EMISSION REDUCTIONS.

Discrete Emission Reductions Trading: Practical Application in the Connecticut Regulatory Environment (J. Belanger).

A PERSPECTIVE ON EMISSIONS TRADING.

The Significance of Incentive-Based Regulation (M. Moskow).

Acronyms.

Contributors.

Index.
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RICHARD F. KOSOBUD, PhD, is Professor of Economics at the University of Illinois at Chicago. A former associate dean of the University's Business School and head of the Economics Department, Professor Kosobud has been Director for the University's Workshop on Market-Based Approaches to Environmental Policy since 1992. The workshop presents the work of the country's leading experts and is attended by senior executives, business leaders, policy makers, and top researchers.
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