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An Interim Evaluation of Sulfur Dioxide Emissions Trading
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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Citations
Cited by
Environmental Policy and Directed Technological Change: Evidence from the European Carbon Market
Calel, R., & Dechezleprêtre, A. (2016) · Review of Economics and Statistics · doi:10.1162/rest_a_00470 · Cited by 1,147
Experience with Market-Based Environmental Policy Instruments
Stavins, R. N. (2003) · Handbook of Environmental Economics · doi:10.1016/s1574-0099(03)01014-3 · Cited by 732
Shahbaz, M., Balsalobre-Lorente, D., & Sinha, A. (2019) · Journal of Cleaner Production · doi:10.1016/j.jclepro.2019.01.282 · Cited by 615
Repugnance as a Constraint on Markets
Roth, A. E. (2007) · Journal of Economic Perspectives · doi:10.1257/jep.21.3.37 · Cited by 560
Valuing Air Quality Using the Life Satisfaction Approach
Luechinger, S. (2009) · The Economic Journal · doi:10.1111/j.1468-0297.2008.02241.x · Cited by 505
Metadata
- Authors
- Schmalensee, R., Joskow, P. L., Ellerman, A. D., Montero, J. P., & Bailey, E. M.
- Venue
- Journal of Economic Perspectives
- Publisher
- American Economic Association
- Published
- 1998-08-01
- Volume
- 12
- Issue
- 3
- Pages
- 53-68
- ISSN
- 0895-3309 (ISSN-L)
- OpenAlex
- W1992442244
- Cited by
- 492
- References
- 0
- FWCI
- 76.22
- Type
- journal article
- Language
- en
- Open access
- closed
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- CoChat. (2026). Citation check: An Interim Evaluation of Sulfur Dioxide Emissions Trading. https://app.cochat.ai/papers/10.1257/jep.12.3.53
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- Schmalensee, R., Joskow, P. L., Ellerman, A. D., Montero, J. P., & Bailey, E. M. (1998). An Interim Evaluation of Sulfur Dioxide Emissions Trading. Journal of Economic Perspectives. https://doi.org/10.1257/jep.12.3.53
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Contains information from the Semantic Scholar Academic Graph Datasets, made available under the ODC Attribution License (ODC-BY 1.0).
Semantic Scholar’s data is described in: Kinney, R., et al. (2023). The Semantic Scholar Open Data Platform. arXiv:2301.10140.
