Lessons Learned from Three Decades of Experience with Cap-and-Trade
26 Pages Posted: 15 Nov 2015
Date Written: November 3, 2015
This essay provides an overview of the major emissions trading programs of the past thirty years on which significant documentation exists, and draws a number of important lessons for future applications of this environmental policy instrument. References to a larger number of other emissions trading programs that have been implemented or proposed are included.
Keywords: market-based instruments, cap-and-trade, leaded gasoline phasedown, Clean Air Act amendments of 1990, sulfur dioxide, acid rain, carbon dioxide, global climate change, European Union Emissions Trading System
JEL Classification: Q54, Q58, Q40, Q48
Suggested Citation: Suggested Citation