ECONOMICS OF POLLUTION TRADING FOR SO2AND NOX

Dallas Burtraw · David Evans · Alan Krupnick · Karen Palmer

153 citations0/0 files storedAnnual Review of Environment and Resources

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Climate Change Policy and Economics Environmental Policies and Emissions Environmental and Air Quality Management

Abstract

▪ Abstract For years economists have urged policy makers to use market-based approaches such as cap-and-trade programs or emission taxes to control pollution. The sulfur dioxide (SO2) allowance market created by Title IV of the 1990 U.S. Clean Air Act Amendments represents the first real test of the wisdom of economists’ advice. Subsequent urban and regional applications of nitrogen oxides (NOx) emission allowance trading took shape in the 1990s in the United States, culminating in a second large experiment in emissions trading in the eastern United States that began in 2003. This review provides an overview of the economic rationale for emissions trading and a description of the major U.S. programs to reduce SO2and NOxpollution. We evaluate these programs along measures of performance, which include cost savings, environmental integrity, and incentives for technological innovation. We offer lessons for the design of future programs including, most importantly, those to reduce carbon dioxide.

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References

1933The Economics of Welfare 1974Prices vs. Quantities 1972Markets in licenses and efficient pollution control programs 2000Sulfur Dioxide Control by Electric Utilities: What Are the Gains from Trade?2004Characteristics of a polluting technology: theory and practice 2002Combining price and quantity controls to mitigate global climate change 1992Firm incentives to promote technological change in pollution control: Reply 1989Firm incentives to promote technological change in pollution control

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2009Including aviation emissions in the EU ETS: Much ado about nothing? A review 2007Architectures for Agreement 2018The impacts of policies to reduce CO2 emissions within the concrete supply chain 2012Operational Compliance Levers, Environmental Performance, and Firm Performance Under Cap and Trade Regulation 2010The Effect of Allowance Allocations on Cap-and-Trade System Performance 2009U.S. Emissions Trading Markets for SO2 and NOx

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