Tradeable Permits

Policy Evaluation, Design and Reform

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The search for cost-effective environmental policy measures has led to an increase in the use of tradeable permit systems.  This publication offers valuable lessons for applying tradeable permits and provides links between policy evaluation and policy making general.  It is for government officials responsible for the implementation and reform of tradeable permit systems, researchers concerned with their analysis and evaluation, and other stakeholders interested in the more general issues associated with environmental policy design and evaluation.



Ex Post Evaluation of the Reclaim Emissions Trading Programmes for the Los Angeles Air Basin

The emissions trading programme developed for the Los Angeles air basin—the Regional Clean Air Incentives Market (“RECLAIM”)—provides perhaps the most complex experience thus far of any established emissions trading programmes. Begun in 1994 after a three-year development effort, the RECLAIM cap-and-trade programmes for nitrogen oxides (“NOX”) and sulfur dioxide (“SO2”) include participants from numerous sectors (in contrast to most other existing trading programmes, which focus on a single sector). Several project-based programmes that provide credits for reductions from mobile and area sources supplement the cap-and-trade programmes. Indeed, this basic structure is similar to that envisioned for other emissions trading programmes ...


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