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Markets for Clean Air
The U.S. Acid Rain Program

$62.00 (C)

  • Date Published: November 2005
  • availability: Available
  • format: Paperback
  • isbn: 9780521023894

$ 62.00 (C)
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About the Authors
  • Markets for Clean Air provides a comprehensive, in-depth description and evaluation of the first three years' experience with the U.S. Acid Rain Program. This environmental control program is the world's first large-scale use of a tradable emission permit system for achieving environmental goals. The book analyzes the behavior and performance of the market for emissions permits, called allowances in the Acid Rain Program, and quantifies emission reductions, compliance costs, and cost savings associated with the trading program. The book also includes chapters on the historical context in which this pioneering program developed and the political economy of allowance allocations.

    • Most up-to-date analysis available on US Clean Air program and US environmental policy on pollution
    • Authors Joskow, Schmalensee, and Ellerman are internationally recognized authorities on the subject
    • Balanced assessment is based in the real world and uses virtually no maths
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    Reviews & endorsements

    "This book provides important evidence in support of Dales' statement by thoroughly examining the first several years of the U.S. acid rain program. Markets for Clean Air is the definitive text on the U.S. acid rain program. The authors' analysis is careful and convincing. Both scholars and policy-makers will have a better sense of the virtues and pitfalls of market-based regulation after reading this book." Peter Cramton, Journal of Economic Literature

    "Markets for Clean Air makes an excellent addition to this tradition of analysis by looking in detail at an important new approach to environmental regulation...The book presents illuminating, well-analyzed, and clear data, allowing even those without a strong background in economics to understand the reasons for the observed outcomes of the acid rain program." Environment

    "This book provides a detailed evaluation of how this 'market for clean air' was established and how effective it has been at reducing sulfur emissions." Foreign Affairs

    "The praise used to market this book accurately asseses it. It is the "definitive," "most thorough and careful," and "authoritative" analysis of the sulfur dioxide allowance-trading program. The authors, all of whom were at MIT's Center for Energy and Environmental Policy, integrate five years of research into a coherent analysis that supports the program's economic efficiency...This book will appeal to those interested in environmental policy, regulatory analysis, investment decisions, and political economy. The writing and analyses are accessible to upper-division undergraduates and wonderful examples for graduate students; they will inspire new research efforts." Choice

    "The book presents illuminating, well-analyzed, and clear data, allowing even those without a strong background in economics to understand the reasons for the outcomes of the acid rain program. (For those desiring more detail, the econometrics underlying this analysis is presented as well)." Environment

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    Product details

    • Date Published: November 2005
    • format: Paperback
    • isbn: 9780521023894
    • length: 388 pages
    • dimensions: 230 x 155 x 25 mm
    • weight: 0.595kg
    • contains: 43 b/w illus. 59 tables
    • availability: Available
  • Table of Contents

    List of illustrations
    List of tables
    Authors
    Preface
    Acknowledgments
    1. A market-based experiment
    2. A political history of Federal Acid Rain Legislation
    3. The political economy of allowance allocations
    4. The pre-1995 trend in SO2 emissions
    5. Title IV compliance and Emission reductions, 1995–97
    6. Emissions trading: the effect on abatement behavior
    7. Emissions trading: development of the allowance market
    8. Title IV's voluntary compliance program
    9. The cost of compliance with the Title IV in Phase I
    10. Cost savings from emissions trading
    11. Errors, imperfections, and allowance prices
    12. Concluding observations.

  • Authors

    A. Denny Ellerman, Massachusetts Institute of Technology

    Paul L. Joskow, Massachusetts Institute of Technology

    Richard Schmalensee, Massachusetts Institute of Technology

    Juan-Pablo Montero, Pontificia Universidad Catolica de Chile

    Elizabeth M. Bailey

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