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The temporal efficiency of SO₂ emissions trading

Author(s)
Ellerman, A. Denny; Montero, Juan-Pablo
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Massachusetts Institute of Technology. Center for Energy and Environmental Policy Research.
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Abstract
This paper provides an empirical evaluation of the temporal efficiency of the U.S. Acid Rain Program, which implemented a nationwide market for trading and banking sulfur dioxide (SO2) emission allowances. We first develop a model of efficient banking and select appropriate parameter values. Then, we use aggregate data from the first seven years of the Acid Rain Program, to assess the temporal efficiency of the observed banking behavior. We find that banking has been surprisingly efficient and we discuss why this finding disagrees with the common perception of excessive banking in this program.
Date issued
2002
URI
http://hdl.handle.net/1721.1/44984
Publisher
MIT Center for Energy and Environmental Policy Research
Other identifiers
2002-003
Series/Report no.
MIT-CEEPR (Series) ; 02-003WP.
Keywords
Sulphur dioxide, Emissions trading, Acid rain

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