Lessons Learned from Three Decades of Experience with Cap-and-Trade
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
We acknowledge research assistance by Megan Bailey and Jennifer Austin, and exceptionally valuable comments on a previous version of the manuscript by Dallas Burtraw, Denny Ellerman, and Robert Hahn. The authors, who are responsible for any and all remaining errors, can be reached at email@example.com and firstname.lastname@example.org. The views expressed herein are those of the authors and do not necessarily reflect the views of the National Bureau of Economic Research.
Richard Schmalensee & Robert N. Stavins, 2017. "Lessons Learned from Three Decades of Experience with Cap and Trade," Review of Environmental Economics and Policy, vol 11(1), pages 59-79. citation courtesy of