A Note on Tradeable Permits |
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Authors: | Email author" target="_blank">A?Denny?EllermanEmail author |
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Institution: | (1) School of Management, The Massachusetts Institute of Technology, 77 Massachusetts Av., Cambridge, MA 02139-4307, USA |
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Abstract: | This note offers a perspective on whether tradeable permits are a passing fad or an enduring trend. It does so in noting how
various types of tradeable permit systems relate to conventional environmental permits, what are the unique requirements of
tradeable permit systems, and why they might be preferred to alternative instruments. A final observation concerns the analogy
between tradeable permits for environmental goods and private property in land.
This note first appeared in the CESifo Forum, 4: 3 (Spring 2003), a quarterly publication of the Ifo Institute for Economic Research, Munich, Germany, as an invited article.
Permission to republish is gratefully acknowledged. In forming the ideas expressed here, I am indebted to many years of discussion
and collaborative research with Paul Joskow, Juan-Pablo Montero, David Harrison, and Richard Schmalensee. All errors of fact
and interpretation remain mine. |
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Keywords: | emissions trading environmental regulation property rights tradeable permits |
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