Markets for Clean Air - Ellerman, A. Denny (Massachusetts Institute of Technology) a Joskow, Paul L. (Massachusetts Institute of Technology) a Schmalensee, Richard (Massachusetts Institute of Technology) a Montero, Juan-Pablo (Pontificia Universidad Catolica de Chile) a Bailey, Elizabet

A comprehensive description and evaluation of the first three years of the U.S. Acid Rain Program. The authors analyze the market for emissions permits, called allowances in the Acid Rain Program, and quantifies the emission reductions, compliance costs, and cost savings associated with the trading program.