General Background

(Updated in 4/98)

HISTORICAL ORIGINS

Coase, R. (1960). "The Problem of Social Cost." The Journal of Law and Economics 3(October): 1-44.

Crocker, T. D. (1966). The Structuring of Atmospheric Pollution Control Systems. The Economics of Air

Pollution. H. Wolozin. New York, W. W.Norton & Co.: 61-86.

Dales, J. H. (1968). "Land, Water and Ownership." Canadian Journal of Economics 1: 791-804.

Dales, J. H. (1968). Pollution, Property and Prices. Toronto, University of Toronto Press.

BASIC THEORY

Baumol, W. J. and W. E. Oates (1971). "The Use of Standards and Prices for Protection of the Environment."

Swedish Journal of Economics 73: 42-54.

Baumol, W. J. and W. E. Oates (1975). The Theory of Environmental Policy. Englewood Clifs, N. J., Prentice

Hall.

Baumol, W. J. and W. E. Oates (1988). The Theory of Environmental Policy. Cambridge, England, Cambridge

University Press.

Becker, N. and M. Shechter (1996). "Decentralized Economic Incentives under Technological Indivisibilities: A

Cooperative Game Approach." Ecological Economics 17(1): 9-20.

Borenstein, Severin, "On the Efficiency of Competitive Markets for Operating Licenses," Quarterly Journal of

Economics, 103 (1988), 357--385.

Malueg, David A., "Welfare Consequences of Emissions Credit Trading Programs," Journal of Environmental

Economics and Management, 18 (1990), 66-77.

Montgomery, W. D. (1972). "Markets in Licences and Efficient Pollution Control Programs." Journal of

Economic Theory 5(3): 395-418.

MODELING ISSUES

Bueler, B. (1997). "Solving an Equilibrium Model for Trade of CO2 Emission Permits." European Journal of

Operational Research 102(2): 393-403.

Conrad, K. and M. Schröder (1993). "Choosing Environmental Policy Instruments Using General Equilibrium

Models." Journal of Policy 15(5-6): 521-43.

Johnson, S. L. and D. M. Pekelney (1996). "Economic-Assessment Of the Regional Clean-Air Incentives Market

- a New Emissions Trading Program For Los-Angeles." Land Economics 72(3): 277-297.

Manne, A. S. and R. G. Richels (1991). "International Trade in Carbon Emission Rights: A Decomposition

Procedure." American Economic Review 81(2): 135-39.

Manne, A. S. and T. F. Rutherford (1994). "International Trade in Oil, Gas and Carbon Emission Rights: An

Intertemporal General Equilibrium Model." Energy Journal 15(1): 57-76.

Nagurney, A. and K. Dhanda (1996). "A Variational Inequality Approach for Marketable Permits." Computational

Economics 9(4): 363-84.

Nagurney, A., Dhanda, K.K., Stranlund, J.K., "General Multi-Product, Multi-Pollutant Market Pollution Permit

Model: A Variational Inequality Approach, Energy Economics, 19 (1997), 1 (March), ??.

Takyi, A. K. and B. J. Lence (1996). "Chebyshev Model for Water-Quality Management." Journal of Water

Resources Planning and Management - ASCE 122(1): 40-48.

Yaron, D. (1979). "A Model for the Analysis of Seasonal Aspects of Water Quality Control." Journal of

Environmental Economics and Management 6(2): 140-151.

IDEOLOGY

Anderson, T. L. and D. R. Leal (1991). Free Market Environmentalism. San Francisco, Westview Press for the

Pacific Research Insitute for Public Policy.

Goffman, J. (1993). Learning to Love Emissions Trading. E Magazine: 54-55.

Goodin, R. E. (1994). "Selling Environmental Indulgences." Kyklos 47(4): 573-96.

Heinzerling, L. (1995). "Selling Pollution, Forcing Democracy." Stanford Environmental Law Journal 14: 300-44.

COMPARING INSTRUMENTS

Bohm, P. and C. Russell (1985). Comparative Analysis of Alternative Policy Instruments. Handbook of Natural

Resource and Energy Economics. A. V. Kneese and J. L. Sweeney. Amsterdam, North-Holland. 1: 395-460.

Farrow, Scott, "The Dual Political Economy of Taxes and Tradable Permits," Economics Letters, 49 (1995), 2

(August), 217--220.

Hahn, R. W. (1989). "Economic Prescriptions for Environmental Problems: How the Patient Followed the

Doctor's Orders." The Journal of Economic Perspectives 3(2): 95-114.

Hahn, R. W. and R. L. Axtell (1995). "Reevaluating the Relationship between Transferable Property Rights and

Command-And-Control Regulation." Journal of Regulatory Economics 8(2): 125-48.

Helfand, Gloria E. and Jonathan Rubin. "Spreading versus Concentrating Damages: Environmental Policy in the

Presence of Nonconvexities."Journal of Environmental Economics and Management 27 (July 1994): 84-91.

OECD (1989). Economic Instruments for Environmental Protection. Paris, Organization for Economic

Cooperation and Development.

Opschoor, H. (1994). Developments in the Use of Economic Instruments in OECD Countries. Economic

Instruments for Air Pollution Control. G. Klaassen and F. R. Førsund. Boston, Kluwer Academic Publishers:

75-106.

Opschoor, J. B. and H. B. Vos (1989). Economic Instruments for Environmental Protection. Paris, Organization

for Economic Co-operation and Development.

Opschoor, J. B. and H. B. Vos (1989). The Application of Economic Instruments for Environmental Protection in

OECD Countries. Paris, OECD.

Pezzey, J. (1992). "The Symmetry Between Controlling Pollution by Price and Controlling It By Quantity." The

Canadian Journal of Economics 25(4): 983-991.

Tietenberg, T. H.(.1990). "Economic Instruments for Environmental Regulation." Oxford Review of Economic

Policy 6(1): 17-33.

Tisato, P. and C. Allen (1993). "Taxes and Marketable Permits in Pollution Control." Economic Papers 12(1):

83-86.

TEACHING

Nugent, Rachel A.(1997). "Teaching Tools: A Pollution Rights Trading Game" Economic Inquiry 35 (July):

679-685.

Design Issues

TRANSACTION COSTS

Andersson, F. (1997). "Small Pollution Markets: Tradable Permits versus Revelation Mechanisms." Journal of

Environmental Economics and Management 32(1): 38-50.

Gangadharan, L. (1997). Transactions Costs in Tradable Emissions Markets: An Empirical Study of the

Regional Clean Air Incentives Market in Los Angeles. Los Angeles, University of Sourthern California Working

Paper.

Montero, J.-P. (1998). "Marketable Pollution Permits with Uncertainty and Transactions Costs." Resource and

Energy Economics 20(1): 27-50.

Stavins, R. N. (1995). "Transaction Costs and Tradable Permits." Journal of Environmental Economics and

Management 29(2): 133-148.

MARKET POWER

Hahn, R. W. (1984). "Market Power and Transferable Property Rights." Quarterly Journal of Economics 99(4):

753-765.

Innes, R., C. Kling, et al. (1991). "Emission Permits Under Monopoly." Natural Resource Modeling 5(3): 321-43.

Misiolek, W. S. and H. W. Elder (1989). "Exclusionary Manipulation of Markets for Pollution Rights." Journal of

Environmental Economics and Management 16(2): 156-66.

Sartzetakis, E. S. (1997). "Raising Rivals' Costs Strategies via Emission Permits Markets." Review of Industrial

Organization 12(5-6): 751-765.

Sartzetakis, E. S. (1997). "Tradeable Emission Permits Regulations in the Presences of Imperfectly Competitve

Product Markets: Welfare Implications." Environmental and Resource Economics 9(1): 65-81.

Van Egteren, H. and M. Weber (1996). "Marketable Permits, Market Power and Cheating." Journal of

Environmental Economics and Management 30(2): 161-173.

von der Fehr, N.-h. (1993). "Tradable Emission Rights and Strategic Interaction." Environmental and Resource

Economics 3: 129-151.

Westkog, H. (1996). "Market Power in a System of Tradeable CO2 Quotas." The Energy Journal 17: 85-103.

TECHNOLOGY

Jaffe, A. B. and R. N. Stavins (1995). "Dynamic Incentives of Environmental Regulations: The Effects of

Alternative Policy Instruments on Technology Diffusion." Journal of Environmental Economics and Management

29(3 Suppl. Part 2): S43-S63.

Jung, C. H., K. Krutilla, et al. (1996). "Incentives for Advanced Pollution Abatement Technology at the Industry

Level: An Evaluation of Policy Alternatives." Journal of Environmental Economics and Management 30(1):

95-111.

Laffont, J.-J. and J. Tirole (1996). "Pollution Permits and Environmental Innovation." Journal of Public Economics

62(1-2): 127-140.

Maleug, D. A. (1989). "Emission Trading and the Incentive to Adopt New Pollution Abatement Technology."

Journal of Environmental Economics and Management 16(1): 52-57.

Milliman, S. R. and R. Prince (1989). "Firm Incentives to Promote Technological Change in Pollution Control."

Journal of Environmental Economics and Management 17(3): 247-265.

UNCERTAINTY

Carlson, D. A. and A. M. Sholtz (1994). "Designing Pollution Market Instruments - A Case of Uncertainty."

Contemporary Economic Policy 12(4): 114-125.

Godby, R. W., S. Mestelman, et al. (1997). "Emissions trading with Shares and Coupons When Control over

Discharges is Uncertain." Journal of Environmental Economics and Management 32(3): 359-381.

Montero, J.-P. (1998). "Marketable Pollution Permits with Uncertainty and Transactions Costs." Resource and

Energy Economics 20(1): 27-50.

Weitzman, M. (1974). "Prices vs. Quantities." Review of Economic Studies 41: 447-491.

GENERAL DESIGN ISSUES

Endres, A. (1986). "Charges, Permits and Pollutant Interactions." Eastern Economic Journal 12(3): 327-36.

Hahn, R. W. (1983). Designing Markets in Transferable Property Rights: A Practitioner's Guide. Buying a Better

Environment: Cost-Effective Regulation Through Permit Trading. E. F. Joeres and M. H. David. Madison, Wis,

University of Wisconsin Press: 83-97.

Hahn, R. W. (1986). "Trade-offs in Designing Markets With Multiple Objectives." Journal of Environmental

Economics and Management 13(1): 1-12.

Hahn, R. w. (1990). "Regulatory Constraints on Environmental Markets." Journal of Public Economics 42(2):

149-75.

Hahn, R. W. and R. G. Noll (1982). "Barriers to Implementing Tradable Air Pollution Permits: Problems of

Regulatory Interactions." Yale Journal of Regulation 1(1): 63-91.

Hahn, R. W. and R. G. Noll (1982). Designing a Market for Tradeable Emission Permits. Reform of

Environmental Regulation. W. A. Magat. Cambridge, Mass, Ballinger: 119-146.

Ledyard, J. O. and K. Szakaly-Moore (1994). "Designing Organizations for Trading Pollution Rights." Journal of

Economic Bahvior and Organization 25: 167-196.

Lence, B. J. (1991). "Weighted Sum Transferable Discharge Permit Programs for Control of Multiple Pollutants."

Water Resources Research 27(12): 3019-27.

Lewis, Tracy R. and Sappington, David E.M., "Using Markets to Allocate Pollution Permits and Other Scarce

Resource Rights Under Limited Information," Journal of Public Economics, 57 (1995), 3 (July), 431--455.

Lyon, R. M. (1982). "Auctions and Alternative Procedures for Allocating Pollution Rights." Land Economics

58(1): 16-32.

Lyon, R. M. (1986). "Equilibrium Properties of Auctions and Alternative Procedures for Allocation Transferable

Permits." Journal of Environmental Economics and Management 13(2): 129-52.

Lyon, R. M. (1990). "Regulating Bureaucratic Polluters." Public Finance Quarterly 2: 198-220.

Marakovits, D. and T. J. Considine (1996). "An Emprirical Analysis of Exposure-Based Regulation to Abate Air

Pollution." Journal of Environmental Economics and Management 31(3): 337-351.

Muller, R. A. (1994). "Emissions Trading with Shares and Coupons - A Laboratory Experiment." Energy Journal

15(2): 185-211.

Noll, R. G. (1982). "Implementing Marketable Emissions Permits." American Economics Review 72(2): 120-124.

Oates, W. E., P. R. Portney, et al. (1989). "The Net Benefits of Incentive-Based Regulation: The Case of

Environmental Standard Setting." American Economic Review 79(5): 1233-1242.

OECD (1992). Climate Change: Designing a Tradeable Permit System. Paris, OECD.

Roumasset, J. A. and K. R. Smith (1987). Environmental Policy and Public Health: Regulating Air Pollution with

Exposure Trading. East-West Center, Honolulu, Hawaii 96848, the Environment and Policy Institute.

Roumasset, J. A. and K. R. Smith (1990). "Exposure Trading: An Approach to More Efficient Air Pollution

Control." Journal of Environmental Economics and Management 18(3): 276-91.

Russell, C. S. (1981). "Controlled Trading of Pollution Permits." Environmental Science and Technology 15(1):

24-28.

Schaltegger, S. and T. Thomas (1996). "Pollution Added Credit Trading (PACT): New Dimensions in Emissions

Trading." Ecological Economics 19(1): 35-53.

Swart, R. (1992). Greenhouse Gas Emissions Trading: Defining the Commodity. Climate Change: Designing a

Tradeable Permit System. T. Jones and J. Corfee-Morlot. Paris, Organization for Economic Co-operation and

Development Publication: 137-166.

Tietenberg, T. (1994). Implementation Issues for Global Tradeable Permits. International Environmental

Economics: Theories, Models, and Applications to Climate Change, International Trade and Acidification. E. C.

V. Ierland. New York, Elsevier: 119-149.

Tietenberg, T. (1995). Design Lessons from Existing Air Pollution Control Systems: The United States. Property

Rights in a Social and Ecological Context: Case Studies and Design Applications. S. Hanna and M.

Munasinghe. Washington, DC, The World Bank.

Tietenberg, T. and D. Victor (1994). Possible Administrative Structures and Procedures. Combating Global

Warming: Possible Rules Regulations and Administrative Arrangments for a Global Market In CO2 Emission

Entitlements. United Nations Conference on Trade and Development. New York, United Nations: 1-60.

Tietenberg, T. H. (1974). "The Design of Property Rights for Air Pollution Control." Public Policy 27(3): 275-292.

Tripp, J. T. B. and D. J. Dudek (1989). "Institutional Guidelines for Designing Successful Transferable Rights

Programs." Yale Journal of Regulation 6: 369-391.

TEMPORAL ISSUES

Collinge, R. A. and W. E. Oates (1982). "Efficiency in Pollution-Control in the Short and Long Runs: A Systems

of Rental Emission Permits." Canadian Journal of Economics 15(2): 346-354.

Cronshaw, M. and J. B. Kruse (1996). "Regulated Firms in Pollution Permit Markets with Banking." Journal of

Regulatory Economics 9: 179-89.

Farrow, S. (1987). "Lease Delay Rights: Market Valued Permits and Offshore Leasing." Resources Policy :

113-122.

Howe, C. W. and D. R. Lee (1983). "Priority Pollution Rights: Adapting Pollution Control to a Variable

Environment." Land Economics 59(2): 141-149.

Kling, Catherine and Jonathan Rubin, "Bankable Permits for the Control of Environmental Pollution," Journal of

Public Economics 64(1)(1997):99-113.

Kruse, Jamie and Mark Cronshaw, "Temporal Properties of a Market for Emission Permits with Banking" In

Charles Holt and Mark Isaac, Markets for Pollution Permits: Theory and Experiments (JAI Press, Forthcoming)

Kruse, Jamie and Mark Cronshaw, "An Experimental Analysis of Emission Permits with Banking and the Clean

Air Act Amendments of 1990." In Charles Holt and Mark Isaac, Markets for Pollution Permits: Theory and

Experiments (JAI Press, Forthcoming)

Rubin, Jonathan, "A Model of Intertemporal Emission Trading, Banking and Borrowing," Journal of Environmental

Economics and Management 31(1996):269-286.

Söllner, Fritz, "Continuous Emissions and Accidents: A Unifying Approach" Zeitschrift für Umweltpolitik &

Umweltrecht 4(1997):513-530.

Toman, M. and K. Palmer (1997). "How Should an Accumulative Substance be Banned?" Environmental &

Resource Economics 9(1): 83-102.

Yaron, D. (1979). "A Model for the Analysis of Seasonal Aspects of Water Quality Control." Journal of

Environmental Economics and Management 6(2): 140-151.

AUCTIONS

Oehmke, James F., "The Allocation of Pollutant Discharge Permits by Competitive Auction," Resources and

Energy, 9 (1987), 153--162.

Franciosi, R., I. R. M., et al. (1993). "An Experimental Investigation of the Hahn-Noll Revenue Neutral Auction for

Emissions Licenses." Journal of Environmental Economics and Management 24(1): 1-24.

Lyon, R. M. (1982). "Auctions and Alternative Procedures for Allocating Pollution Rights." Land Economics

58(1): 16-32.

Lyon, R. M. (1986). "Equilibrium Properties of Auctions and Alternative Procedures for Allocation Transferable

Permits." Journal of Environmental Economics and Management 13(2): 129-52.

INVESTMENT ISSUES

Kort, P. M. (1996). "Pollution-Control and the Dynamics Of the Firm - the Effects Of Market-Based Instruments

On Optimal Firm Investments." Optimal Control Applications & Methods 17(4): 267-279.

Letson, D. (1992). "Investment Decisions and Transferable Discharge Permits: An Empirical Study of Water

Quality Managment under Policy Uncertainty." Environmental and Resource Economics 2: 441-458.

Maloney, M. and G. L. Brady (1988). "Capital Turnover and Marketable Property Rights." The Journal of Law and

Economics 31(1): 203-226.

Nelson, R., T. Tietenberg, et al. (1993). "Differential Environmental Regulation: Effects On Electric Utility Capital

Turnover and Emissions." Review of Economics and Statistics 75(2): 368-373.

ENFORCEMENT

Harford, J. D. (1978). "Firm Behavior Under Imperfectly Enforceable Pollution Standards and Taxes." Journal of

Environmental Economics and Management 5(1): 26-43.

Keeler, A. G. (1991). "Noncompliant Firms in Transferable Discharge Permit Markets: Some Extensions."

Journal of Environmental Economics and Mangement 21(2): 180-189.

Laffont, J.-J. and J. Tirole (1996). "Pollution Permits and Compliance Strategies." Journal of Public Economics

62(1-2): 85-125.

Malik, A. S. (1990). "Markets for Pollution Control When Firms are Non-Compliant." Journal of Environmental

Economics and Management 18(2): 97-106.

Russell, C.S. (1990): "Game Models for Structuring Monitoring and Enforcement Systems", Natural Resource

Modelling, 4(2):143-173.

Russell, C.S., W. Harrington & W. J. Vaughan (1986): Enforcing Pollution Control Laws, Resources for the

Future, Washington D.C., 231 p.

Applications: Air

COST/ EFFECTIVENESS (EMPIRICAL STUDIES)

Atkinson, S. E. and D. H. Lewis (1974). "A Cost-Effectiveness Analysis of Alternative Air Quality Control

Strategies." Journal of Environmental Economics and Management 1(3): 237-250.

Atkinson, S. E. and T. H. Tietenberg (1982). "The Empirical Properties of Two Classes of Designs for

Transferable Discharge Permit Markets." Journal of Environmental Economics and Management 9(2): 101-121.

Krupnick, A. J. (1986). "Costs of Alternative Policies for the Control of NO2 in the Baltimore Region." Journal of

Environmental Economics and Management 13(2): 189-197.

Maloney, M. T. and B. Yandle (1984). "Estimation of the Cost of Air Pollution Control Regulation." Journal of

Environmental Economics and Management 11(3): 244-263.

McGartland, A. M. (1984). Marketable Permit Systems for Air Pollution Control: An Empirical Study, University

of Maryland.

McGartland, Albert, "A Comparison of Two Marketable Discharge Permits Systems," Journal of Environmental

Economics and Management, 15 (1988), 35-44.

O'Ryan, R. E. (1996). "Cost-Effective Policies to Improve Urban Air Quality in Santiago, Chile." Journal of

Environmental Economics and Management 31(3): 302-313.

Roach, F., C. Kolstad, et al. (1981). "Alternative Air Quality Policy Options in the Four Corners Region."

Southwestern Review 1(2): 29-58.

Seskin, E. P., R. J. Anderson, Jr., et al. (1983). "An Empirical Analysis of Economic Strategies for Controlling

Air Pollution." Journal of Environmental Economics and Management 10(2): 112-124.

Whalley, J. and R. Wigle (1991). "Cutting CO2 Emissions: The Effects of Alternative Policy Approaches."

Energy Journal 12(1): 109-24.

LEAD

Kerr, S. and D. Maré (1997). Tranactions Costs and Tradeable Permits Markets: The United States Lead

Phasedown, Eighth Annual Conference of the Association of Environmental and Resource Economists, Tilburg,

Netherlands, June, 1997.

Nussbaum, B. D. (1992). Phasing Down Lead in Gasoline in the U.S.: Mandates, Incentives, Trading and

Banking. Climate Change: Designing a Tradeable Permit System. T. Jones and J. Corfee-Morlot. Paris,

Organization for Economic Co-operation and Development Publicaiton: 21-34.

U. S. Government Accounting Office (1986). EPA Program to Assist Leaded-Gasoline Producers Needs Prompt

Improvement.

OZONE DEPLETING GASES

Bohm, P. (1988). Economic Instruments for Reducing CFC Emissions. Copenhagen, Nordisk Ministerrad.

Hahn, R. W. and A. M. McGartland (1989). "The Political Economy of Instrument Choice: An Examination of the

U. S. Role in Implementing the Montreal Protocol." Northwestern University Law Review 83(3): 592-611.

Palmer, A. R., W. E. Mooz, et al. (1980). Economic Implications of Regulating Chlorofluorocarbon Emissions

from Nonaerosol Applications, U.S. Environmental Protection Agency.

Shapiro, M. and E. Warhit (1983). "Marketable Permits: The Case of Chlorofluorocarbons." Natural Resource

Journal 23(5): 577-591.

ACID RAIN

Ackerman, F. and W. Moomaw (1997), "Does Emissions Trading Work?" The Electricity Journal 10(7).

Atkeson, E. (1997), "Joint Implementation: Lessons from Title IV's Voluntary Compliance Programs."

(WP-97003) Center for Energy and Environmental Policy Research, MIT, May 1997.

Atkinson, S. E. (1983). "Marketable Pollution Permits and Acid Rain Externalities." Canadian Journal of

Economics 16(4): 704-722.

Bailey, E. M. (1996), "Allowance Trading Activity and State Regulatory Rulings: Evidence from the U.S. Acid

Rain Program." (WP-96002) Center for Energy and EnvironmentalPolicy Research, MIT, March 1996.

Bernstein, M., A. Farrell, et al. (1992). "No Sale! What If States Restrict the Allowance Trading Market?" Public

Utilities Fortnightly : 63-66.

Bernstein, M., A. Farrell, et al. (1994). "The Environment and Economics - The Impact of Restricting the SO2

Allowance Market." Energy Policy 22(9): 748-754.

Bohi, D., and D. Burtraw (1997), "Trading Expectations and Experience." The Electricity Journal 10(7).

Bohi, D. (1994). "Utilities and State Regulators: Are They Failing on Allowance Trading?" The Electricity Jouranl

7(2): 20-27.

Bohi, D. and D. Burtraw (1992). "Utility Investment Behavior and the Emission Trading Market." Resources and

Energy 14(1/2): 129-156.

Bohi, D. R. and D. Burtraw (1991). "Avoiding Regulatory Gridlock in the Acid Rain Program." Journal of Policy

Analysis and Management 10: 676-684.

Burtraw, D. (1996). "The SO2 Emissions Trading Program: Cost Savings without Allowance Trades."

Contemporary Economic Policy XIV(2): 79-94.

Cason, T. N. (1993). "Seller Incentive Properties of EPA's Emission Trading Auction." Journal of Environmental

Economics and Management 25(2): 177-95.

Cason, T. N. (1995). "An Experimental Investigation of the Seller Incentives in the EPA's Emission Trading

Auction." The American Economic Review 85(4): 905-922.

Cason, T. N. and C. R. Plott (1996). "EPS's New Emissions Trading Mechanism: A Laboratory Evaluation."

Journal of Environmental Economics and Management 30(2): 133-160.

Chao, H.-P. and R. Wilson (1993). "Option Value of Emission Allowances." Journal of Regulatory Economics

5(3): 233-49.

Coggins, J. S. and J. R. Swinton (1996). "The Price Of Pollution - a Dual Approach to Valuing So2 Allowances."

Journal Of Environmental Economics and Management 30(1): 58-72.

Coggins, J. S. and V. H. Smith (1993). "Some Welfare Effects of Emission Allowance Trading in a

Twice-Regulated Industry." Journal of Environmental Economics and Management 25(3): 275-297.

Conrad, K. and R. E. Kohn (1996). "The US Market for SO2 Permits - Policy Implications of the Low Price and

Trading Volume." Energy Policy 24(12): 1051-1059.

Dudek, D., J. Goffman, et al. (1997), "More Clean Air for the Buck: Lessons from the U.S. Acid Rain Emissions

Trading Program." Environmental Defense Fund, September 1997.

Ellerman, D., P. Joskow, et al. (1997), "1996 Update on the Compliance and Emissions Trading Under the US

Acid Rain Program." MIT Center for Energy and Environmental Policy Research, November 1997.

Ellerman, D., R. Schmalensee, et al. (1997), "Emissions Trading Under the US Acid Rain Program: Evaluation

of Compliance Costs and Allowance Market Performance." MIT Center for Energy and Environmental Policy

Research, 1997.

Environmental Law Institute (1997), "Implementing an Emissions Cap and Allowance Trading System for

Greenhouse Gases: Lessons from the Acid Rain Program." Research Report, September 1997.

Feldman, S. L. and R. K. Raufer (1987). Emissions Trading and Acid Rain: Implementing a Market Approach to

Pollution Control. Totowa, NJ, Rowman & Littlefield.

Førsund, F. R. and E. Nævdal (1994). Trading Sulfur Emissions in Europe. Economic Instruments for Air

Pollution Control. G. Klaassen and F. R. Førsund. Boston, Kluwer Academic Publishers: 231-248.

Fullerton, D., S. McDermott, et al. (1997). "Sulfur Dioxide Compliance of a Regulated Utility." Journal of

Environmental Economics and Mangement 34(1): 32-53.

Hahn, R. W. and C. A. May (1994). "The Behavior of the Allowance Market: Theory and Evidence." The

Electricity Journal 7(2): 28-37.

Hausker, K. (1990). "Coping with the Cap: How Auctions Can Help the Allowance Market Work." Public Utilities

Fortnightly 125: 28-34.

Hausker, K. (1992). "The Politics and Economics of Auction Design in the Market for Sulfer Dioxide Pollution."

Journal of Policy Analysis and Mangement 11(4): 553-72.

ICF Resources, I. (1989). Economic, Environmental, and Coal Market Impacts of SO2 Emissions Trading Under

Alternative Acid Rain Control Proposals, Regulatory Innovations Staff, USEPA.

Joskow, P. L., and R. Schmalensee (1996), "The Political Economy of Market-Based Environmental Policy: The

U.S. Acid Rain Program." (WP-96003) Center for Energy and Environmental Policy Research, MIT, March 1996.

Joskow, P., R. Schmalensee, et al. (1996), "Auction Design and the Market for Sulfur Dioxide Emissions."

(WP-96007) Center for Energy and Environmental Policy Research, MIT, August 1996.

Kete, N. (1992). The U.S. Acid Rain Control Allowance Trading System. Climate Change: Designing a Tradeable

Permit System. T. Jones and J. Corfee-Morlot. Paris, Organization for Economic Co-operation and Development

Publication: 69-93.

Kete, N. (1994). Air Pollution Control in the United States: A Mixed Portfolio Approach. Economic Instruments

for Air Pollution Control. G. Klaassen and F. R. Førsund. Boston, Kluwer Academic Publishers: 122-144.

Klaassen, G. (1994). Trading Sulfur Emission Permits in Europe Using an Exchange Rate. International

Environmental Economics: Theories, Models, and Applications to Climate Change, International Trade and

Acidification. E. C. V. Ierland. New York, Elsevier: 307-332.

Klaassen, G. (1995). "Trade-Offs in Sulfur Emission Trading in Europe." Environmental and Resource

Economics 5(2): 191-219.

Klaassen, G. (1996). Acid Rain and Environmental Degradation: The Economics of Emission Trading.

Cheltenham, UK, Edward Elgar.

Klaassen, G. and A. Nientjes (1997). "Sulfur Trading Under the 1990 CAAA in the US: An Assessment of First

Experiences." Journal of Institutional and Theoretical Economics 153(2): 384-410.

Klaassen, G. and Nentjes, A. (1997). "Creating Markets for Air Pollution Control in Europe and the USA"

Environmental and Resource Economics 10(Sept):125-46.

Klaassen, G. and F. R. Førsund, Eds. (1994). Economic Instruments for Air Pollution Control. Boston, Kluwer

Academic Publishers.

Kruger, J., and M. Dean (1997), "Looking Back on SO2 Trading: What's Good for the Environment is Good for

the Market." Public Utilities Fortnightly 135(15): 30-37.

Kruitwagen, S., E. Hendrix, et al. (1994). Tradeable SO2 Permits: Guided Bilateral Trade in Europe.

International Environmental Economics: Theories, Models, and Applications to Climate Change, International

Trade and Acidification. E. C. V. Ierland. New York, Elsevier: 333-350.

Lile, R., D. Bohi, et al. (1997), "An Assessment of the EPA's SO2 Emission Allowance Tracking System."

Resources for the Future, February 1997.

Maler, K.-G. (1989). The Acid Rain Game. Valuation Methods and Policy Making in Environmental Economics.

H. Folmer and E. v. Ierland. Amsterdam, Elsevier Science Publishers: 231-252.

McLean, B. J. (1997). "Evolution of marketable permits: The US experience with sulfur dioxide allowance

trading." International Journal of Environment and Pollution 8(1-2): 19-36.

Mitnick, S. A., K. Brown, et al. (1992). "Allowance Trading Today and Tomorrow: When Will It Really Get

Started?" Electricity Journal 5: 62-71.

Montero, J. P. (1997), "Optimal Design of a Phase-in Emissions Trading Program with Voluntary Compliance

Options." (WP-97004) Center for Energy and Environmental Policy Research, MIT, (July).

Montero, J. P. (1996), "Why are Allowance Prices So Low? An Analysis of the SO2 Emissions Trading

Program." (WP-96001) Center for Energy and Environmental Policy Research, MIT, (February).

Montero, J.-P. (1997). Volunteering for Market-Based Environmental Regulation: The Substitution Provision for

the SO2 Emissions Trading Program, Eighth Annual Conference of the European Association of Environmental

and Resource Economists; Tilburg, Netherlands (June).

Oates, W. E. and A. M. McGartland (1985). "Marketable Pollution Permits and Acid Rain Externalities: A

Comment and Some Further Evidence." Canadian Journal of Economics 18(3): 668-675.

Pototschnig, A. (1994). Economic Instruments for the Control of Acid Rain in the UK. Economic Instruments for

Air Pollution Control.

Raufer, R. K. and S. L. Feldman (1984). "Emissions Trading and What it May Mean for Acid Deposition." Public

Utilities Fortnightly 114(4): 17-25.

Rico, R. (1995). "The U. S. Allowance Trading Sytem for Sulfur Dioxide: An Update on Market Experience."

Environmental and Resource Economics 5(2): 115-129.

Rose, K. (1995). "Twelve Common Myths of Allowance Trading: Improving the Level of Discussion." The

Electricity Journal : 64-69.

Soloman, B. D. (1994). "SO2 Allowance Trading: What Rules Apply?" Public Utilities Fortnightly :

22-25.Tietenberg, T. H. (1989). "Acid Rain Reduction Credits." Challenge 32(2): 25-29.

Stavins, R. N. (1997), "What Can We Learn from the Grand Policy Experiment? Positive and Normative Lessons

from SO2 Allowances Trading." Resources for the Future, (August).

U.S. General Accounting Office (1997), "Air Pollution: Overview and Issues on Emissions Allowance Trading

Programs." Statement by Peter Guerrero, testimony before the Joint Economic Committee, U.S. Congress

(GAO/T-RCED-97-183), July 9, 1997.

Winebrake, J. J., A. E. Farrell, et al. (1995). "The Clean Air Act's Sulfur Dioxide Emissions Market: Estimating

the Costs of Regulatory and Legislative Intervention." Resource and Energy Economics 17(3): 239-260.

Winebrake, J. J., M. A. Bernstein, et al. (1995). "Estimating the Impacts of Restrictions on Utility Participation

in the SO2 Allowance Market." The Electricity Journal 8: 50-54.

GLOBAL WARMING

Beckerman, W. and J. Pasek (1995). "The Equitable International Allocation Of Tradable Carbon Emission

Permits." Global Environmental Change - Human and Policy Dimensions 5(5): 405-413.

Bertram, G. (1992). "Tradeable Emission Permits and the Control of Greenhouse Gases." Journal of

Development Studies 28(3): 423-46.

Bohm, P. (1992). "Distributional Implications of Allowing International Trade in CO2 Emission Quotas." The

World Economy 15(1): 107-114.

Bohm, P. (1993). "Incomplete International Cooperation to Reduce CO2 Emissions: Alternative Policies."

Journal of Environmental Economics and Mangement 24(3): 258-271.

Bohm, P. (1994). Making Carbon Emission Quota Agreements More Efficient: Joint Implementation versus

Quota Tradability. Economic Instruments for Air Pollution Control. G. Klaassen and F. R. Førsund. Boston,

Kluwer Academic Publishers: 187-208.

Bohm, P. and B. Larsen (1994). "Fairness in a Tradeable-Permit Treaty for Carbon Emissions Reductions in

Europe and the Former Soviet Union." Environmental and Resource Economics 4: 219-239.

Burtraw, D. and M. A. Toman (1992). "Equity and International Agreements for CO2 Containment." Journal of

Energy Engineering 118(2): 122-135.

Chapman, D. and T. Drennen (1990). "Equity and Effectiveness of Possible CO2 Treaty Proposals."

Contemporary Policy Issues 8(3): 16-28.

Dudek, D. and T. Tietenberg (1992). Monitoring and Enforcing Greenhouse Gas Trading. Climate Change:

Designing a Tradeable Permit System. OECD. Paris, Organization of Economic Co-operation and Development:

251-277.

Dudek, D. J. and A. LeBlanc (1990). "Offsetting New CO2 Emissions: A Rational First Step." Contemporary

Policy Issues 8(3): 29-42.

Jorgenson, D. W. and P. J. Wilcoxen (1993). "Reducing U. S. Carbon Emissions: An Assessment of Different

Instruments." Journal of Policy Modeling 15(5-6): 491-520.

Kverndokk, S. (1995). "Tradable CO2 Emission Permits - Initial Distribution as a Justice Problem."

Environmental Values 4(2): 129-148.

Larsen, B. and A. Shah (1994). "Global Tradeable Carbon Permits, Participation Incentives, and Transfers."

Oxford Economic Papers 46( 5 Suppl.): 841-856.

Lee, Sang-Ho, "An Optional Permit System for Global Pollution Control," Economics Letters, 50 (1996), 1

(January), 79--84.

Manne, A. S. and R. G. Richels (1992). Buying Greenhouse Insurance: The Economic Costs of CO2 Emission

Limits. Cambridge, MA, The MIT Press.

Manne, A. S. and T. F. Rutherford (1994). "International Trade in Oil, Gas and Carbon Emission Rights: An

Intertemporal General Equilibrium Model." Energy Journal 15(1): 57-76.

OECD (1992). Climate Change: Designing a Tradeable Permit System. Paris, OECD.

Rentz, H. (1996). "From Joint Implementation to a System of Tradeable CO2 Emission Entitlements."

International Environmental Affairs 8(3): 267-276.

Rose, A. and B. Stevens (1993). "The Efficiency and Equity of Marketable Permits for CO2 Emissons."

Resource and Energy Economics 15(1): 117-146.

Rose, A. and T. Tietenberg (1993). "An International System of Tradeable CO2 Entitlements: Implications for

Economic Development." Journal of Environment and Development 2(1): 1-36.

Rose, A., B. Stevens, et al. (1994). A Global Marketable Permits Approach to CO2 Mitigation: Implications for

U. S. Energy Demand. International Environmental Economics: Theories, Models, and Applications to Climate

Change, International Trade and Acidification. E. C. V. Ierland. New York, Elsevier: 97-118.

Schelling, T. C. (1992). "Some Economics of Global Warming." The American Economic Review 82(1): 1-14.

Solomon, B. D. (1995). "Global CO2 emissions trading: Early lessons from the US acid rain program." Climatic

Change 30(1): 75-96.

Stavins, Robert N., "Policy Instruments for Climate Change: How Can National Governments Address a Global

Problem?" The University of Chicago Legal Forum (1997): 293-329.

Stavins, R. and R. Hahn (1993). Trading in Greenhouse Permits: A Critical Examination of Design and

Implementation Issues. Cambridge, MA, John F. Kennedy School of Government, Harvard University.

Svendsen, G. T. (1996). Tradable Permits Sytems in the United States and CO2 Taxation in Europe, The

Aarhus School of Business (Denmark).

Swart, R. (1992). Greenhouse Gas Emissions Trading: Defining the Commodity. Climate Change: Designing a

Tradeable Permit System. T. Jones and J. Corfee-Morlot. Paris, Organization for Economic Co-operation and

Development Publication: 137-166.

Tietenberg, T. (1992). Implementation Issues: A General Survey. Combating Global Warming: Study on a Global

System of Tradeable Carbon Emission Entitlements. United Nations Conference on Trade and Development.

New York:, United Nations: 127-149.

Tietenberg, T. (1992). Relevant Experience with Tradeable Permits. Combating Global Warming: Study on a

Global System of Tradeable Carbon Emission Entitlements. United Nations Conference on Trade and

Development. New York:, United Nations: 37-54.

Tietenberg, T. (1994). Implementation Issues for Global Tradeable Permits. International Environmental

Economics: Theories, Models, and Applications to Climate Change, International Trade and Acidification. E. C.

V. Ierland. New York, Elsevier: 119-149.

Tietenberg, T., Ed. (1997). The Economics of Global Warming. The International Library of Critical Writings in

Economics. Cheltenham, UK, Edward Elgar Publishing Limited.

Tietenberg, T. and D. Victor (1994). Possible Administrative Structures and Procedures. Combating Global

Warming: Possible Rules Regulations and Administrative Arrangements for a Global Market In CO2 Emission

Entitlements. United Nations Conference on Trade and Development. New York, United Nations: 1-60.

United Nations Conference on Trade and Development (1992). Combating Global Warming: Study on a Global

System of Tradeable Carbon Emission Entitlements. New York, United Nations.

Victor, D. G. (1991). "Limits of Market-Based Strategies for Slowing Global Warming: The Case of Tradeable

Permits." Policy Sciences 24(2): 199-222.

Vollenbergh, H. R. J., J. L. D. Vries, et al. (1997). "Hybrid Carbon Incentive Mechanisms and Political

Accptability." Environmental & Resource Economics 9(1): 43-63.

Westkog, H. (1996). "Market Power in a System of Tradeable CO2 Quotas." The Energy Journal 17: 85-103.

Whalley, J. and R. Wigle (1991). "Cutting CO2 Emissions: The Effects of Alternative Policy Approaches."

Energy Journal 12(1): 109-24.

Wiser, Glenn, "Joint Implementation: Incentives for Private Sector Mitigation of Global Climate Change"

Georgetown International Law Review 9 (197), 3(Spring): 747-

STATE INITIATIVES (RECLAIM, ETC.)

Bae, C. -H. C. (1997). "The Equity Impact of Los Angeles' Air Quality Policies" Environment and Planning 29

(Sept.): 1563-84.

Cohen, N. J. (1993). "Emissions Trading and Air Toxics Emissions: RECLAIM and Toxics Regulation in the

South Coast Air Basin." UCLA Journal of Environmental Law and Policy 11(2): 255-.

Dwyer, J. P. (1993). "The Use of Market Incentives in Controling Air Pollution - California Market Permits

Program." Ecology Law Quarterly 20(1): 103-117.

Foster, V. and R. W. Hahn (1995). "Designing More Efficient Markets: Lessons from Los Angeles Smog

Control." Journal of Law and Economics 38(1): 19-48.

Fromm, O. and B. Hansjurgens (1996). "Emission trading in theory and practice: An Analysis of RECLAIM in

Southern California." Environment and Planning C - Government and Policy 14(3): 367-384.

Gangadharan, L. (1997). Transactions Costs in Tradable Emissions Markets: An Empirical Study of the

Regional Clean Air Incentives Market in Los Angeles. Los Angeles, University of Sourthern California.

Goldenberg, E. (1993). "The Design of an Emissions Permit Market for RECLAIM: A Holistic Approach." UCLA

Journal of Environmental Law & Policy 11(2): 297-.

Johnson, S. L. and D. M. Pekelney (1996). "Economic-Assessment Of the Regional Clean-Air Incentives Market

- a New Emissions Trading Program For Los-Angeles." Land Economics 72(3): 277-297.

Lents, J. M. (1996). "RECLAIM: Los Angeles' New Market-Based Smog Cleanup Program." Journal of the Air &

Waste Management Association 46(3): 195-.

Robinson, K. (1993). The Regional Economic Impacts of Marketable Permit Programs: The Case of Los

Angeles. Cost-Effective Control of Urban Smog. R. F. Kosobud, W. A. Testa and D. A. Hanson. Chicago,

Federal Reserve Bank of Chicago.

Robinson, S., S. Subramanian, et al. (1994). Modeling Air Pollution Abatement in a Market-Based Incentive

Framework for the Los Angeles Basin. Economic Instruments for Air Pollution Control. G. Klaassen and F. R.

Førsund. Boston, Kluwer Academic Publishers: 46-72.

Shannon, D. (1995). "Illinois to Establish VOC Emissions Trading Market." Environmental Science &

Technology 29(6): A252.

MOBILE SOURCES

Alberini, A., W. Harrington, et al. (1995). "Determinants of Participation in Accelerated Vehicle Retirement

Programs." Rand Journal of Economics : 93-112.

Alberini, A., W. Harrington, et al. (1996). "Estimating a Supply Function from Accelerated Retirment Programs."

Review of Economics and Statistics 78(2): 251-65.

Ang, B. W. (1992). "Restraining Automobile Ownership and Usage and Transportation Energy Demand: The

Case of Singapore." Journal of Energy and Development 17(2): 263-78.

Boyd, J. D. (1993). Mobile Source Emissions Reduction Credits as a Cost-Effective Measure for Controlling

Urban Air Pollution. Cost-Effective Control of Urban Smog. R. F. Kosobud, W. A. Testa and D. A. Hanson.

Chicago, Federal Reserve Bank of Chicago.

Dudek, D., J. Goffman, et al. (1992). Mobile Emissions Reduction Crediting. New York, Environmental Defense

Fund and General Motors.

Goddard, H. C. (1997). "Optimal Restrictions on Vehicle Use for Urban Sustainability for Mexico City."

International Journal of Environment and Pollution 7(3): 357-374.

Goddard, H. (1997). "Using Tradeable Permits to Achieve Sustainability in the World's Large Cities."

Environmental and Resource Economics 10(1): 63-99.

Kling, C. L. (1994). "Emission Trading vs Rigid Regulations in the Control of Vehicle Emissions." Land

Economics 70(2): 174-188.

Rubin, J. and C. Kling (1993). "An Emission Saved Is an Emission Earned: An Emprirical Study of Emission

Banking for Light-Duty Vehicle Manufacturers." Journal of Environmental Economics and Management 25(3):

257-274.

SPATIAL ISSUES AND TRADING RULES

Atkinson, S. E. (1994). Tradable Discharge Permits: Restrictions on Least Cost Solutions. Economic

Instruments for Air Pollution Control. G. Klaassen and F. R. Førsund. Boston, Kluwer Academic Publishers:

3-21.

Atkinson, S. E. and T. H. Tietenberg (1987). "Economic Implications of Emission Trading Rules for Local and

Regional Pollutants." Canadian Journal of Economics 20(2): 370-86.

Atkinson, S. E. and T. H. Tietenberg (1991). "Market Failure in Incentive-Based Regulation: The Case of

Emissions Trading." Journal of Environmental Economics and Management 21(1): 17-31.

Burtraw, D., K. W. Harrison and P. Turner (1998), "Improving Efficiency in Bilateral Emission Trading"

Environmental & Resource Economics 11(Jan): 19-33.

Burtraw, D. (1994). Agency in International Pollution Permit Trading. Economic Instruments for Air Pollution

Control. G. Klaassen and F. R. Førsund. Boston, Kluwer Academic Publishers: 249-274.

Burtraw, D., K. W. Harrison and P. Turner (1998), "Improving Efficiency in Bilateral Emission Trading"

Environmental & Resource Economics 11(Jan): 19-33.

Krumm, R. and D. Wellsich (1995). "On the Efficiency of Environmental Instruments in a Spatial Economy."

Environmental and Resource Economics 6(1): 87-98.

Krupnick, A. J., W. E. Oates, et al. (1983). "On Marketable Air Pollution Permits: The Case for a System of

Pollution Offsets." Journal of Environmental Economics and Management 10(3): 233-247.

McGartland, A. M. and W. E. Oates (1985). "Marketable Permits for the Prevention of Environmental

Deterioration." Journal of Environmental Economics and Management 12(3): 207-228.

Tietenberg, T. H. (1995). "Tradable Permits for Pollution Control When Emission Location Matters: What Have

We Learned?" Environmental and Resource Economics 5(2): 95-113.

FINANCIAL BURDEN

Atkinson, S. E. and T. H. Tietenberg (1984). "Approaches for Reaching Ambient Standards in Non-Attainment

Areas: Financial Burden and Efficiency Considerations." Land Economics 60(2): 148-159.

Grafton, R. Q. and R. A. Devlin (1996). "Paying for Pollution: Permits and Charges." Scandanavian Journal of

Economics 98(2): 275-288.

IMPLEMENTATION EXPERIENCE

Carlin, A. (1992). The United States Experience With Economic Incentives to Control Environmental Pollution.

Washington, DC, U. S. Environmental Protection Agency.

Committee for Economic Development (1993). What Price Clean Air? A Market Approach to Energy and

Environmental Policy. Washington, DC, Committee for Economic Development.

del Calvo y Gonzales, J. A. (1981). "Markets in Air: Problems and Prospects of Controlled Trading." Harvard

Environmental Law Review 5: 377-430.

Devlin, R. A. and R. Q. Grafton (1996). "Marketable Emission Permits - Efficiency, Profitability and

Substitutability." Canadian Journal Of Economics 29(SI): S260-S264.

Dudek, D. J. and J. Palmisano (1988). "Emissions Trading: Why is this Throughbred Hobbled?" Columbia

Journal of Environmental Law 13(2): 217-56.

Hahn, R. W. and G. L. Hester (1989). "Marketable Permits: Lessons from Theory and Practice." Ecology Law

Quarterly 16: 361-406.

Hahn, R. W. and G. L. Hester (1989). "Where Did All the Markets Go? An Analysis of EPA's Emission Trading

Program." Yale Journal of Regulation 6(1): 109-153.

Hall, J. V. and A. L. Walton (1996). "A Case Study in Pollution Markets: Dismal Science vs. Dismal Reality."

Contemporary Economic Policy XIV(2): 67-78.

Hanley, N., S. Hallett, et al. (1990). "Research Policy Review 33: Why Is More Notice Not Taken of Economists'

Prescriptions for the Control of Pollution?" Environment and Planning A 22(11): 1421-1439.

Klaassen, G. and A. Nentjes (1997). "Creating Markets forr Air Pollution Control in Europe and the USA."

Environmental & Resource Economics 10(2): 125-146.

Kling, C. L. (1994). "Environmental Benefits from Marketable Discharge Permits or an Ecological vs Economical

Perspective on Marketable Permits." Ecological Economics 11(1): 57-64.

Levin, M. H. (1982). Getting There: Implementing the 'Bubble' Policy. Social Regulation: Strategies for Reform.

E. Bardarch and R. A. Kagan. San Fransisco, California, ICS Press.

Levin, M. H. (1985). "Statutes and Stopping Points: Building a Better Bubble at E.P.A." Regulation 9(3): 33-42.

Liroff, R. A. (1980). Air Pollution Offsets: Trading, Selling and Banking. Washington, D.C., Conservation

Foundation.

Liroff, R. A. (1986). Reforming Air Pollution Regulation: The Toil and Trouble of EPA's Bubble. Washington D.C.,

Conservation Foundation.

Maccann, R. J. (1996). "Environmental Commodities Markets: Messy versus Ideal Worlds." Contemporary

Economic Policy 14: 85-97.

Meidinger, E. E. (1985). "On Explaining the Development of 'Emissions Trading' in U. S. Air Pollution

Regulation." Law and Policy 7(4): 447-480.

National Academy of Public Administration (1994). The Environment Goes to Market: The Implementation of

Economic Incentives for Pollution Control. Washington,DC, National Academy of Public Administration.

OECD (1989). Economic Instruments for Environmental Protection. Paris, Organization for Economic

Cooperation and Development.

Pelkeny, D. M. (1993). "Emissions Trading: Applications to Water and Air Quality." Pollution Prevention Review

3: 139-48.

Svendsen, G. T. (1996). Tradable Permits Sytems in the United States and CO2 Taxation in Europe, The

Aarhus School of Business (Denmark).

Tietenberg, T. H. (1998). "Ethical Influences on the Evolution of the US Tradable Permit Approach to Pollution

Control." Ecological Economics 24(Feb/Mar): 241-257.

Tietenberg, T. (1992). Relevant Experience with Tradeable Permits. Combatting Global Warming: Study on a

Global System of Tradeable Carbon Emission Entitlements. U. N. C. o. T. a. Development. New York:, United

Nations: 37-54.

Tietenberg, T. H. (1985). Emissions Trading: An Exercise in Reforming Pollution Policy. Washington, DC,

Resources for the Future.

Tietenberg, T. H. (1986). Uncommon Sense: The Program to Reform Pollution Control Policy. Regulatory

Reform: What Actually Happened. L. W. Weiss and M. W. Klass. Boston, Little Brown and Company: 269-303.

Tietenberg, T. H. (1989). Marketable Permits in the U.S.: A Decade of Experience. Public Finance and the

Performance of Enterprises. K. W. Roskamp. Detroit, MI, Wayne State University Press: 261-277.

Tietenberg, T. H. (1990). "Economic Instruments for Environmental Regulation." Oxford Review of Economic

Policy 6(1): 17-33.

Vivian, W. and W. Hall (1979). An Empirical Examination of U.S. Market Trading in Air Pollution Offsets,

Institute of Public Policy Studies, University of Michigan.

Applications: Fishing

GENERAL

Neher, P. A., R. Amason, et al. (1989). Rights Based Fishing. Dordrecht, Kluwer Academic Publishers.

Scott, A. D. (1986). Catch Quotas and Shares in the Fishstock as Property Rights. Natural Resource

Economics and Policy Applications. E. Miles, R. Pealy and R. Stokes. Seattle, University of Washington

Press.

Scott, A. D. (1988). "Development of Property in the Fishery." Marine Resource Economics 5: 289-311.

ANALYSIS

Anderson, E. E. (1986). "Taxes vs. Quotas for Regulating Fisheries under Uncertainty: A Hybrid Discrete-Time

Continuous-Time Model." Marine Resource Economics 3(3): 183-207.

Hannesson, R. and S. I. Steinshamn (1991). "How to Set Catch Quotas, Constant Effort or Constant Catch?"

Journal of Environmental Economics and Management 20: 71-91.

Matthiasson, Thorolfur. "Why Fishing Fleets Tend to be 'Too Big'", Marine Resource Economics, Volume 11,

pp. 173-179. 1996.

Squires, D., M. Alauddin, et al. (1994). "Individual Transferable Quota Markets and Investment Decisions in the

Fixed Gear Sablefish Industry." Journal of Environmental Economics and Management 27(2): 185-204.

Wallace, S. W. and K. Bekke (1986). "Optimal Fleet Size When National Quotas can be Traded." Marine

Resource Economics 2(4): 315-29.

DESIGN ISSUES

Black, Neal D., "Balancing the Advantages of Individual Transferable Quotas Against Their Redistributive Effects:

The Case of Allaince Agains IFQs v. Brown" Georgetown International Law Review 9(1997), 3(Spring): 727-746.

Boyce, J. R. (1996). "An Economic Analysis of the Fisheries Bycatch Problem." Journal of Environmental

Economics and Management 31(3): 314-336.

Dupont, D. P. (1990). "Rent Dissipation in Restricted Access Fisheries." Journal of Environmental Economics

and Management 19(1): 26-44.

Grafton, R. Q. (1995). "Rent Capture in a Rights-Based Fishery." Journal of Environmental Economics and

Management 28(1): 48-67.

Kennedy, J. O. S. and J. S. Watkins (1986). "Time Dependent Quotas for Southern Bluefish Tuna Fishery."

Marine Resource Economics 2(4): 293-313.

Matthiasson, Thorolfur. "Principles for Distribution of Rent from a 'Commons'", Marine Policy, Vol. 16, No. 3,

May 1992, pp. 210-231.

McCay, Bonnie J., Apostle, Richard and Creed, Carolyn F. (1998). "Marine Fisheries Management Essay-

Invidual Transferable Quotas, Comanagement, and Community: Lessons from Nova Scotia". Fisheries 23(4):

Townsend, R. (1992). "A Fractional Licensing Program for Fisheries." Land Economics 68(2): 185-190.

Townsend, R. E. and S. G. Pooley (1995). "Fractional Licenses - An Alternative to License Buy-Backs." Land

Economics 71(1): 141-143.

Turner, M. A. (1996). "Value Based ITQ's." Marine Resource Economics 11(2): 59-69.

IMPLEMENTED ITQ PROGRAMS

Anderson, L. G. (1991). "Efficient Policies to Maintain Total Allowable Catches in ITQ Fisheries with At-Sea

Processing." Land Economics 67(2): 141-57.

Arnason, R. (1993). "The Icelandic Individual Transferable Quota Sytem: A Descriptive Account." Marine

Resource Economics 8(3): 201-18.

Batkin, K. M. (1996). "New Zealand's Quota Management System: A Solution to the United States' Federal

Fisheries Management Crisis." Natural Resources Journal 36(4).

Casey, K. E., C.M. Dewees, et al. (1995). "The Effects Of Individual Vessel Quotas In The British Columbia

Halibut Fishery." Marine Resource Economics 10(3).

Geen, G. and M. Nayar (1988). "Individual Trasferable Quotas in the Southern Bluefin Tuna Fishery: An

Economic Appraisal." Marine Resource Economics 5(4): 365-388.

Grafton, R. Q. (1996). Individual Transferable Quotas and Canada's Altantic Fisheries,. Fisheries and

Uncertainty: A Precationary Approach to Resource Management. D. V. Gordon and G. R. Munro. Calgary,

University of Calgary Press: 129-154.

Matthiasson, Thorolfur. "Consequences of Local Government Involvement in the Icelandic ITQ Market", Marine

Resource Economics, Volume 12, Summer 1997.

McCay, Bonnie J., Apostle, Richard and Creed, Carolyn F. (1998). "Marine Fisheries Management Essay-

Invidual Transferable Quotas, Comanagement, and Community: Lessons from Nova Scotia". Fisheries 23(4):

Pearse, P. H. (1991). Building on Progress: Fisheries Policy Development in New Zealand. Wellington:NZ,

Ministry of Fisheries.

EVALUATION

Batkin, K. M. (1996). "New Zealand's Quota Management System: A Solution for the United States' Federal

Fisheries Management Crisis?" Natural Resources Journal 36 (Fall): 855-80.

Black, Neal D. (1997). "Balancing the Advantages of Individual Transferable Quotas Against Their Redistributive

Effects: The Case of Alliance Against IFQs v. Brown". Georgetown International Environmental Law Review,

(Spring):727-746.

Boyce, J. R. (1992). "Individual Transferable Quotas and Production Externalities in a Fishery." Natural

Resource Modeling 8(3): 385-408.

Campbell, H. F. (1989). "Fishery Buy-Back Programmes and Economic Welfare." Australian Journal of

Agricultural Economics 33(1): 20-31.

Copes, P. (1986). "A Critical Review of the Individual Quota in Fisheries Management." Land Economics 62(3):

278-291.

Davis, A. (1996). "Barbed Wire and Bandwagons: A Comment on ITQ Fisheries Management." Reviews in Fish

Biology and Fisheries 6: 97-108.

Garza-Gil, M. D. (1998). "ITQ Systems in Multifleet Fisheries: An Application for Iberoatlantic Hake" "

Environmental & Resource Economics 11(Jan): 79-92.

Grafton, R. Q. (1996). "Individual Transferable Quotas: Theory and Practices." Reviews in Fish Biology and

Fisheries 6: 5-20.

Grafton, R. Q., D. Squires, et al. (1996). "Private Property Rights and Crises in World Fisheries: Turning the

Tide." Contemporary Economic Policy 14(4): 90-99.

Salvanes, K. G. and D. Squires (1995). "Transferable Quotas, Enforcement Costs and Typical Firms: An

Empirical Application to the Norwegian Trawler Fleet." Environmental and Resource Economics 6(1): 1-21.

Applications: Other

WATER SUPPLY

Anderson, T. L. and D. R. Leal (1988). "Going with the Flow: Marketing Instream Flows and Groundwater."

Columbia Journal of Environmental Law 13(2): 317-324.

Anderson, T., ed. (1983). Water Rights: Scarce Resource Alloction, Bureaucracy and the Environment.

Cambridge, MA, Ballinger Publishing Company.

Berck, P. and J. Lipow (1994). "Real and Ideal Water Rights - The Prospects for Water-Rights Reform in Israel,

Gaza, and the West Bank." Resource and Energy Economics 16(4): 287-301.

Collinge, R. A. (1994). "Transferable Rate Entitlements: The Overlooked Opportunity in Municipal Water

Pricing." Public Finance Quarterly 22(1): 46-64.

Dandy, G., T. Nguyen, et al. (1997). "Estimating Residential Water Demand in the Presence of Free

Allowances." Land Economics 73(1): 125-139.

Howe, C. W., D. R. Schurmeier, et al. (1986). "Innovative Approaches to Water Allocation: The Potential for

Water Markets." Water Resources Research 22(4): 439-45.

Howitt, R. E. (1994). "Empirical Analysis of Water Market Institutions - The 1991 California Water Market."

Resource and Energy Economics 16(4): 357-371.

Livingston, M. L. and T. A. Miller (1986). "A Framework for Analyzing the Impact of Western Instream Water

Rights on Choice Domains: Transferability, Externalities, and Consumptive Use." Land Economics 62(3):

269-277.

Provencher, B. (1993). "A Private Property Rights Regime to Replenish a Groundwater Aquifer." Land

Economics 69(4): 325-340.

Rahman, H. A. A. and A. Omezinne (1996). "Aflaj Water Resources Management: Tradable Water Rights to

Improve Irrigation Productivity in Oman." Water International 21(2): 70-75.

Saliba, B. C. and D. B. Bush (1987). Water Markets in Theory and Practice: Market Transfers and Public

Policy. Boulder, CO, Westview Press.

Thobani, M. (1997). "Formal Water Markets: Why, When, and How to Introduce Tradable Water Rights" World

Bank Research Observer 12(Aug): 161-79.

WATER POLLUTION

Crutchfield, S. R., D. Letson, et al. (1994). "Feasibility of Point-Nonpoint Source Trading for Managing

Agricultural Pollutant Loadings to Coastal Waters." Water Resources Research 30(10): 2825-36.

David, M., W. Eheart, et al. (1980). "Marketable Permits for the Control of Phosphorus Effluent into Lake

Michigan." Water Resources Research †(2): 263-270.

de Lucia, R. J. (1974). An Evaluation of Marketable Effluent Permit Systems, U. S. Environmental Protection

Agency.

Eheart, J. W. (1980). "Cost-Efficiency of Transferable Discharge Permits for the Control of B.O.D. Discharges."

Water Resources Research 16(6): 980-986.

Eheart, J. W. (1987). "Cost Efficiency of Time-Varying Discharge Permit Programs for Water Quality

Management." Water Resources Research 23(2): 245-251.

Eheart, J. W., J. E. Downey Brill, et al. (1983). Transferable Discharge Permits for Control of BOD: An Overview.

Buying a Better Environment: Cost-Effective Regulation Through Permit Trading. E. F. Joeres and M. H. David.

Madison, Wis., University of Wisconsin Press: 163-195.

Howe, C. W. (1993). "Tradable Discharge Permits: Functioning, Historical Applications, and International

Potential." Colorado Journal of International Environmental Law and Policy. 4: 370-383.

Howe, C. W. and D. R. Lee (1983). "Organizing the Receptor Side of Pollution Rights Markets." Australian

Economic Papers : 280-289.

Industrial Economics, I. (1984). Case Studies on the Trading of Effluent Loads: Dillon Reservoir Final Report.

Cambridge, MA, Industrial Economics.

Malik, A. S., D. Letson, et al. (1993). "Point/Nonpoint Source Trading of Pollution Abatement: Choosing the

Right Trading Ratio." American Journal of Agricultural Economics 75(4): 959-67.

O'Neil, W. B. (1983). "Transferable Discharge Permit Trading Under Varying Stream Conditions: A Simulation of

Multiperiod Permit Market Performances on the Fox River, Wisconsin." Water Resources Research 19(3):

608-612.

O'Neill, William, David, Martin, Moore, Christina, and Joeres, Erhard, "Transferable Discharge Permits and

Economic Efficiency: The Fox River," Journal of Environmental Economics and Management, 10 (1983), no. 4,

??.

O'Neil, W., M. David, et al. (1983). "Transferable Discharge Permits and Economic Efficiency." Journal of

Environmental Economics and Management 10(4): 346-55.

TOXICS

Macauley, M. K., M. D. Bowes, et al. (1992). Using Economic Incentives to Regulate Toxic Substances.

Washington, Resources of the Future, Inc.

AGRICULTURE

Dietz, F. J. and N. J. P. Hoogervorst (1991). "Towards a Sustainable and Efficient Use of Manure in Agriculture:

the Dutch Case." Environmental And Resource Economics 1(3): 313-332.

Johnsen, F. H. (1993). "Economic Analyses of Measures to Control Phosphorous Run-Off from Non-point

Agricultural Sources." European Review of Agricultural Economics 20(4): 399-418.

Letson, D. (1992). "Point/Nonpoint Source Pollution Reduction Trading: An Interpretive Survey." Natural

Resources Journal 32(2): 219-32.

Letson, D., S. Crutchfield, et al. (1993). Point/Nonpoint Source Trading for Controlling Pollutant Loadings to

Coastal Waters: A Feasibility Study. Theory, Modeling and Experience in the Management of Nonpoint-Source

Pollution. C. S. Russell and J. F. Shogren. Boston, Kluwer Academic Publishers: 123-154.

Malik, A. S., B. A. Larson, et al. (1994). "Economic Incentives for Agricultural Nonpoint-Source Pollution

Control." Water Resource Bulletin 30(3): 471-480.

Miller, K. A. (1996). Water Banking to Manage Supply Variability. Marginal cost Rate Design and Wholesale

Water Markets: Advances in the Economics of Environmental Resources. D. C. Hall. Greenwich, CT, JAI Press.

Opaluch, J. J. and R. M. Kashmanian (1985.). "Assessing the Viability of Marketable Permit Systems: An

Application in Hazardous Waste Management." Land Economics 61(3): 263-271.

Oppenheimer, J. A. and C. Russell (1983). A Tempest in a Teapot: The Analysis and Evaluation of

Environmental Groups Trading in Markets for Pollution Permits. Buying a Better Environment: Cost-Effective

Regulation Through Permit Trading. E. F. Joeres and M. H. David. Madison, Wis., University of Wisconsin

Press: 131-148.

Rendleman, C. M., K. A. Reinert, et al. (1995). "Market-Based Systems for Reducing Chemical Use in

Agriculture in the United States." Environmental and Resource Economics 5(1): 51-70.

Stavins, R. N. and Z. Willey (1983). Trading Conservation Investments in Water. Regional and State Water

Resources Planning and Management. R. J. Charbeneau. Bethesda, MD, American Water Resources

Association: 223-30.

Taylor, C. (1975). "A Regional Market for Rights to Use Fertilizer as a Means of Achieving Water Quality

Standards." Journal of Environmental Economics and Mangement 2: 7-17.

Teitz, A. (1994). "Assessing Point-Source Discharge Permit Trading - Case study in Controling Selenium

Discharges to the San Fransisco Bay Estuary." Ecology Law Quarterly 21(1): 79-162.

DEVELOPING AND TRANSITION COUNTRIES

Charan, John (1997). "Designing Environmental Policies for India: The Use of Market Incentives to Combat

Pollution". Georgetown International Environmental Law Review (Spring):707-726.

Eskeland, G. S. and E. Jimenez (1992). "Policy Instruments for Pollution Control in Developing Countries." The

World Bank Research Observer 7(2): 145-169.

Kallaste, T. (1994). Economic Instruments for Air Pollution Control in Estonia. Economic Instruments for Air

Pollution Control. G. Klaassen and F. R. Førsund. Boston, Kluwer Academic Publishers: 145-164.

Lyon, R. M. (1989). "Transferable Discharge Permit Systems and Environmental Management in Developing

Countries." World Development 17(8): 1299-1312.

O'Ryan, R. (1996). "Cost-Effective Policies to Improve Urban Air Quality in Santiago, Chile." Journal of

Environmental Economics and Management 31(3): 302-313.

Zylicz, T. (1994). Improving Environment through Permit Trading: The Limits to a Market Approach. International

Environmental Economics: Theories, Models, and Applications to Climate Change, International Trade and

Acidification. E. C. V. Ierland. New York, Elsevier: 283-306.

Zylicz, T. (1995). "Cost-Effectiveness of Air Pollution Abatement in Poland." Environmental and Resource

Economics 5(2): 131-149.

RECYCLING

Allen, J., D. Davis, et al. (1993). "Using Coupon Incentives in Recycling Aluminum: A Market Approach to

Energy Conservation Policy." Journal of Consumer Affairs 27(2): 300-18.

Dinan, T. M. (1992). "Implementation Issues for Marketable Permits: A Case Study of Newsprint." Journal of

Regulatory Economics 4(1): 71-87.

LAND USE

Bellandi, R. L. and R. B. Hennigan (1977). "The Why and How of Transferable Development Rights." Real Estate

Review 7(2): 60-4.

Kleiner, M. A. (1975). "The Unconstitutionality of Transferable Development Rights." Yale Law Journal 84(5):

1101-22.

Levinson, A. (1997). "Why oppose TDRs? Transferable Development Rights Can Increase Overall Development."

Regional Science and Urban Economics 27(3): 283-296.

Mills, D. E. (1980). "Transferable Development Rights Markets." Journal of Urban Economics 7(1): 63-74.

Note (1977). "Urban Park Preservation Through Transferable Development Rights - Fred F. French Investing Co.

V. City of New York." Harvard Law Review 90(3): 637-647.

OUTER SPACE

Scheraga, J. D. (1987). "Establishing Property Rights in Outer Space." Cato Journal 6(3): 889-903.

PLANTS

Sedjo, R. (1992). "Property Rights, Genetic Resources, and Biotechnical Change." Journal of Law and

Economics 35(1): 199-213.

WETLANDS

Marsh, L. l., D. R. Porter, et al., Eds. (1996). Mitigation Banking: Theory and Practice. Washington, DC, Island

Press.

HEALTH

Smith, R. D. and J. Coast (1998). "Controlling Antimicrobial Resistance: A Proposed Transferable Permit

Market." Health Policy 43(3): 219-232.

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