Evaluation and Prospect of Market-Based Environmental Policy: How the Transferable Emission Permit Works in Reality

抄録

The purpose of this paper is to consider the effects of transferable emission permit system. In the United States, it was established under the Acid Rain Program in 1990, and trading of emission allowances started in 1993. In the research of the U. S. case, we can find some factors that influence the state of the real trade, and some differences between theory and reality. This paper discusses the reason why the gap between the practice and theoretical results emerges.