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Cap-and-Trade: The Evolution of an Economic Idea

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  • Tietenberg, Tom

Abstract

Over the past three decades or so, emissions trading has evolved from an idea that was little more than an academic curiosity to its current role as the centerpiece of the U.S. program to control acid rain and international programs to control greenhouse gases. This essay identifies some of the key milestones of this evolution, describes how that evolution was shaped by economic analysis, elicits some of the lessons about the design and effectiveness of emissions trading that have emerged from analysis of that evolution, and points out a few of the barriers that lie in the path of achieving a truly global carbon market.

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  • Tietenberg, Tom, 2010. "Cap-and-Trade: The Evolution of an Economic Idea," Agricultural and Resource Economics Review, Cambridge University Press, vol. 39(3), pages 359-367, October.
    • Handle: RePEc:cup:agrerw:v:39:y:2010:i:03:p:359-367_00
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    Cited by:

    1. Hagen, Martin, 2022. "Tradable immigration quotas revisited," Journal of Public Economics, Elsevier, vol. 208(C).
    2. Steven G. Medema, 2020. "The Coase Theorem at Sixty," Journal of Economic Literature, American Economic Association, vol. 58(4), pages 1045-1128, December.
    3. Bowles, Nicholas & Alexander, Samuel & Hadjikakou, Michalis, 2019. "The livestock sector and planetary boundaries: A ‘limits to growth’ perspective with dietary implications," Ecological Economics, Elsevier, vol. 160(C), pages 128-136.

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