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A Mixed Bag: Assessmentof Market Performance and Firm Trading Behaviour in the NOx Reclaim Programme

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  • Thomas Klier
  • Richard Mattoon
  • Michael Prager

Abstract

Tradable permit markets have become an increasingly popular tool to address environmental policy problems. This paper describes and evaluates the performance of the Regional Clean Air Incentives Market (RECLAIM) that started operating in Southern California at the beginning of 1994. In analysing overall market performance as well as industry and firm specific information,we find strong evidence for uncertainty influencing market participation during the first two years. Furthermore we find evidence for flexibility-induced abatement cost savings as well as a potential business cycle effect on trading behaviour.Our findings emphasizethe importanceof institutional features of trading programmes.

Suggested Citation

  • Thomas Klier & Richard Mattoon & Michael Prager, 1997. "A Mixed Bag: Assessmentof Market Performance and Firm Trading Behaviour in the NOx Reclaim Programme," Journal of Environmental Planning and Management, Taylor & Francis Journals, vol. 40(6), pages 751-774.
    • Handle: RePEc:taf:jenpmg:v:40:y:1997:i:6:p:751-774
    DOI: 10.1080/09640569711895
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    Citations

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    Cited by:

    1. Donald N. Dewees, 2001. "Emissions Trading: ERCs or Allowances?," Land Economics, University of Wisconsin Press, vol. 77(4), pages 513-526.
    2. Meredith Fowlie & Stephen P. Holland & Erin T. Mansur, 2012. "What Do Emissions Markets Deliver and to Whom? Evidence from Southern California's NOx Trading Program," American Economic Review, American Economic Association, vol. 102(2), pages 965-993, April.
    3. Stavins, Robert N., 2003. "Experience with market-based environmental policy instruments," Handbook of Environmental Economics, in: K. G. Mäler & J. R. Vincent (ed.), Handbook of Environmental Economics, edition 1, volume 1, chapter 9, pages 355-435, Elsevier.
    4. Marcus, Michelle, 2017. "On the road to recovery: Gasoline content regulations and child health," Journal of Health Economics, Elsevier, vol. 54(C), pages 98-123.
    5. Sovacool, Benjamin K., 2011. "The policy challenges of tradable credits: A critical review of eight markets," Energy Policy, Elsevier, vol. 39(2), pages 575-585, February.
    6. Larson, Donald F. & Parks, Paul, 1999. "Risks, lessons learned, and secondary markets for greenhouse gas reductions," Policy Research Working Paper Series 2090, The World Bank.
    7. Lata Gangadharan, 2004. "Analysis of prices in tradable emission markets: an empirical study of the regional clean air incentives market in Los Angeles," Applied Economics, Taylor & Francis Journals, vol. 36(14), pages 1569-1582.
    8. Call, Isabel L. & Lew, Daniel K., 2015. "Tradable permit programs: What are the lessons for the new Alaska halibut catch sharing plan?," Marine Policy, Elsevier, vol. 52(C), pages 125-137.
    9. Stephen P. Holland & Michael R. Moore, 2012. "When to Pollute, When to Abate? Intertemporal Permit Use in the Los Angeles NOx Market," Land Economics, University of Wisconsin Press, vol. 88(2), pages 275-299.

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