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The Next Generation of Market-Based Environmental Policies

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  • Stavins, Robert
  • Whitehead, Bradley

Abstract

We examine what will be required if market-based environmental policy instruments are to become a major force in U.S. environmental policy. We define market-based instruments, and specify five categories: pollution charges; tradable permits; deposit refund systems; reducing market barriers; and eliminating government subsidies. We review major U.S. applications, including: EPA's emissions trading program; the leaded gasoline phasedown; water quality permit trading; CFC trading; SO2 allowance trading; and the RECLAIM program. We assess the U.S. experience in terms of the relatively limited use of these instruments and in terms of the mixed record of performance of implemented instruments. We ask how the next generation of market-based instruments can be advanced, focusing on four sets of approaches: improving program design; applying market-based instruments on the state level; implementing new Federal programs; and addressing long-term issues. We conclude with a brief prognosis of the likely future role of market-based instruments in U.S. environmental policy.

Suggested Citation

  • Stavins, Robert & Whitehead, Bradley, 1996. "The Next Generation of Market-Based Environmental Policies," RFF Working Paper Series dp-97-10, Resources for the Future.
    • Handle: RePEc:rff:dpaper:dp-97-10
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    Cited by:

    1. Burtraw, Dallas, 2000. "Innovation Under the Tradable Sulfur Dioxide Emission Permits Program in the U.S. Electricity Sector," RFF Working Paper Series dp-00-38, Resources for the Future.
    2. Stavins, Robert, 2000. "Economic Analysis of Global Climate Change Policy: A Primer," Working Paper Series rwp00-003, Harvard University, John F. Kennedy School of Government.
    3. Adel Shamaileh, 2016. "An Evaluation of the Effectiveness of Environment Policy in Jordan," International Journal of Business and Management, Canadian Center of Science and Education, vol. 11(2), pages 1-92, January.
    4. 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.
    5. K. Fisher-Vanden, 1997. "International Policy Instrument Prominence in the Climate Change Debate: A Case Study of the United States," Working Papers ir97033, International Institute for Applied Systems Analysis.

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