FEEM working papers "Note di lavoro" series
2015 .107

Lessons Learned from Three Decades of Experience with Cap-and-Trade

Authors: Richard Schmalensee, Robert N. Stavins
Series: Climate Change and Sustainable Development
Editor: Carlo Carraro
Keywords: Market-based Instruments, Cap-and-trade, Leaded Gasoline Phasedown, Clean Air Act Amendments of 1990, Sulfur Dioxide, Acid Rain, Carbon Dioxide, Global Climate Change, European Union Emissions Trading System  
JEL n.: Q540, Q580, Q400, Q480


This essay provides an overview of the major emissions trading programs of the past thirty years on which significant documentation exists, and draws a number of important lessons for future applications of this environmental policy instrument. References to a larger number of other emissions trading programs that have been implemented or proposed are included.


Suggested citation: Schmalensee, R., R. N. Stavins, (2015), 'Technology Invention and Diffusion in Residential Energy Consumption. A Stochastic Frontier Approach' , Nota di Lavoro 107.2015, Milan, Italy: Fondazione Eni Enrico Mattei


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