2008_03_25_Notes

2008_03_25_Notes - UP FRONT Reading for next time Perman et...

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UP FRONT, 2-28-08 Reading for next time: Perman et al. 224- 228 (on allocation of permits) and 247-257 (fee vs. permit system when there is uncertainty about control costs) except sections 8.2 and 8.3.3.3 Outline for Today 1) Marketable permit programs (cap and trade): will proposed billion-dollar programs succeed or fail? 2) How one allocates permits is important
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3) … In 60s, MEPSs just idea in work of few economists ETS. Problems. Other bills, Warner-Lieberman. Huge costs, huge changes. EPA saying will badly hurt US economy. U Cal economists saying similar CA program will help CA economy. Better get them right. Lead trading prog Fox River, failure (read from Stavins) Hahn & Noll’s recommendations re marketable permit systems Breadth and flexibility get closer to cost-effectiveness How to allocate permits, and consequences of each way How many permits needed to make regulated firms whole
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Criteria to help make a tradable permit system function more efficiently 1. Permits limited and well-defined to give them a value
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