November 17th- Lecture

November 17th- Lecture - November 17th Property Rights Give...

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November 17th Property Rights - Give property rights must be clear and enforceable - Property owners must captures all of the costs and benefits (directly or through markets) Examples: - ITQs (fish) - Cap and Trade (emissions) - Government sets the quota or cap (quantity) and issues fish quotas or emissions allowances (permits) -Cap and Trade in North America - european trading emissions system: ETS set up to adhere to the Kyoto Protocol - Sulphur dioxide causes acid rain - have to purchase the right to emit CO2 - Greenhouse Gas initiative (RGGI)- california has made a cap and trade system, for every major source of CO2 Cap and trade in QC - it's set to go along with BC and Cali, any industrial site emitting more the 25 000 tonnes will be subject to taxation (aimed at power stations, cement or aluminum producers) - in a couple of years, it will be extended to the transportation centre Cap and Trade vs. Standrds: - cap is the limit on the CO2, guarantee that no more CO2 will be emitted Standards (command and control)- we get 20$ a tonne
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November 17th- Lecture - November 17th Property Rights Give...

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