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Emissions Trading

Due to the large number of requests the Center receives for research on emissions trading, this page brings together the titles of CEEPR Working Papers, Reprints and Books related to this topic.

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Books and Commissioned Publications | CEEPR Reprints | Joint Program Reprints | CEEPR Working Papers | Joint Program Reports

Books and Commissioned Publications

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  Multi-Gas Contributors to Global Climate Change: Climate Impacts and Mitigation Costs of Non-CO2 Gases
John M. Reilly, Henry D. Jacoby and Ronald G. Prinn
Pew Center on Global Climate Change, 2008
 
  The European Union's Emissions Trading System in perspective
A. Denny Ellerman and Paul L. Joskow
Pew Center on Global Climate Change, 2008
 
  Allocation in the European Emissions Trading Scheme : Rights, Rents and Fairness
Edited by A. Denny Ellerman, Barbara Buchner, and Carlo Carraro
Cambridge University Press, 2007
 
  Emissions Trading in the U.S.: Experience, Lessons and Considerations for Greenhouse Gases
A. Denny Ellerman, Paul L. Joskow, and David Harrison, Jr.
Pew Center on Global Climate Change, 2003
 
  Markets for Clean Air: The U.S. Acid Rain Program
A. Denny Ellerman, Paul L. Joskow, Richard Schmalensee, Juan-Pablo Montero, and Elizabeth M. Bailey
New York: Cambridge University Press, 2000
 
  Emissions Trading under the U.S. Acid Rain Program: Evaluation of Compliance Costs and Allowance Market Performance
A. Denny Ellerman, Richard Schmalensee, Paul L. Joskow, Juan-Pablo Montero, and Elizabeth M. Bailey
MIT CEEPR Publication, October, 1997
 

CEEPR Reprints

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Reprint No. 198 A Note on Market Power in an Emission Permits Market with Banking
Matti Liski, Environmental & Resource Economics, Vol.31, No.2, pp.159-173, (2005)  
| Link to Journal Site
Reprint No. 197 The Sources of Emission Reductions: Evidence from U.S. SO2: Emissions from 1985 through 2002
Denny Ellerman and Florence Dubroeucq, in: Emissions Trading and Business, Part D, pp. 327-352, Ralf Antes, Bernd Hansjurgens, Peter Letmathe (eds.) (2006)
| Link to Journal Site
Reprint No. 196 Did the Clean Air Act Cause the Remarkable Decline in Sulfur Dioxide Concentrations?
Michael Greenstone, Journal of Environmental Economics and Management, Vol. 47, No. 3, pp. 585-611, (2004) doi:10.1016/j.jeem.2003.12.001 
| Full Paper [PDF]
Reprint No. 191 The Efficiency and Robustness of Allowance Banking in the U.S. Acid Rain Program
A. Denny Ellerman and Juan-Pablo Montero, The Energy Journal, Vol 28, No. 4, pp. 67-92 (2007)
| Full Paper [PDF]
Reprint No. 189 A Simple Auction Mechanism for the Optimal Allocation of the Commons
Juan-Pablo Montero, American Economic Review, Vol 98, No. 1, pp. 496-518 (March 2008)
| Full Paper [PDF]
Reprint No. 183 Pollution markets with imperfectly observed emissions
Juan-Pablo Montero
Journal of Economics, Vol. 36, No. 3, Autumn (2005), pp. 645–660.
Reprint No. 175 A Note on Tradeable Permits
A. Denny Ellerman
Environmental & Resource Economics, 31: pp. 123-131, (2005).
Reprint No. 169 Emissions Trading in the U.S.: Experience, Lessons and Considerations for Greenhouse Gases
by A. Denny Ellerman, Paul Joskow, and David Harrison, Jr., Pew Center for Climate Change (2003)
| Full Paper [PDF]
Reprint No. 168 Prices versus quantities with incomplete enforcement
Juan-Pablo Montero
Journal of Public Economics 85: 435-454 (2002).
Reprint No. 166 Trading Programs for Environmental Management: Reflections on the Air and Water Experiences
Shabman, Leonard, Kurt Stephenson, William Shobe
Environmental Practice, 4: 153-162 (2002).
Reprint No. 165 Permits, Standards, and Technology Innovation
Juan-Pablo Montero
Journal of Environmental Economics and Managment, Vol. 44, No. 1, pp. 23-44 © 2002 with permission from Elsevier Science (USA).
Reprint No. 163 A Market-Based Environmental Policy Experiment in Chile
Juan-Pablo Montero, J.M Sanchez, and R. Katz
Journal of Law and Economics, Vol. XLV, pp. 267-287 ( April 2002).
Reprint No. 161 Designing a Tradeable Permit System to Control SO2 Emissions in China: Principles and Practice
A. Denny Ellerman
The Energy Journal, Vol. 23, No. 2, pp. 1-26 (2002).
Reprint No. 160 Multipollutant Markets
Juan-Pablo Montero
The RAND Journal of Economics, Vol. 32, No. 4, pp. 762-774 (Winter 2001).
Reprint No. 158 The Economics of Pollution Permit Banking in the Context of Title IV of the 1990 Clean Air Act Amendments
Susanne M. Schennach
Journal of Environmental Economics and Management, Vol. 40, No. 3, pp. 189-210 (November 2000).
Reprint No. 157 How Environmental Laws Work: An Analysis of the Utility Sector's Response to Regulation of Nitrogen Oxides and Sulfur Dioxide under the Clean Air Act
Byron Swift
Tulane Environmental Law Journal, Vol. 14, No. 2, pp. 309-425 (Summer 2001).
| Link to Journal Site
Reprint No. 152 A Review of Markets for Clean Air: The U.S. Acid Rain Program
A. Denny Ellerman, Paul L. Joskow, Richard Schmalensee, Juan-Pablo Montero, and Elizabeth M. Bailey, Peter Crampton
Journal of Economic Literature, Vol. 38, pp. 627-633 (September 2000).
Reprint No. 150 Optimal Design of a Phase-In Emissions Trading Program
Juan-Pablo Montero
Journal of Public Economics, Vol. 75, No. 2, pp. 273-91 (February 2000).
Reprint No. 145 The Declining Trend in Sulfur Dioxide Emissions: Implications for Allowance Prices
A. Denny Ellerman and Juan-Pablo Montero
The Journal of Environmental Economics and Management, Vol. 36, No. 1, pp. 26-45 (July 1998). Copyright © 1998 by Academic Press
Reprint No. 144 The Political Economy of Market-Based Environmental Policy: The U.S. Acid Rain Program
Paul L. Joskow and Richard Schmalensee
The Journal of Law & Economics, Vol. 41, No. 1, pp. 37-83
Reprint No. 140 The Next Restructuring: Environmental Regulation
A. Denny Ellerman
The Energy Journal, Vol. 20, No. 1, pp. 141-147, 1999
Reprint No. 139 The Market for Sulfur Dioxide Emissions
Paul Joskow, Richard Schmalensee, and Elizabeth M. Bailey
American Economic Review, Vol. 88, No. 4, pp. 669-685, September
Reprint No. 138 An Interim Evaluation of Sulfur Dioxide Emissions Trading
Richard Schmalensee, Paul L. Joskow, A. Denny Ellerman, Juan Pablo Montero, and Elizabeth M. Bailey
Journal of Economic Perspectives, Vol. 12, No. 3, pp. 53-68, Summer
Reprint No. 137 Marketable Pollution Permits with Uncertainty and Transaction Costs
Juan-Pablo Montero
Resource and Energy Economics, Vol. 20, pp. 27-50, 1997

Joint Program Reprints

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2008-2 Policy options for controlling greenhouse gas emissions: implications for agriculture
Metcalf, G.E., and J.M. Reilly
Choices 23(1): 34-37
| Full Paper [PDF]
2007-7 Prospects for biological carbon sinks in greenhouse gas emissions trading systems
Reilly, J., B. Felzer, D. Kicklighter, J. Melillo, H. Tian and M. Asadoorian
Greenhouse Gas Sinks (D. Reay, N. Hewitt, J. Grace, K. Smith, editors), CABI Publishing: Wallingford, UK; Chapter 8, pp. 115-142
| Full Paper [PDF]
2007-6 Climate Change Taxes and Energy Efficiency in Japan
Kasahara S., S. Paltsev, J. Reilly, H. Jacoby, and A.D. Ellerman
Environmental and Resource Economics 37(2): 377-410
| Link to Journal Site
2007-2 Future Carbon Regulations and Current Investments in Alternative Coal-Fired Power Plant Technologies
Sekar, R.C., J.E. Parsons, H.J. Herzog and H.D. Jacoby
Energy Policy 35(2): 1064-1074
| Link to Journal Site
2007-1 Mitigation of Greenhouse Gas Emissions from Land Use: Creating Incentives within Greenhouse Gas Emissions Trading Systems
Reilly, J.M., and M.O. Asadoorian
Climatic Change 80(1-2): 173-197
| Link to Journal Site
2006-11 European Greenhouse Gas Emissions Trading: A System in Transition
Reilly, J.M., and S. Paltsev
Economic Modelling of Climate Change and Energy Policies (C. de Miguel, X. Labandeira & B. Manzano, editors), Edward Elgar Publishing: Cheltenham, UK; Chapter 4, pp. 45-64
| Full Paper [PDF]
2004-4 Is International Emissions Trading Always Beneficial?
Babiker, M., J. Reilly and L. Viguier
Energy Journal 25(2): 33-56
| Full Paper [PDF]
2004-1 The Safety Valve and Climate Policy
Jacoby, H.D., and A.D. Ellerman
Energy Policy 32(4): 481-491
| Link to Journal Site
2003-12 Absolute vs. Intensity-Based Emission Caps
Ellerman, A.D., and I. Sue Wing
Climatic Policy 3 (Supplement 2): S7-S20
| Link to Journal Site
2003-8 Assessing the Impact of Carbon Tax Differentiation in the European Union
Babiker, M.H., P. Criqui, A.D. Ellerman, J.M. Reilly and L.L. Viguier
Environmental Modeling and Assessment 8(3): 187-197
|Link to Journal Site
2002-4 Rethinking the Kyoto Emissions Targets
Babiker, M.H., and R.S. Eckaus
The Energy Journal 23(2): 97-119
|Link to Journal Site
2001-5 The U.S. SO2 allowance trading program
Ellerman, A.D.
Revue de l'Energie 527: 315-320
2001-3 Le Défi Européen: Issues in the Implementation of Greenhouse Gas Emissions Trading in Europe
Ellerman, A.D.
Revue de l'Energie 524: 105-111
2000-8 Supplementarity: An Invitation to Monopsony?
Ellerman, A.D., and I. Sue Wing
Energy Journal 21(4):29-59
1999-9 (i)Tradable emissions rights and joint implementation for greenhouse gas abatement: A look under the hood; and (ii)Commentary
Schmalensee, R. (i); Prinn, R.G. (ii)
The Impact of Climate Change Policy on Consumers: Can Tradable Permits Reduce the Cost? C. Walker et al. (eds.), American Council for Capital Formation Center for Policy Research, Washington DC, pp. 39-55; and pp. 65-71
1999-8 Obstacles to global CO2 trading: A familiar problem
Ellerman, A.D.
Climate Change Policy: Practical Strategies to Promote Economic Growth & Environmental Quality C. Walker et al. (eds.), ACCFCPR, Washington DC, pp. 119-132
1997-1 CO2 emissions limits: Economic adjustments and the distribution of burdens
Jacoby, H., R. Eckhaus, A.D. Ellerman, R. Prinn, D. Reiner and Z. Yang
The Energy Journal 18(3): 31-58

CEEPR Working Papers

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WP-2008-013 The EU’s Emissions Trading Scheme: A Proto-Type Global System?
A. Denny Ellerman, September 2008
| Full Paper [PDF]
WP-2008-012 Compliance Behavior in the EU-ETS: Cross Border Trading, Banking and Borrowing
by R. Trotignon and A. Denny Ellerman, September 2008
| Full Paper [PDF]
WP-2008-010 CO2 Abatement in the UK Power Sector: Evidence from the EU ETS Trial Period
by Meghan McGuinness and A. Denny Ellerman, September 2008
| Full Paper [PDF]
WP-2008-008 Short-Term CO2 Abatement in the European Power Sector
by Erik D. Delarue, A. Denny Ellerman and William D. D’haeseleer, June 2008
| Full Paper [PDF]
WP-2008-004 The Effects of Interactions between Federal and State Climate Policies
by Meghan McGuinness and A. Denny Ellerman, May 2008
| Full Paper [PDF]
WP-2008-002 The European Carbon Market In Action: Lessons From The First Trading Period. Interim Report
by Frank Convery, Denny Ellerman and Christian De Perthuis, January 2008
| Full Paper [PDF]
WP-2007-012 Technical Memorandum on Analysis of the EU ETS Using the Community Independent Transaction Log
by Meghan McGuinness and Raphael Trotignon, December 2007
| Full Paper [PDF]
WP-2007-010 First Evidence of Asymmetric Cost Pass-Through of EU Emissions Allowances: Examining Wholesale Electricity Prices in Germany
by Georg Zachmann and Christian von Hirschhausen, September 2007
| Full Paper [PDF]
WP-2007-005 Assessment of U.S. Cap-and-Trade Proposals
by Paltsev, S., J. Reilly, H. Jacoby, A. Gurgel, G. Metcalf, A. Sokolov & J. Holak, April 2007
| Full Paper [PDF]
WP-2007-004 Time and Location Differentiated NOX Control in Competitive Electricity Markets Using Cap-and-Trade Mechanisms
by Katherine C. Martin, Paul L. Joskow, and A. Denny Ellerman, April 2007
| Full Paper [PDF]
WP-2006-016 Over-Allocation or Abatement? A Preliminary Analysis of the EU ETS Based on the 2005 Emissions Data
A. Denny Ellerman and Barbara Buchner, November 2006
| Full Paper [PDF]
WP-2006-015 The Allocation of European Union Allowances: Lessons, Unifying Themes and General Principles
Barbara Buchner, Carlo Carraro and A. Denny Ellerman, September 2006
| Full Paper [PDF]
WP-2006-013 New Entrant and Closure Provisions: How do they distort?
A. Denny Ellerman, June 2006
| Full Paper [PDF]
WP-2005-016 Market power in a storable-good market:Theory and applications to carbon and sulfur trading
Matti Liski and Juan-Pablo Montero, November 2005
| Full Paper [PDF] Abstract , Full PDF
WP-2005-006 Forward trading and collusion in oligopoly
Matti Liski and Juan-Pablo Montero, March, 2005
| Full Paper [PDF]
WP-2005-005 The Efficiency and Robustness of Allowance Banking in the U.S. Acid Rain Program
A. Denny Ellerman and Juan-Pablo Montero, March, 2005
| Full Paper [PDF]
WP-2005-004 Patterns of Transmission Investment, Paul L. Joskow
March, 2005
| Full Paper [PDF]
WP-2004-019 The Chicago VOC Trading System: The Consequences of Market Design for Performance
R.F. Kosobud, H.H. Stokes, C.D. Tallarico, and B.L. Scott, November, 2004
| Full Paper [PDF]
WP-2004-015 Tradable Permits with Incomplete Monitoring: Evidence from Santiago's Particulate Permits Program
Juan Pablo Montero, August, 2004
| Full Paper [PDF]
WP-2004-005 A Note on Market Power in an Emission Permits Market with Banking
Matti Liski and Juan-Pablo Montero, February 2004
| Full Paper [PDF]
WP-2004-001 The Sources of Emission Reductions: Evidence from U.S. SO2 Emissions from 1985 through 2002
A. Denny Ellerman & Florence Dubroeucq, January 2004
| Full Paper [PDF]
WP-2003-015 Are Cap-and-Trade Programs more Environmentally Effective than Conventional Regulation?
A. Denny Ellerman, October 2003
| Full Paper [PDF]
WP-2003-009 Lessons from Phase 2 Compliance with the U.S. Acid Rain Program
A. Denny Ellerman, May 2003
| Full Paper [PDF]
WP-2003-003 Ex Post Evaluation of Tradable Permits: The U.S. SO2 Cap-and-Trade Program
A. Denny Ellerman, February 2003
| Full Paper [PDF]
WP-2002-004 Testing the Efficiency of a Tradeable Permits Market
Juan-Pablo Montero, September 2002
| Full Paper [PDF]
WP-2002-002 Analysis of the Bush Proposal to Reduce the SO2 Cap
A. Denny Ellerman, February 2002
| Full Paper [PDF]
WP-2002-001 Trading quasi-emission permits
Juan-Pablo Montero, January 2002
| Full Paper [PDF]
WP-2001-009 Considerations for Designing a Tradeable Permit System to Control SO2 Emissions in China (Including Chinese translation courtesy of Hongjun Kan, RAND Graduate School of Policy Studies)
A. Denny Ellerman, October 2001
| Full Paper [PDF]
WP-2001-008 Multipollutant Markets
Juan-Pablo Montero, September 2001
| Full Paper [PDF]
WP-2000-005 A Market-Based Environmental Policy Experiment in Chile
Juan-Pablo Montero, José Miguel Sánchez, and Ricardo Katz, July, 2000
| Full Paper [PDF]
WP-1999-009 Prices vs. Quantities with Incomplete Enforcement
Juan-Pablo Montero, July 1999
| Full Paper [PDF]
WP-1999-006 Environmental Policy in Transition Economies: The Effectiveness of Pollution Charges
Patrik Söderholm, May 1999
| Full Paper [PDF]
WP-1998-011 Explaining Low Sulfur Dioxide Allowance Prices: The Effect of Expectation Errors and Irreversibility
Juan-Pablo Montero and A. Denny Ellerman, September 1998
| Full Paper [PDF]
WP-1998-010 The Costs of Reducing Utility SO2 Emissions -- Not as Low as You Might Think
Anne E. Smith, Jeremy Platt
| Full Paper [PDF]
WP-1998-009 Electric Utility Response to Allowances: From Autarkic to Market-Based Compliance
A. Denny Ellerman, July 1998
Full Paper [PDF]
WP-98006 Intertemporal Pricing of Sulfur Dioxide Allowances
Elizabeth M. Bailey, March 1998
| Full Paper [PDF]
WP-98005 Allowance Trading Activity and State Regulatory Rulings: Evidence From The U. S. Acid Rain Program
Elizabeth M. Bailey, March 1998
| Full Paper [PDF]
WP-98001 Voluntary Compliance with Market-Based Environment Policy: Evidence from the U.S. Acid Rain Program
Juan-Pablo Montero, January 1998
| Full Paper [PDF]
WP-97005 1996 Update on Compliance and Emissions Trading Under the U.S. Acid Rain Program
A. Denny Ellerman, Paul L. Joskow, and Richard Schmalensee, November 1997
| Full Paper [PDF]
WP-97003 Joint Implementation: Lessons from Title IV's Voluntary Compliance Programs
Erica Atkeson, May 1997
| Full Paper [PDF]
WP-97001 Volunteering for Market-Based Environmental Regulation: The Substitution Provision of the SO2 Emissions Trading Program
Juan-Pablo Montero, January 1997
| Full Paper [PDF]

Joint Program Reports

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162 The European Carbon Market in Action: Lessons from the First Trading Period - Interim Report
Convery, F., D. Ellerman and C. De Perthuis, June 2008
| Full Paper [PDF]
160 Analysis of U.S. Greenhouse Gas Tax Proposals
Metcalf, G.E., S. Paltsev, J.M. Reilly, H.D. Jacoby and J. Holak, April 2008
| Full Paper [PDF]
150 U.S. Greenhouse Gas Cap-and-Trade Proposals: Application of a Forward-Looking Computable General Equilibrium Model
Gurgel, A., S. Paltsev, J. Reilly and G. Metcalf, June 2007
| Full Paper [PDF]
146 Assessment of U.S. Cap-and-Trade Proposals
Paltsev, S., J. Reilly, H. Jacoby, A. Gurgel, G. Metcalf, A. Sokolov and J. Holak, April 2007
| Full Paper [PDF]
141 Over-allocation or abatement: A preliminary analysis of the EU Emissions Trading Scheme based on the 2005 emissions data
Ellerman, A.D., and B. Buchner, December 2006
| Full Paper [PDF]
140 The Allocation of European Union Allowances: Lessons, Unifying Themes and General Principles
Buchner, B., C. Carraro and A.D. Ellerman, October 2006
| Full Paper [PDF]
139 Directed Technical Change and the Adoption of CO2 Abatement Technology: The Case of CO2 Capture and Storage
Otto, V.M., and J. Reilly, August 2006
| Full Paper [PDF]
136 Bringing Transportation into a Cap-and-Trade Regime
Ellerman, A.D., H.D. Jacoby and M.B. Zimmerman, June 2006
| Full Paper [PDF]
132 The Value of Emissions Trading
Ellerman, A.D., H.D. Jacoby and M.B. Zimmerman, June 2006
| Full Paper [PDF]
130 Absolute vs. Intensity Limits for CO2 Emission Control: Performance Under Uncertainty
Ellerman, A.D., H.D. Jacoby and M.B. Zimmerman, June 2006
| Full Paper [PDF]
127 An Analysis of the European Emission Trading Scheme
Ellerman, A.D., H.D. Jacoby and M.B. Zimmerman, June 2006
| Full Paper [PDF]
97 Emissions Trading to Reduce Greenhouse Gas Emissions in the United States: The McCain-Lieberman Proposal
Ellerman, A.D., H.D. Jacoby and M.B. Zimmerman, June 2006
| Full Paper [PDF]
96 Market Power in International Carbon Emissions Trading: A Laboratoy Test
Ellerman, A.D., H.D. Jacoby and M.B. Zimmerman, June 2006
| Full Paper [PDF]
91 Exclusionary Manipulation of Carbon Permit Markets: A Laboratoy Test
Ellerman, A.D., H.D. Jacoby and M.B. Zimmerman, June 2006
| Full Paper [PDF]
86 Incentive-based Approaches for Mitigating Greenhouse Gas Emissions:Issues and Prospects for India
Ellerman, A.D., H.D. Jacoby and M.B. Zimmerman, June 2006
| Full Paper [PDF]
76 CO2 Abatement by Multi-fueled Electric Utilities: An Analysis Based on Japanese Data
Ellerman, A.D., H.D. Jacoby and M.B. Zimmerman, June 2006
| Full Paper [PDF]
74 The Welfare Costs of Hybrid Carbon Policies in the European Union
Ellerman, A.D., H.D. Jacoby and M.B. Zimmerman, June 2006
| Full Paper [PDF]
72 Cap and Trade Policies in the Presence of Monopoly and Distortionary Taxation
Ellerman, A.D., H.D. Jacoby and M.B. Zimmerman, June 2006
| Full Paper [PDF]
70 Carbon Emissions and The Kyoto Commitment in the European Union
Ellerman, A.D., H.D. Jacoby and M.B. Zimmerman, June 2006
| Full Paper [PDF]
69 Tradable Permits for Greenhouse Gas Emissions: A primer with particular reference to Europe
Ellerman, A.D., H.D. Jacoby and M.B. Zimmerman, June 2006
| Full Paper [PDF]
53 Developing Country Effects of Kyoto-Type Emissions Restrictions
Ellerman, A.D., H.D. Jacoby and M.B. Zimmerman, June 2006
| Full Paper [PDF]
41 The Effects on Developing Countries of the Kyoto Protocol and CO2 Emissions Trading
Ellerman, A.D., H.D. Jacoby and M.B. Zimmerman, June 2006
| Full Paper [PDF]
40 Analysis of Post-Kyoto CO2 Emissions Trading Using Marginal Abatement Curves
Ellerman, A.D., H.D. Jacoby and M.B. Zimmerman, June 2006
| Full Paper [PDF]
13 Greenhouse Policy Architectures and Institutions
Ellerman, A.D., H.D. Jacoby and M.B. Zimmerman, June 2006
| Full Paper [PDF]