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Trading Programs for Environmental Management: Reflections on the Air and Water Experiences

Published online by Cambridge University Press:  16 August 2005

Leonard Shabman ,
Kurt Stephenson  and
William Shobe
Leonard Shabman
Affiliation:
Department of Agricultural and Applied Economics, Virginia Tech, Blacksburg, Virginia
Kurt Stephenson
Affiliation:
Department of Agricultural and Applied Economics, Virginia Tech, Blacksburg, Virginia
William Shobe
Affiliation:
Virginia Department of Planning and Budget, Richmond, Virginia
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Abstract

Emission and effluent trading programs are increasingly being advocated for the nation's air and water quality programs. However, important distinctions must be drawn between credit and allowance trading, based on how much decision-making authority is transferred from regulators to dischargers. Credit trading programs are extensions of command-and-control regulation. Allowance trading programs, like markets, decentralize decisions on the means to control discharges and the location of that control. A review of existing trading programs finds allowance trading programs stimulate more aggressive pollution prevention behavior and result in lower compliance costs than credit trading.

Type
ENVIRONMENTAL REVIEW
Information
Environmental Practice , Volume 4 , Issue 3 , September 2002 , pp. 153 - 162
Copyright
© 2002 National Association of Environmental Professionals

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