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Moving to Markets in Environmental RegulationLessons from Twenty Years of Experience$
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Jody Freeman and Charles D. Kolstad

Print publication date: 2006

Print ISBN-13: 9780195189650

Published to Oxford Scholarship Online: January 2007

DOI: 10.1093/acprof:oso/9780195189650.001.0001

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PRINTED FROM OXFORD SCHOLARSHIP ONLINE (oxford.universitypressscholarship.com). (c) Copyright Oxford University Press, 2021. All Rights Reserved. An individual user may print out a PDF of a single chapter of a monograph in OSO for personal use. date: 17 September 2021

 Tradable Permits in Principle and Practice

 Tradable Permits in Principle and Practice

(p.63) 4 Tradable Permits in Principle and Practice
Moving to Markets in Environmental Regulation

Tom Tietenberg

Oxford University Press

This essay reviews data on tradable permit systems in various contexts, including air pollution regulation, water supply, fisheries management, grazing rights allocation, water quality, and wetlands preservation. These programs are evaluated against three criteria: implementation feasibility, environmental effectiveness, and economic effectiveness. The analysis makes clear that the particular characteristics of these different regimes affect the evaluation of their performance. Beyond reporting substantive results for each program, the essay offers insight into the methodological difficulties of ex post evaluations generally. For example, not all studies define economic efficiency or environmental effectiveness in the same way, and studies vary in their choice of comparative benchmark or counterfactual, which can significantly affect results. Ex post evaluations differ as well in terms of both scope (i.e., which outcomes are considered exogenous and which endogenous) and timing (i.e., the point in the life of the program when the evaluation is done). All of these choices can influence the resulting interpretations.

Keywords:   air pollution control, water supply, fisheries management, implementation feasibility, environmental effectiveness, economic effectiveness, ex post evaluations

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