Tradable Permits in Principle and Practice
Tradable Permits in Principle and Practice
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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