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Containing rigorous challenging facts, this ebook is of great functional use to postgraduates, researchers and company groups suffering from or operating in environmental law. the writer, a number one identify within the environmental economics neighborhood, examines the matter of city smog in cityscapes and the trouble of accomplishing reasonably-priced controls. reading the major parts of city smog, low-level ozone and risky natural compound emissions and their impression on wellbeing and fitness and welfare of groups this article assesses and evaluates the functionality of emissions buying and selling platforms and indicates replacement marketplace designs for incentive keep watch over of toxins. Taking a well-reasoned method of the contentious zone of using industry incentives to accomplish environmental targets, it offers a learn of the pioneering cap-and-trade marketplace, relatively targeting its negative functionality in Chicago. an ideal supplementary textual content postgraduates and researchers, this is often additionally a vital learn for all these drawn to environmental economics.
Read or Download Cost-Effective Control of Urban Smog: The Significance of the Chicago Cap-and-Trade Approach (Routledge Explorations in Environmental Economics) PDF
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Additional info for Cost-Effective Control of Urban Smog: The Significance of the Chicago Cap-and-Trade Approach (Routledge Explorations in Environmental Economics)
Continuing exposure can lead to loss of lung function. High ozone concentrations are associated with restricted activity of sensitive people, asthma symptoms, respiratory admissions to hospitals, and an increase in daily mortality (Schreder 2003: 1–120). A study of the impacts of ozone concentrations in Los Angeles and New York City suggests that a tripling of ozone concentrations from 50 to 150 ppb can be expected to increase The political economy of the market design 17 daily mortality from 3 to 4 percent (Kinney and Ozkaynak 1991: 99–120).
This was an unexpected effect as during the design phase the IEPA heralded this unique feature of the program, stating that it combined two regulatory systems each of which would offset the limitations of the other. The authors’ finding was that traditional regulations, when combined with such market design deficiencies as a small reduction in emissions and a short, one-year banking horizon, greatly diminished market incentives. That is, to put it starkly and clearly, traditional regulations were binding on most participants in reducing emissions rather than the cap-and-trade market.
Redesigning the existing market in light of the new ozone goals and integrating it with traditional regulations will be a demanding assignment for the IEPA. The efforts in this book to analyze the present functioning of the market are intended to be the basis for the authors’ recommendations for that fundamental redesign. Expectations and actual market performance In Chapter 3, the authors stress that the actual performance of a pioneering environmental market innovation requires a careful analysis, given the differences from the standard market model and given the differing expectations of the interest groups.