Transaction Costs in Pollution Markets: An Empirical Study
研究了1994年洛杉矶启动的污染许可交易市场，发现交易成本（包括搜索和信息成本）在项目初期显著影响企业参与，对设计未来排放交易计划有政策启示。
This paper studies a market in pollution permits launched in Los Angeles in 1994. This tradable permit market has been projected to lead to substantial cost savings due to the flexibility it provides firms in terms of compliance with environmentarl egulation. This paper shows that transaction costs can play an important role in the initial years of the program. The transaction cost variables have been defined to include search costs and information costs. These costs are significant in explaining non-participation of some firms in the market. The study also draws policy implications for the development of future emissions trading programs.