Designing More Efficient Markets: Lessons from Los Angeles Smog Control
通过分析洛杉矶烟雾控制市场的交易数据和价格信息，揭示了具体法规和交易成本如何影响市场表现，为环境市场设计提供实证教训。
Market-based approaches for environmental protection are beginning to take root around the world. This article attempts to improve our understanding of the performance of environmental markets by constructing and evaluating an information base on trades in Los Angeles, which includes the first detailed data on trading prices. The analysis suggests that trading activity has been shaped by the detailed regulations governing the market. In addition, transaction costs have played a crucial role. We argue that the move toward adopting market-based approaches for environmental protection needs to be accompanied by a vigorous effort to assess the properties of these systems as they are actually implemented.