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Regulatory conflict in the Chicago VOC control program

Richard Kosobud, Joshua Linn (), Houston Stokes () and Carol Tallarico

Journal of Environmental Planning and Management, 2008, vol. 51, issue 4, 561-579

Abstract: The study analyzes the performance of an innovative cap-and-trade program designed to make cost-effective reductions of an ozone precursor in Chicago and finds that decentralized market incentives were undermined by the continuance of centralized traditional emission point or command-and-control regulation. The study makes two contributions for urban areas considering this regulatory measure: it shows that using two regulatory measures to achieve one emissions reduction goal can undercut cost-effective emissions trading, and it provides a redesign of the market system that coordinates both regulatory measures for cost-effective control and avoidance of trading problems, such as hot spots and inter-temporal spikes.

Keywords: ozone; cap-and-trade; command-and-control; regulatory coordination; cost-effectiveness; VOC redesign (search for similar items in EconPapers)
Date: 2008
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DOI: 10.1080/09640560802117093

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Journal of Environmental Planning and Management is currently edited by Dr Neil Powe, Dr Ken Willis and George Bill Page

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Handle: RePEc:taf:jenpmg:v:51:y:2008:i:4:p:561-579