@article {chan_so2_2012,
	title = {The SO2 Allowance-Trading System and the Clean Air Act Amendments of 1990: Reflections on 20 Years of Policy Innovation},
	journal = {National Tax Journal},
	volume = {65},
	year = {2012},
	note = {A-72},
	pages = {419{\textendash}52},
	abstract = {The introduction of the U.S. SO2 allowance-trading program to address the threat of acid rain as part of the Clean Air Act Amendments of 1990 is a landmark event in the history of environmental regulation. The program was a great success by almost all measures. This paper, which draws upon a research workshop and a policy roundtable held at Harvard in May 2011, investigates critically the design, enactment, implementation, performance, and implications of this path-breaking application of economic thinking to environmental regulation. Ironically, cap-and-trade seems especially well suited to addressing the problem of climate change, in that emitted greenhouse gases are evenly distributed throughout the world{\textquoteright}s atmosphere. Recent hostility toward cap-and-trade in debates about U.S. climate legislation may reflect the broader political environment of the climate debate more than the substantive merits of market-based regulation.},
	url = {http://econpapers.repec.org/article/ntjjournl/v_3a65_3ay_3a2012_3ai_3a2_3ap_3a419-52.htm},
	author = {Gabriel Chan and Robert Stavins and Robert Stowe and Richard Sweeney}
}
