Joskow, Paul L; Schmalensee, Richard - In: Journal of Law and Economics 41 (1998) 1, pp. 37-83
The U.S. acid rain program enacted in 1990 gave valuable tradable sulfur dioxide emissions permits--called "allowances"--to electric utilities. We examine the political economy of this allocation. Though no Senate or House votes were ever taken, hypothetical votes suggest that the actual...