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can establish the overall pollution-reduction goal for a cap-and-trade system by setting the cap, and leave it up to the …
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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...
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