When and if the United States chooses to implement a greenhouse gas reduction program, it will be necessary to decide whether carbon sequestration policies - such as those that promote forestation and discourage deforestation - should be part of the domestic portfolio of compliance activities....

The demand for air quality depends on health impacts and defensive investments that improvehealth, but little research assesses the empirical importance of defenses. We study the NOxBudget Program (NBP), an important cap-and-trade market for nitrogen oxides (NOx) emissions,a key ingredient in...