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A Market-based environmental policy. Experiment in Chile

Pubblicazione


Autore: J.P. Montero, J.M. Sanchez, R. Katz

Collana: AA - 2004 Mexico City - Reducing The Impact of Vehicles on Air and Environment Quality in Cities

Note:
We evaluate the performance of an environmental market in a less developed
country on the basis of the experiences of the particulate matter control program of
Santiago, Chile. We find that grandfathering the permits has created economic incentives
for incumbent sources to more readily declare their (historic) emissions in
order to claim any permits. In addition, the market has not fully developed because
of transaction costs, regulatory uncertainty, and incomplete enforcement. Nonetheless,
it has provided sources with the flexibility to adapt to new market conditions. Our
analysis of this particular experience indicates that market-based policies can provide
important advantages over traditional command-and-control policies even under limited
institutional capabilities.


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