Cost-Effective Control of Urban Smog: The Significance of the Chicago Cap-and-Trade Approach

Many large urban areas have health and visibility problems due to ozone precursor emissions and low-level ozone concentrations, but have yet to find flexible and cost-effective regulatory measures to deal with these issues. This book analyzes the performance of a pioneering cap-and-trade market recently established to reduce emissions in a more flexible and cost-effective manner than prescriptive or traditional regulation. The results should be of special interest to urban areas confronted by complex pollution problems requiring new regulatory and implementation approaches.