Schmalensee, Richard, and Robert N. Stavins. "Lessons Learned from Three Decades of Experience with Cap-and-Trade." HKS Faculty Research Working Paper Series RWP15-069, November 2015.

Abstract

This essay provides an overview of the major emissions trading programs of the past thirty years on which significant documentation exists, and draws a number of important lessons for future applications of this environmental policy instrument. References to a larger number of other emissions trading programs that have been implemented or proposed are included.