Schmalensee, Richard, and Robert N. Stavins. "Lessons Learned from Three Decades of Experience with Cap and Trade." Review of Environmental Economics and Policy 11.1 (March 2017): 59-79.

Abstract

This article presents an overview of the design and performance of seven major emissions trading programs that have been implemented over the past 30 years and identifies a number of important lessons for future applications of this important environmental policy instrument. A brief discussion of several other proposed or implemented emissions trading programs is also included.