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.
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.