Authoritative, comprehensive, accessible-the definitive guide to a new approach in environmental policy Emissions Trading: Environmental Policy's New Approach presents the work of an outstanding group of contributors on the successes and limitations of this new and exciting incentive-based tool for reducing environmental pollutants. By including the comments of emitters, regulators, public interest group representatives, and academics, the book reveals the criticisms, disagreements, and growing resolution of numerous environmental questions, including: * Can markets be used to correct market environmental failure? * Will decentralized decisions by emitters produce an improvement in air quality? * Can this approach realize significant control cost savings? * Can emissions trading be monitored and enforced effectively at a reduced cost? * Will affected groups support this dramatic innovation? Supported with sound analytical thinking and careful consideration of the evidence, Emissions Trading presents an open and candid discussion of the issues and choices that lie ahead. As emissions trading is extended to air pollutants such as nitrogen oxides and carbon dioxide, the data and information contained in this book will become even more important and compelling for anyone interested in matters destined to have a profound impact on the economy, the environment, and public health.