Assessing California’s cap-and-trade design

How vulnerable will California’s cap-and-trade program for greenhouse gas emissions be to market manipulation, noncompliance, and fraud?  Will the program’s public auctions of allowances serve a critical regulatory purpose, or are they just a big money grab?  With about four months to go before the highly anticipated first auction, these questions are important and getting …


UCLA Emmett Center Assessment of California’s Cap and Trade Regulations

In the wake of the financial market meltdown and liquidity crisis of 2008,  some opponents of a cap and trade program to regulate greenhouse gas emissions have argued that such a system could lead to the kind of market manipulation that led to the 2008 crash.  The UCLA School of Law Emmett Center on Climate Change and the Environment today released …