For those of you looking for a cogent and concise economic analysis of the current debate regarding the distribution of allowances in the Waxman-Markey bill, take a look at this post from Rob Stavins. Rob makes several important points, but I think that two are most fundamental. First, with some caveats, how allowances are distributed does not affect the environmental results attained by the program. Second, the allocation proposed in the Waxman-Markey bill is by no means a “give-away” to industrial interests.
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