Emmett Institute on Climate Change & the Environment

Rules of the Game Recap

Bowman Cutter, M. Rhead Enion, Ann Carlson, Cara Horowitz

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In August 2011, the Emmett Center examined California's proposed cap-and-trade program. In this two-page recap, we review the program as adopted and find our conclusions still​ apply: the California Air Resources Board has designed a cap-and-trade program that should avoid gaming and market manipulation problems sometimes seen in other programs.