Replication data for: What Do Emissions Markets Deliver and to Whom? Evidence from Southern California's NOx Trading Program

An advantage of cap-and-trade programs over more prescriptive environmental regulation is that compliance flexibility and cost effectiveness can make more stringent emissions reductions politically feasible. However, when markets (versus regulators) determine where emissions occur, it becomes more difficult to assure that mandated emissions reductions are equitably achieved. We investigate these issues in the context of Southern California's RECLAIM program by matching facilities in RECLAIM with similar California facilities also in nonattainment areas. Our results indicate that average emissions fell 20 percent at RECLAIM facilities relative to our counterfactual. Furthermore, observed changes in emissions do not vary significantly with neighborhood demographic characteristics. (JEL H23, L51, Q53, Q58)限额与交易（cap-and-trade）制度相较于指令性更强的环境监管手段，其核心优势在于依托合规灵活性与成本效益特征，可使更严苛的减排目标在政治层面具备推行可行性。然而，当排放点位由市场而非监管机构确定时，便更难确保法定减排要求得到公平落地。我们以南加州RECLAIM计划为研究场景，将该计划覆盖的设施与同样处于空气质量非达标区的加州同类设施进行匹配，以此探讨上述两类问题。研究结果显示，相较于我们构建的反事实对照组，RECLAIM计划覆盖设施的平均排放量下降了20%。此外，观测到的排放量变化与周边社区的人口统计特征未呈现显著关联。（JEL分类号：H23、L51、Q53、Q58）