@booklet {schatzki_key_2018,
	title = {Key Issues Facing California{\textquoteright}s GHG Cap-and-Trade System for 2021-2030},
	number = {DP\_18\_78},
	year = {2018},
	pages = {1{\textendash}31},
	publisher = {Harvard Environmental Economics Program},
	type = {Discussion Paper},
	address = {Cambridge, MA},
	abstract = {California{\textquoteright}s Greenhouse Gas (GHG) cap-and-trade program is a key element of the suite of policies the State has adopted to achieve its climate policy goals. The passage of AB 398 (California Global Warming Solutions Act of 2006: market-based compliance mechanisms) extended the use of the cap-and-trade program for the 2021-2030 period, while also specifying modifications of the program{\textquoteright}s {\textquotedblleft}cost containment{\textquotedblright} structure and directing CARB to {\textquotedblleft}[e]valuate and address concerns related to overallocation in [ARB{\textquoteright}s] determination of the allowances available for years 2021 to 2030.{\textquotedblright} The changes being considered by CARB will not only affect the program{\textquoteright}s stringency, but also its performance by affecting the ability of the {\textquotedblleft}cost containment{\textquotedblright} structure to mitigate allowance price volatility and the risk of suddenly escalating allowance prices.},
	author = {Todd Schatzki and Stavins, R. N.}
}
