@booklet {schmalensee_lessons_2015, title = {Lessons Learned from Three Decades of Experience with Cap-and-Trade}, year = {2015}, publisher = {Harvard Environmental Economics Program}, type = {Discussion Paper}, address = {Cambridge, Massachusetts, USA}, abstract = {This essay provides an overview of the major emissions trading programs of the past thirty years on which significant documentation exists, and draws a number of important lessons for future applications of this environmental policy instrument. References to a larger number of other emissions trading programs that have been implemented or proposed are included.}, author = {Schmalensee, Richard and Stavins, Robert N.} }