In recent years, voluntary approaches to emission reductions have increasingly been adopted by major companies all over the world and have increasingly been supported by regulatory bodies and public administrations. Despite this world-wide effort to achieve a better environmental performance...

The U.S. Acid Rain Program implemented a nationwide market for electric utilities' sulfur dioxide (SO2) emissions and included voluntary compliance possibilities for nonaffected sources. I observe significant voluntary participation 'albeit with small impact on the SO2 market' mostly from...