We evaluate the performance of an environmental market in a less developed country based on the experience from Santiago-Chile's particulate matter control program. We find that grandfathering the permits has created economic incentives for incumbent sources to more readily declare their...

Environmental management has benefits, not just costs, and analysis can help focus efforts to get more benefits out of each dollar. Among children in Santiago, Chile, reduced concentrations of small dust particles (PM10) will reduce a range of symptoms, from coughs to bronchitis.Ostro, Eskeland,...