A comprehensive collection of leading articles important in the development of the use of emissions trading to control air pollution, from its earliest implementation in the USA in 1976, to its application to global warming in the Kyoto Protocol. Each volume offers an introduction by the editor, Tom Tietenberg, presenting a history of the evolution of the field as well as a guide to the collected papers that follow. Volume One contains the theoretical and empirical work that underpinned the development of this particular policy instrument as well as a discussion of some of the major design issues. Volume Two focuses on implementation and presents examples of the major programs now in existence.