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An Empirical Analysis of Emission Trading Program for 

Fixed-point Air Pollution Control 

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Abstract 

Under the Clean Air Act Amendments, a market-based scheme has been 

created as a regulatory tool to further reduce Taiwan air pollutant emissions. 

In this report, we conduct several research methods to find the possibility of 

applying emission trading system in Taiwan. 

Five aspects of the related 

issues were studied in order to: 1) derive the implications at experiences of 

emission trading system between the US and UK, 2) realize attitudes and 

perceptions towards the system for local manufacturing, 3) evaluate the 

manufacturing characteristics factors in determining the availability of the 

system, 4) assess the manufacturing pollute behavior in deciding the potential 

market, and 5) estimate the shadow price of air pollutant as a reference indictor 

of the actual value of air pollutant allowance. 

The results show that a successful emission system should be aware the 

related lessons for assignment, distribution, market, and monitoring as well as 

the interaction between culture, administration, and legislative. 

About 50% of 

our sampled firms do not realize the administration’s current planning for 

emission trading system, however, 50% of the sampled firms show their 

willingness to support the system. The results of logit estimation suggest that 

137

firms with higher emission tax are more willing to support the system, as 

expected. 

The results also show that firms with more pollution abatement 

equipments are more willingness to sell the emission allowance while firms 

with more pollution maintenance expenditures tend to save the allowance for 

inner use. 

The results of pollute behavior indicate that the pollution loadings 

per unit of output are higher in Taiwan than those in the US, which provides 

the evidence of the economic scale for pollutant abatement. 

The estimation 

for shadow price of SO allowance shows that the values range from 

NT$11,540 to NT$11,654 per ton in terms of 1996 constant price. 

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-0.952 

(-1.354) 

-1.078 

(-1.096) 

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0.049 

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0.028 

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-0.017 

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0.012 

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-0.024 

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-0.031 

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0.042 

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0.007 

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-0.001 

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0.005 

(0.763) 

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-0.014 

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-0.007 

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0.001 

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0.030 

(1.169) 

 

 

-0.019 

(-0.116) 

0.071 

(0.459) 

0.058 

(0.377) 

0.085 

(0.598) 

 

© 

-0.008 

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0.030 

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0.035 

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-0.006 

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-0.002 

(-0.810) 

-0.001 

(-0.618) 

0.005 

(1.449) 

0.002 

(0.013) 

0.003 

(0.256) 

-0.002 

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0.009 

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0.327 

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0.240 

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0.164 

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g 

 

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-0.206 

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-0.198 

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-0.043 

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0.003 

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235

‚ 

 

0.259 

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0.205 

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0.099 

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0.047 

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1.639 

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1.040 

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0.987 

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-0.275 

(-1.066) 

-0.081 

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0.355 

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2 

χ 116.72 50.28 50.27 29.39 

f t 

&"2 

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(-1.096) 

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(-0.781) 

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0.120 

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0.075 

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-0.121 

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0.004 

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-0.084 

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-0.081 

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0.086 

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0.034 

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0.068 

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0.064 

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0.020 

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0.022 

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0.027 

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(-1.478) 

-0.006 

(-1.398) 

0.003 

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0.018 

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0.011 

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0.028 

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0.319 

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0.243 

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(0.051) 

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g 

 

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(-0.447) 

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0.546 

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-0.209 -0.202 -0.040 0.053 

236

(-1.048) (-1.064) (-0.215) (0.312) 

‚ 

 

0.229 

(1.060) 

0.225 

(1.065) 

0.096 

(0.468) 

0.106 

(0.577) 

 

 

1.535 

(8.022) 

0.945 

(4.891) 

0.893 

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-0.194 

(-1.179) 

 

 

-0.131 

(-0.477) 

-0.312 

(-1.193) 

-0.111 

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0.438 

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2 

χ 103.18 44.12 41.05 32.77 

f t 

237

{ 

j˜ 

v{ />IB BK > " 

AJK>@B CL@KF >GGIF>@Ev 

{JE>AFN GI@B¤ 

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u x y 

N 

x ∈ R 

 

M 

M 

y ∈ R F( 

x) 

{ y R } 

∈= F y 

( i = 1,..., m) 

( i = + 1,..., Mm 

) / 

‚ 

k 

NB> AJGFJ>?K 

f y ∈ F(x) 

θ ∈[0,1] 

θy ∈ F(x) 

i 

238

k{ 

{ 

/>IB BK > " 6EBGE>IA & 

F(x) 

d 

D( x, 

y) 

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x y ∈ F(x) 

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y) 

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R( x, 

p) 

sup{ py : D( 

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y 

 

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p 

p { py { 

BI 

GIFAL@K/>IB BK > " 

6EBGE>IA { 

∂D( 

x, 

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pm+ 

1 

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x, 

y) / ∂y 

1 

{ p 1 

 

5 ¡jkh ks D( x, 

y) 

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¡j Farrell (1957) 

239

{ pm+ 

1k 

zkk{ 

∂D( x, 

y) / ∂ym+ 

1 ∂D( x, 

) / ∂yy 

1 

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D( , yx ) vuv 

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+>KKBJB >A ,FB ! $ ,F??-FD>J 

«,F??-FD>J 

ƒ¨ƒKI>JFD 

/>IB BK > ",FDDJ >A 6NKF %3>L BK 

>! 7I>JFD 

M 

N 

M M 

1 

ln D( 

x, 

y) 

= α 

0 

+ ∑α 

i 

ln yi 

+ ∑ β 

j 

ln x 

j 

+ ∑∑α 

ii′ 

ln yi 

ln yi′ 

2 

+ 

1 

2 

N 

N 

∑∑ 

j= 1 j′ 

= 1 

β 

jj′ 

ln x 

i= 

1 

j 

ln x 

j′ 

+ 

1 

2 

M 

j= 

1 

N 

∑∑ 

i= 1 j= 

1 

γ ln y ln x 

ij 

i 

i= 1 i′ 

= 1 

y y 1 

y 2 

x i 

x 1 

x 2 

x 3 

zr{v 

j 

∑ 

= ∑ ∑ 

α 

i i 

1 α 

i′ ii′ = 0 γ 

i ij 

= 0 α 

ii′ 

= α 

i ′ i 

β 

jj′ 

= β 

j′ 

j 

¬¯ƒB>I GIFDI>Dv 

/>IB BK > " ,FDDJ >A 6NKF % NF >A L 

240

ƒˆ• 

% />IB BK > " « 

JKF@E>JK@ CIFKBI{ 

kº” 

D ( x, 

y / y = yy 

1 

) D( 

x, 

) / 

7I>JFD ~ 

ln D( 

x, 

y) / y 

+ 

1 

2 

N 

N 

∑∑ 

j= 1 j′ 

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β 

1 

jj′ 

= α + 

ln x 

0 

j 

M 

∑ 

i= 

1 

ln x 

j′ 

+ 

i 

1 

α ln y 

1 

2 

M 

* 

i 

N 

+ 

∑∑ 

i= 1 j= 

1 

N 

∑ 

j= 

1 

ij 

β ln x 

j 

* 

i 

γ ln y 

j 

+ 

ln x 

* 

yi = yi 

/ y13>L BK > ! 

j 

1 

2 

M 

M 

∑∑ 

i= 1 i′ 

= 1 

ii′ 

* 

i 

α ln y 

ln y 

* 

i′ 

n 

 

¡v«« 

 

 

 

¡v 

n BOGFBK>FI> o ¡ n 

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iiš 

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Ÿiii 

©Žm 

6 Fare and Grosskopf (1998)¿ Bootstrapping method · 

241

iŒ¡i 

{{i¦ 

v 

'! ¸ 

¸v d 

log y1 

!"% '" 

log y2 

#$$ ! 

log k i !"& ' 

logl 

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log e '' 

 

'" 263 OLS 

o¡nn 

¸ OLS 

{jv¬α 2 

α 22 

γ 22 

γ 

32 

¸v 0.65 0.68 ¸ 

 

v{ 

v{g² 

v 85 {{ 

NT$11,540 NT$11,658 ¬j 

242

Coggins and Swinton (1996)vm{ 

US$322 (1992 )v US$355 

NT$11,358 (1US$=32NT$)v Kwon 

and Yun (1999)v{ US$345 

'" 

OLS MLE-Truncated MLE-Exponential 

Constant 4.607 (3.41) 4.541 (3.68) 4.869 (4.29) 

α -1.018 (-4.14) -1.228 (-4.98) -1.231 (-5.51) 

2 

β 0.053 (0.18) -0.035 (-0.15) -0.079 (-0.35) 

1 

β -0.343 (-1.06) -0.671 (-2.31) -0.699 (-2.67) 

2 

β -0.100 (-0.40) 0.176 (0.74) 0.200 (0.92) 

3 

α 0.194 (5.13) 0.271 (7.46) 0.267 (7.75) 

22 

β 0.187*10 -3 (0.004) -0.005 (-0.14) 0.003 (0.08) 

11 

β 0.305 (4.19) 0.288 (4.17) 0.289 (4.46) 

22 

β 0.078 (2.27) 0.097 (2.37) 0.091 (2.43) 

33 

β -0.015 (-0.29) 0.032 (0.59) 0.028 (0.55) 

12 

β -0.005 (-0.18) -0.030 (-0.88) -0.029 (-0.94) 

13 

β -0.026 (-0.68) -0.019 (-0.50) -0.017 (-0.48) 

23 

γ -0.037 (-1.09) -0.021 (-0.54) -0.017 (-0.46) 

12 

γ 0.229 (5.38) 0.260 (6.73) 0.251 (6.93) 

22 

γ 0.030(0.96) 0.055 (1.60) 0.056 (1.79) 

32 

µ / σ µ 

1.394 (0.70) 

σ µ 

/ σ v 

6.956 (2.67) 

2 

σ + 

2 

1.111 (2.46) 

µ 

σ ν 

θ 2.255 (9.64) 

σν 0.186 (6.25) 

Likelihood value -163.10 -139.67 -140.26 

Average TE 0.65 0.68 

NT$10,217 NT$11,540 NT$11,658 

f: t 

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