Emission Reductions Post Cap-and-Trade Implementation

• . Similar model with outcome as carbon intensity (KgCO2/GDP) is expressed as following: E[λij|Xij] = ßo + ß₁ * Cap&Trade¡¡ + ß2 * state; + ß³ * year¿ + ß * state; * year; + +ẞ5 * I(Sector); + ß6 * state; * I(Sector); * Cap&Trade{j • Where E[λ_ij |X_ij] denotes the expected carbon intensity conditioned on covariates X.

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