Emission Reductions Post Cap-and-Trade Implementation

. • Let X (i,t)^ECON denote a vector of value added output in region i at period t, and Y_(i,t)^CO2 denote a vector of CO2 emissions in region i at period t: XECON = [Xi,1t, Xi,2t, ..., Xi,nt] i,t • And YC02 . = i,t [Yi,1t, Yi,2t, Yi,mt] ***) where n is the number of value added output in region i, and m is the number of emission sources, and t is the sample period (t = 1, ..., T).

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