Auction advances

The Commonwealth of Virginia in the US has just completed an innovative auctionof nitrogen oxide emissions credits thanks to advice from Amerex and George MasonUniversity. Paul Lyon reports

When the Commonwealth of Virginia was considering its options for auctioningnitrogen oxide (NOx) credits this year, it decided to ask for advice from someeconomics professors, including 2002 Nobel prize winner Vernon Smith, at theInterdisciplinary Center for Economic Science (ICES) at George Mason University.William Shobe, associate director for economic and regulatory analysis at theVirginia Department of Planning and Budget, took the “experimental” ideasof the ICES on board and put out a

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