Handing out carbon-emissions permits

This piece about the consequences of giving away carbon-emissions permits just arrived from the Carey School of Business at Arizona State. It cites the research of Kerry Smith, who spent a good portion of his career here at NC State in the economics graduate program. Under the cap-and-trade bill passed by the House this summer, 85% of the permits would be given away. Proponents of this approach argue that this will save consumers money. Don't bet on it, says Professor Smith.