5. Access the Resources for the Future Discussion Paper 04–24 by Joseph Kruger and William Pizer, which provides a critical analysis and discussion of the European Union Emissions Trading Directive (www.rff.org/rff/Documents/

RFF-DP-04–24.pdf). Note that the full paper is a PDF file, which requires the free Adobe Acrobat program. (1) Summarize their arguments, and (2) relate the EU Emissions Trading Directive to the workings of the allowance trading system in the EPA’s Acid Rain Program.