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 t
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