Carbon tax vs cap-and-trade in California

Check out The Economist's Voice for a summary of carbon cap-and-trade in California (note the alliteration):

California's Bold New Climate Policy
Lawrence H. Goulder, Stanford University

Summary: Lawrence Goulder describes California's recent commitments addressing Global Climate Change and recommends that a cap-and-trade program play a key role in achieving the state's climate policy goals.

Footnote 1:

It may be noted that a Weitzman-type analysis, which can indicate whether a price or quantity instrument is likely to lead to smaller policy errors ex post, does not indicate the relative appeal of a carbon tax or cap-and-trade in the present context. The reason is that the total allowable quantity is already given by AB32. The relevant issue is achieving that quantity with maximal cost-effectiveness, not introducing the policy that has the smallest expected value of efficiency losses due to deviations from the optimal quantity.