Yes, the cap and trade studies that have been done in many countries indicate that it is a better system than the carbon tax, because there are so many studies that back it up. The cap and trade system does a better job at limiting emissions, because it sets a valid standard for how many emissions there will be.
The Cap and Trade System is better as reported from the Wall Street Journal. The Cap and Trade is an economic system in place to curtail a run away economy that needs to be controlled to get fically balanced. The Carbon Tax argument is another issue that is environmentally concerned.