This seminar explores what can be learned about water markets, and environmental markets and environmental policy reform more generally, from the successes (climate policy ) and failures (water markets) in California and the successes (water markets) and failures (climate policy) in Australia. Moreover, what can be learned from the successes and failures of the economic analysis of environmental markets and policies?

Michael Hanemann is a Professor of Economics with the W. P. Carey School of Business and a Julie A. Wrigley Chair in Sustainability in the School of Sustainability at Arizona State University. He is an environmental economist who works in the areas of water economics and policy, climate change and non-market valuation. He is also the director of the Center of Environmental Economics and Sustainability Policy at ASU. Prior to ASU, he was a Chancellor’s professor and professor of environmental and resource economics in the Department of Agricultural and Resources Economics at University of California-Berkeley, where he served from 1968-2011. Professor Hanemann is a member of the National Academy of Sciences.