Law and the Economics of Natural Resource Markets

Market-based mechanisms such as emissions trading are becoming widely accepted as cost-effective methods for addressing environmental concerns, especially as societies move towards a carbon-constrained future. In the last decade, we have witnessed the expansion of environmental finance to new products - carbon dioxide spot and futures contracts, sulfur dioxide futures and over-the-counter water contracts - that are now fully integrated financial instruments for hedging and speculation. These mechanisms also have potential benefits to address issues in other pressing matters such as water quality, fisheries and biodiversity protection. Non-law students must apply by emailing a resume and a letter of interest to Arthur Langlois at arthurlanglois@uchicago.edu. Applications are due February 27th. This class will have 3 remote sessions April 5th, April 26th and May 3rd. Students may sit in the regular classroom to attend these sessions remotely. This class requires a series of research papers (6000-7500 words). Participation may be considered in final grading.