Resources, Energy and Environmental Markets Laboratory (REEML)

About REEML

The Resources, Energy and Environmental Markets Laboratory (REEML) is an initiative of the University of Sydney and CSIRO. This research endeavour uses economic experiments to research the design and implementation of markets, institutions and incentives. Research focuses on the role of economic behaviour in understanding, developing and evaluating policies relevant to agriculture, natural resources and the environment. REEML also aims to actively engage with government and industry to inform the policy debate.

This research emphasises the role of economic behaviour in agricultural and environmental decision-making, the development and application of market-based instruments, mechanism-design issues and regulatory design, as well as economic issues in the provision of energy. Experimental methods enable researchers to focus on the key features of a market or other economic interactions whilst controlling for extraneous factors. Experimental economic research can incorporate both laboratory and field experiments.

The research priorities of REEML focus on the role of economic behaviour in understanding, developing and evaluating policies relevant to agriculture, natural resources and the environment. REEML researchers are using economics experiments to study topics such as emissions trading, electricity and energy markets, water markets, environmental and agricultural decision-making and field experiments in developing countries.

Research profiles

Andrew Reeson (andrew.reeson@csiro.au) Andy's CSIRO homepage

Dr. Andrew Reeson is a behavioural economist with CSIRO. His research is focussed on gaining a better understanding of human decision-making behaviour and applying this to inform policy design. Much of his work is centred on environmental management issues, including the design and implementation of novel market-based mechanisms for the provision of ecosystem services. He has qualifications and experience in both ecology and economics and a track record of innovative cross-disciplinary thinking. Recent research projects include designing competitive tenders for landscape scale biodiversity objectives, running economic experiments to test how people respond to different market structures and applying a prediction market to forecast natural resources. He also contributed a review of behavioural economics and its implications for the Australian tax and transfer system to the Henry tax review which was published on the review website (Tax review web page) and has attracted positive media coverage (e.g. Ross Gittins). He has published in academic journals ranging from the Journal of Economic Behavior & Organization to Molecular Ecology, with a total of over 300 citations in the academic literature.

Tim Capon

His particular focus is the role of the economic theory of risk and uncertainty in understanding, developing and evaluating policies relevant to agriculture, natural resources and the environment. In particular, he has applied experimental economic methods to study the behaviour of markets under conditions of risk and uncertainty. Tim is currently researching topics including the design of emissions trading schemes and markets for soil carbon sequestration.

Stuart Whitten (stuart.whitten@csiro.au) Stuart's CSIRO homepage

Dr. Stuart Whitten specialises in the design and implementation of market-based instruments (MBIs) and other incentives to support natural resource management outcomes. His expertise includes environmental and resource economics with specialisation in market-based instruments, incentive design and implementation, institutional design and analysis, and environmental valuation. Stuart also has an interest and experience in the private and not-for-profit sector's role in biodiversity conservation. Stuart joined CSIRO in 2002 as Leader of the Markets for Ecosystem Services project. He has led a number of CSIRO projects including (1) the Markets for Ecosystem Services project focusing on investigating, designing and facilitating the implementation of MBIs at the regional scale across Australia, (2) the Tradeable Recharge Credits project in Coleambally Irrigation Area, which examined the potential for a market to manage salinity impacts of irrigated agriculture and (3) the Wimmera Catchment Management Authority Catchment Tender design and implementation plan, which successfully achieved over 700 ha of reafforestation to reduce salt movement into the Wimmera River.

Rimvydas Baltaduonis (rbaltadu@gettysburg.edu) Rim's Gettysburg homepage

Dr. Rim Baltaduonis is an assistant professor in the Economics Department at Gettysburg College. Dr. Baltaduonis's broad fields of specialty are industrial organization, experimental economics, and market design. His current research is focused on energy markets, especially deregulated electricity markets. Lately, Dr. Baltaduonis examined the performance of auction mechanisms in wholesale power markets when electricity suppliers act strategically. At Gettysburg College, he teaches Industrial Organization and Public Policy, Energy Economics, Health Economics, and Experimental Economics. The National Science Foundation, the International Foundation for Research in Experimental Economics and Australian Research Council have supported his research. Dr. Baltaduonis is also an Affiliate Researcher at the Resources, Energy and Environmental Markets Lab in the University of Sydney. Prior to assuming his position at Gettysburg College Dr. Baltaduonis was an IFREE Visiting Post-doctoral Fellow in the Interdisciplinary Center for Economic Science at George Mason University and later at the Economics Science Institute at Chapman University. Dr. Baltaduonis holds a Ph.D. from the University of Connecticut.