Markets vs. Mandates: Session 4: Markets for Mitigation and Conservation | Hoover Institution

Presenters: Christopher Costello, distinguished professor of resource economics, Bren School of Environmental Science & Management, University of California—Santa Barbara; and Barton “Buzz” Thompson, Robert E. Paradise Professor of Natural Resources Law, Stanford University Law School.

Chair: Dominic Parker, Ilene and Morton Harris Visiting Fellow, Hoover Institution.

During his remarks, Christopher Costello articulated the advantages of markets over regulatory approaches to conservation and mitigation of harms inflicted on the environment. As an example, he described that the coastal waters of Santa Barbara are home not only to one of the most biodiverse maritime habitats in America but also to some of the busiest shipping lanes in the world. These circumstances have resulted in large container vessels causing harm to maritime wildlife while traveling to and from the Port of Los Angeles.

Buzz Thompson provided another example of the feasibility of markets for environmental protection. Delivery of water from the Colorado River was weakening the flow of its stream and, in turn, endangering its fish population. He explained that limiting water to farmers would have been a daunting challenge. Understanding this reality, authorities instead paid farmers for access to their water rights so that they could strengthen the flow of the river.

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