Balancing Cost and Emissions Certainty: An Allowance Reserve for Cap-and-Trade

Dr. Brian C. Murray is Interim Director of the Nicholas Institute for Energy, Environment & Sustainability, Research Professor at the Nicholas School of the Environment (primary) and Sanford School of Public Policy (secondary), and Faculty Associate of the Duke Initiative for Science & Society. In 2015 he was Fulbright Visiting Research Chair in Environment and Economy at University of Ottawa’s Institute of the Environment.  He is widely recognized for his work on the economics of energy and climate change policy, including the design of market based mechanisms to reduce greenhouse gases and deploy low-carbon energy. Members of the United States Congress, state legislators and regulators have sought the counsel of Dr. Murray and colleagues in developing energy and climate legislative proposals and regulatory options.  Their development of the cost containment reserve mechanism is now in use in several greenhouse cap-and-trade programs in North America.  Dr. Murray has been invited as a co-author of several national and international assessments of natural resources, especially related to energy and climate change. Of particular note, he serves on a National Academy of Sciences panel on greenhouse gases and the tax code, where he led the panel’s efforts on biofuel subsidies.  He was a convening lead author of the Intergovernmental Panel on Climate Change’s Special Report on Land Use, Land Use Change, and Forestry. He has convened several forums of economic modeling experts to examine and communicate the results of their climate, energy and land use policy efforts to the public and private sectors.  His research has examined the economic effects of traditional command-based regulatory strategies for pollution control and more market-oriented approaches such as cap-and-trade programs and emission taxes.  He has been a consultant to a wide range of clientele in the public and private sector, including numerous federal government agencies, members of Congress and their staff, state regulatory agencies, CEOs and senior staff from Fortune 500 companies, trade groups, nongovernmental organizations, and other academic institutions.   His work has been published in books, edited volumes, and professional journals, including Science, Nature Climate Change, The American Economic Review, The Review of Economics and Statistics, American Journal of Agricultural Economics, Journal of Environmental Economics and Management, Land Economics, Review of Environmental Economics and Policy, Environmental and Resource Economics, Ecological Economics, PLOS One, Ecological Applications, Climatic Change, Mitigation and Adaptation Strategies for Global Change, Energy Journal, Energy Policy, and Forest Science.  He is also a regular contributor to Forbes. Prior to coming to the Nicholas Institute in 2006, Dr. Murray was Director of the Center for Regulatory Economics and Policy Research at RTI International, a university-affiliated not-for-profit research institution. 

Dr. Richard G. Newell is the President and CEO of Resources for the Future (RFF), an independent, nonprofit research institution that improves environmental, energy, and natural resource decisions through impartial economic research and policy engagement. From 2009 to 2011, he served as the administrator of the US Energy Information Administration, the agency responsible for official US government energy statistics and analysis. Dr. Newell is an adjunct professor at Duke University, where he was previously the Gendell Professor of Energy and Environmental Economics and founding director of its Energy Initiative and Energy Data Analytics Lab. He has also served as the senior economist for energy and environment on the President's Council of Economic Advisers and was a senior fellow, and later a board member, at RFF.

Dr. Newell has published widely on the economics of markets and policies for energy and the environment, including issues surrounding global climate change, energy efficiency, and energy innovation. He is a member of the National Petroleum Council and has provided expert advice to many institutions, such as the National Academy of Sciences, the Intergovernmental Panel on Climate Change, and the International Energy Forum.

Dr. Newell holds a PhD from Harvard University, an MPA from Princeton's Woodrow Wilson School of Public and International Affairs, and a BS and BA from Rutgers University.

Specialties: Energy and environmental economics, markets, policies, and technologies.