Resources, Energy and Environmental Markets Lab (REEML)
The Resources, Energy and Environmental Markets Lab (REEML) is an initiative of the Faculty of Agriculture, Food and Natural Resources at the University of Sydney and CSIRO Sustainable Ecosystems. This research endeavour uses economic experiments to research the design and implementation of markets, institutions and incentives. REEML also aims to actively engage with government and industry to inform the policy debate.
Research
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, particularly:
- Emissions trading
- Electricity and energy markets
- Water markets
- Environmental and agricultural decision-making
- Development economics and field experiments