Andrew Leach, University of Alberta, Canada, will present Monday's William Murray Memorial Seminar entitled "Buying Greenhouse Insurance with Lottery Tickets," at 4:10 PM in 368A Heady Hall.

Leach is an energy and environmental economist and an associate professor at the Alberta School of Business at the University of Alberta. He has a Ph.D. in Economics from Queen’s University, and an M.A. (Economics) from the University of Guelph. Leach was previously an assistant professor at HEC Montreal. He teaches courses in energy markets and environmental management as part of the Alberta School of Business Natural Resources, Energy and Environment (NREE) programs, and his academic research interests span climate and energy economics and policy. Leach has also consulted for Environment Canada, the National Roundtable on the Environment and the Economy (NRTEE), the Auditor General of Alberta, Alberta Environment, Alberta Finance and Enterprise, and Alberta Energy.

Abstract: We examine the interaction of abatement cost and damage uncertainty as well as the potential for learning-by-doing in abatement on optimal climate policy choices. While uncertainty in climate change damages has been extensively explored in the literature, uncertainty in potential abatement costs has received less attention. When uncertainty is added to damages, under the usual assumptions of risk-averse economic agents, results generally hold that more abatement is undertaken on the optimal path. Risk-aversion has the opposite impact if the future value of abatement today is uncertain, and optimal abatement will be lower, all-else equal. We examine a case where the cost of abatement exhibits learning-by-doing, such that abatement actions today lower the costs of future abatement but do so at an uncertain rate. We look at the impacts of such uncertainty combined with and independent of uncertainty over climate change damages through a dynamic, integrated assessment model of climate change and the economy.

William G. Murray (1903-1991) was an agricultural economist, founder of Living History Farms, and an Iowa gubernatorial candidate. Murray received a BA from Coe College in 1924, and MA from Harvard University in 1925, and a PhD from the University of Minnesota in 1932. He came to Iowa State University in 1927, with teaching and research interests in farm land valuation and finance. Murray served as head of the Department of Economics and Sociology at ISU from 1943 to 1955. In 1935-1936, he was chief economist with the Farm Credit Administration, and in 1948 he served as president of the Agricultural & Applied Economics Association. He played a prominent role in the creation and early history of Living History Farms in Urbandale, Iowa, and in 1967, he helped organize the LHF Foundation. He served as research director of LHF from 1967-1974, and as its president from 1974-1981. Murray was also involved in Iowa politics, and was Iowa's Republican gubernatorial candidate in 1958 and 1966.

North Central Region Sustainable Agriculture Research and Education (SARE) Program

PURPOSE: Develop educators (agriculture educators in the Cooperative Extension Service, NRCS, other governmental agencies, etc.) with knowledge of sustainable agriculture and the motivation to work in partnership with farmers, ranchers and the general public on programs to enhance the sustainability of communities and the food and agricultural system.

Projects can be up to three years in direction. The funding level is capped at $75,000 per project. The application is a two step process. Only selected pre-proposals will submit full proposals. More information available at: http://www.northcentralsare.org/Grants/Our-Grant-Programs/Professional-Development-Grant-Program

DEADLINE: May 16, 2012 for Pre-proposals