Evolution

Punctuated Equilibrium

• Local

• Market

• Win win

• Integration of science and

policy

• What are some of the forces leading to path dependence?

High Exit Costs

Aqueducts

Policy Image

• Professionalization

Benefit and Risk Spreading• While the California

State Water Project's main purpose is to store and transport water, many of its facilities were designed with recreation in mind. Tent and RV camping, boating, fishing, swimming, waterskiing, horseback riding, picnicking, hiking, photography, and many other activities are available at DWR facilities.

High Exit Costs

• Courts as Battlefields in Climate Fights, New York Times  January 26, 2010

• Kivalina alleged in its complaint that the industry conspired “to suppress the awareness of the link” between emissions and climate change through “front groups, fake citizens organizations and bogus scientific bodies.”

S.E.C. Adds Climate Risk to Disclosure List

• , New York Times, Jan 28, 2010

Pentagon to rank global warming as destabilising force

S.E.C. Adds Climate Risk to Disclosure List

• “The S.E.C., on a party-line 3-2 vote, issued “interpretive guidance” to help companies decide when and whether to disclose matters related to climate change. The commission said that companies could be helped or hurt by climate-related lawsuits, business opportunities or legislation and should promptly disclose such potential impacts. Banks or insurance companies that invest in coastal property that could be affected by storms or rising seas, for example, should disclose such risks, the agency said.” New York Times 1/28/10