GARY D. LIBECAP is Professor of Corporate Environmental Management, Bren School of Environmental Science and Management and Department of Economics, University of California, Santa Barbara. He also is a Research Associate, National Bureau of Economic Research, Cambridge, Massachusetts. His Ph.D. is from the University of Pennsylvania. His research focuses on how or under what circumstances property rights to natural and environmental resources can be defined and enforced to address the problems of open access and how or when markets might be developed as options for more effective resource management and allocation. He examines the bargaining and transaction costs involved in collective action to establish property institutions and markets. His work encompasses economics and law, economic history, natural resource economics, and economic geography. Gary Libecap has authored or co authored over 200 scholarly papers in peer-reviewed journals, including the American Economic Review, Journal of Political Economy, and Journal of Economic Literature. He also has chapters in academic volumes and research reports, as well as edited (1985-2011) Advances in the Study of Entrepreneurship, Innovation, and Economic Growth. He was co-editor of the Journal of Economic History (1996-2000) and served on the Editorial Board of the Journal of Economic Behavior and Organization (2005-2010). He was President of the Western Economics Association (2006), Economic History Association (2006), and International Society for New Institutional Economics (2005), now the Society for Institutional and Organizational Economics. He was Pitt Professor of American History and Institutions, Economics Faculty, Cambridge University (2010-2011). His latest books are Owens Valley Revisited: A Reassessment of the West’s First Great Water Transfer, Stanford University Press, 2007, The Economics of Climate Change: Adaptations Past and Present, co edited with Richard Steckel, University of Chicago Press and NBER, 2011, and Environmental Markets: A Property Rights Approach, with Terry L. Anderson, Cambridge University Press, 2014.