Conservation Leadership NetworkConservation Leadership Network

Economics presentations and resources related to Water Quality Markets


Credit Pricing & Accounting

Uncertainty & Thin Markets

Addressing Risk & Liability

Program Cost & Social Conditions

Linkages to Other Markets & Stacking


  1. Business for Social Responsibility (BSR). “The Quiet Revolution in Expectations of Corporate Environmental Performance: Emerging Trends in the Uptake of Ecosystem Services.” April 2012. (PDF)
  2. Chan, Kai, Lara Hoshizaki, Brian Klinkenberg. “Ecosystem Services in Conservation Planning: Targeted Benefits vs. Co-Benefits or Costs?” PLoS ONE: Sept 2011. (PDF)
  3. Christianson, Laura, John Tyndall, Matthew Helmers.  Financial Comparison of Seven Nitrate Reduction Strategies for Midwestern Agricultural Drainage, Water Resources and Economics, 2-3, 2013, pp. 30–56. (PDF)
  4. Climate Action Reserve, “Nutrient Management Project Protocol Credit Stacking Subcommittee Meeting #1 Memo” July 12, 2011. (PDF)
  5. Cooley, David and Lydia Olander. Stacking Ecosystem Services Payments: Risks and Solutions, Nicholas Institute for Environmental Policy Solutions Working Paper, NI WP 11-04, September 2011. (PDF)
  6. Doyle, Martin W. et al, “Optimizing the Scale of Markets for Water Quality Trading” September 2014. (PDF)
  7. EcoAgricultural Partners and USDA Office of Environmental Markets. Farm of the Future Case Study Series: April 2011: a. “Big River and Salmon Creek Forests (Northern California)” (PDF) b. “Buck Island Ranch (Northern Everglades, Florida)” (PDF) c. “Mudford Farm (Chesapeake Bay, Maryland)” (PDF) d. EcoAgricultural Partners and USDA Office of Environmental Markets. “Sacramento River Ranch (Yolo County, California)” (PDF) e. “The Watson Partners Farm (Minnesota River Basin and the Southern Minnesota Beet Sugar Cooperative)” (PDF)
  8. Ertimur, Yonca, Jennifer Francis, Amanda Gonzales, and Katherine Schipper.  Financial Reporting for Cap-and-Trade Emissions Reduction Programs, Duke University, December 2009. (PDF)
  9. Faeth, Paul. “Fertile Ground: Nutrient Trading's Potential to Cost-Effectively Improve Water Quality” World Resources Institute, May 2000. (PDF)
  10. Fox, Jessica, Royal C. Gardner, and Todd Maki. “Stacking Opportunities and Risks in Environmental Markets” Environmental Law Reporter, 41 ELR 10121, February 2011. (PDF)
  11. Gardner, Royal C. and Jessica Fox.  "The Legal Status of Environmental Credit Stacking", 40 Ecology L.Q., 2013. (LINK)(PDF)
  12. Hartwell, Ray, Bruce Aylward, Sue Lurie, Sally Duncan, Katrina Van Dis, “Ecosystem Service Market Development: The Role and Opportunity for Finance” March 2010. (PDF)
  13. Hook, Patrick W. and Spencer T. Shadle, “Navigating Wetland Mitigation Markets: A Study of Risks Facing Entrepreneurs and Regulators.” December 2013. (PDF)
  14. Layne, Valerie, “Layering Multiple Credit Types in Mitigation Banks” National Wetlands Newsletter, Vol. 33, Issue 1, 2011. (*starts on p. 8) (PDF)
  15. Murray, B. and T. Vegh.  Incentivizing the Reduction of Pollution at Dairies: How to Address Additionality When Multiple Environmental Credit Payments Are Combined, NI WP 15-01. Durham, NC: Duke University, 2015. (LINK)(PDF)
  16. Niemi, E., Lee, K., Raterman, T. “Net economic benefits of using ecosystem restoration to meet stream temperature requirements.” ECONorthwest. (PDF)
  17. Rees, Gwendolen and Dr. Kurt Stephenson. Transaction costs of nonpoint source water quality credits: Implications for trading programs in the Chesapeake Bay watershed, USDA, Office of Environmental Markets, November 2014. (PDF)
  18. Ribaudo, Marc, LeRoy Hansen, Daniel Hellerstein, and Catherine Greene, “The Use of Markets to Increase Private Investment in Environmental Stewardship” USDA, Economic Research Service Report No. 64, September 2008. (PDF)
  19. Robertson, Morgan, Todd K BenDor, Rebecca Lave, Adam Riggsbee, JB Ruhl, and Martin Doyle.  "Stacking Ecosystem Services", Frontiers in Ecology and the Environment, 2014; doi:10.1890/110292. (PDF)
  20. Scarlett, Lynn and James Boyd, “Ecosystem Services: Quantification, Policy Applications, and Current Federal Capabilities” Resources for the Future, March 2011. (PDF)
  21. Shortle, James, David Abler, Zach Kaufman, Kate Zip.  Implications of Lags in Pollution Delivery for Efficient Agricultural Waste Load Allocations and the Design of Water Quality Trading Programs, Washington, DC: USDA, 2014. (PDF)
  22. Smith, M., de Groot, D., Perrot-Maîte, D. and Bergkamp, G. (2006). “Pay – Establishing payments for watershed services.” IUCN, 2008. (PDF)
  23. Suter, J.F., Spraggon, J.M. and G.L. Poe, Water Quality Trading Experiments: Thin Markets and Lumpy Capital investments, GWF Discussion Paper 1328, Global Water Forum, Canberra, Australia, 2013. (LINK)(PDF)
  24. Suter, J.F., Spraggon, J.M. and G.L. Poe. Thin and Lumpy: An Experimental Investigation of Water Quality Trading, Paper presented at the Agricultural & Applied Economics Associations 2011 AAEA & NAREA Joint Annual Meeting, Pittsburgh, Pennsylvania, July 24- 26, 2011. (LINK)(PDF)
  25. Tiedemann, Rob, Ph.D., Hal Anderson, Integrated Watershed Solutions, Inc. North Alkali Drain Water Quality Improvement Pilot Project, Project Summary and Report of Preliminary Results, Prepared for Members of the Board of Directors, Lower Boise Watershed Council, Inc. January 6, 2015 (PDF)
  26. Walker, Sara and Mindy Selman, “Addressing Risk and Uncertainty in Water Quality Trading Markets”. World Resources Institute, February 2014. (PDF)
  27. White, Wayne and Jemma Penelope, “Stacking and Unstacking: The Economics, the Conservation, and the Conversation,” National Wetlands Newsletter, Vol. 35, Issue 2, 2013. (PDF)

Web Resources:

Further Reading:

  • Adoption Potential of Nitrate Mitigation Practices: An Ecosystem Services Approach.  International Journal of Agricultural Sustainability, 2013.  DOI: 10.1080/14735903.2013.835604