` Watermark Economics is a consulting firm with two practice areas: International and regional climate economics and policy with an emphasis on mathematical and economic modeling, forecasting methodologies, policy analysis, strategy and risk management. Traditional economic and financial consulting, including valuation, business and market modeling for regulatory and litigation clients. Areas of Expertise:   Energy and Carbon Markets   Economic and Financial Consulting Recent news and reports: "A Serious Flaw in the Waxman-Markey Discussion Draft" with Peter Cramton and Steven Stoft (April 2009) "Allowance allocation will likely make cutting GHG emissions more costly" (April 2009) "Carbon Cap and Trade versus Tax - Getting beyond the basics" (April 2009) "What to Expect and Not to Expect from Carbon Risk Disclosure" (April 2009) . .© Watermark Economics. All Rights Reserved.