FindA University Ltd Featured PhD Programmes
Xi’an Jiaotong-Liverpool University Featured PhD Programmes
FindA University Ltd Featured PhD Programmes

The law and economics of derivative instruments for transboundary ecosystem services

School of Social Sciences

, Prof A Rieu-Clarke Saturday, October 31, 2020 Self-Funded PhD Students Only

About the Project

The promotion of social welfare, suitably defined, is a “central goal” of regulatory agencies (Sunstein 2017). In the context of transboundary watercourses, water-related ecosystem services constitute a portfolio of assets commodified and subsequently traded in order to resolve conflicts and foster cooperation over shared resources (Macatangay and Rieu-Clarke 2018). Such a market-based approach to the optimisation of riparian portfolios, in pursuit of social welfare maximisation, could then be established in an appropriate treaty framework (Macatangay and Rieu-Clarke 2018). Indeed sea level derivative instruments, such as a sea level default swap or a nuisance flooding futures contract, not only manages the risk that a sea-level rise adaptation project provides excessive or inadequate protection for coastal municipalities, but also brings additional capital for project development (Gourley 2017). What are the fundamental principles governing the design of hedging instruments for ecosystem services? What are their prospects for liquidity and price discovery? What governance considerations might need to be taken into account for ecosystem services to be traded in a transboundary context? What insights might be learned from experience at the national level? How can ecosystem service derivatives complement the physical or financial hedging in competing water uses, such as hydro power generation and irrigation? What are the implications for the portfolios for electric power and water-related ecosystem services?

For informal enquiries about the project, contact Dr Rafael Emmanuel Macatangay ()
For general enquiries about the University of Dundee, contact

Applicants must have obtained, or expect to obtain, a first or 2.1 UK honours degree, or equivalent for degrees obtained outside the UK in a relevant discipline.

English language requirement: IELTS (Academic) score must be at least 6.5 (with not less than 5.5 in each of the four components). Other, equivalent qualifications will be accepted. Full details of the University’s English language requirements are available online:


Step 1: Email Dr Rafael Emmanuel Macatangay () to (1) send a copy of your CV and (2) discuss your potential application and any practicalities (e.g. suitable start date).

Step 2: After discussion with Dr Macatangay, formal applications can be made via UCAS Postgraduate. When applying, please follow the instructions below:

Apply for the Doctor of Philosophy (PhD) degree in the Centre for Energy, Petroleum and Mineral Law and Policy: Select the start date and study mode (full-time/part-time) agreed with the lead supervisor.

In the ‘provider questions’ section of the application form:
- Write the project title and ‘’ in the ‘if your application is in response to an advertisement’ box;
- Write the lead supervisor’s name and give brief details of your previous contact with them in the ‘previous contact with the University of Dundee’ box.

In the ‘personal statement’ section of the application form, outline your suitability for the project selected.

Funding Notes

There is no funding attached to this project. The successful applicant will be expected to provide the funding for tuition fees and living expenses, via external sponsorship or self-funding.


Gourley S (2017) “Funding Adaptation: Financing Resiliency Through Sea Level Derivatives” Harvard Environmental Law Review Blog, April 17, 2017

Macatangay R, Rieu-Clarke A (2018) “The role of valuation and bargaining in optimising transboundary watercourse treaty regimes” International Environmental Agreements: Politics, Law and Economics

Sunstein C (2017) “Cost-Benefit Analysis and Arbitrariness Review” Harvard Environmental Law Review 41(1): 1-41

Email Now

Insert previous message below for editing? 
You haven’t included a message. Providing a specific message means universities will take your enquiry more seriously and helps them provide the information you need.
Why not add a message here

The information you submit to University of Dundee will only be used by them or their data partners to deal with your enquiry, according to their privacy notice. For more information on how we use and store your data, please read our privacy statement.

* required field

Your enquiry has been emailed successfully

Search Suggestions

Search Suggestions

Based on your current searches we recommend the following search filters.

FindAPhD. Copyright 2005-2020
All rights reserved.