"In recent months, [Prof. René] Carmona, the Paul Wythes '55 Professor of Engineering and Finance, has leveraged his expertise in the mathematical modeling of financial markets and other complex systems to develop models to guide cap-and-trade policies intended to curb greenhouse gas emissions.

'It's a very politically charged issue,' said Carmona, who also is a professor of operations research and financial engineering. 'My intention is to demystify cap-and-trade and at the same time understand its weaknesses and loopholes. There have been mistakes in the past, yet our research shows that a cap-and-trade system can work. But only if you do it right.'"