Frank A. Wolak is the Holbrook Working Professor of Commodity Price Studies in the Department of Economics and the Director of the Program on Energy and Sustainable Development at Stanford University. His research and teaching focuses on design, performance, and monitoring of energy and environmental markets. He served as Chair of the Market Surveillance Committee (MSC) of the California Independent System Operator and was a member of the Emissions Market Advisory Committee (EMAC) for California’s Market for Greenhouse Gas Emissions allowances.