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Professor Alejandro Caparros

Professor in Energy Economics

Professor in Energy Economics in the Business School



Alejandro Caparrós, PhD in Economics (UCM), is Professor in Energy Economics and co-Director of the Centre for Environmental and Energy Economics (CE3). He served previously as Director and Senior Researcher at the Institute for Public Goods and Policies (IPP) of the Spanish National Research Council (CSIC). He has also been post-doc at the CNRS in Paris, lecturer at the Universities Carlos III and Paris Est, and visiting scholar at the Universities of Berkeley, Columbia, Paris II, Paris Est, Bordeaux, Göttingen, Exeter, Bath and Innsbruck. He has participated in a large number of research projects funded by the European Commission and national agencies, and has worked as consultant for the World Bank, the United Nations Statistics Division and local entities. He currently serves as Lead Author of the chapter on International Cooperation for the WGIII Sixth Assessment Report of the Intergovernmental Panel on Climate Change (IPCC).

He applies microeconomic tools, in particular game-theory, to the analysis of negotiations over climate change and other global public goods. He is also interested in dynamic pollution control and ecosystem accounting, focusing in the latter case on the treatment of public goods in monetary accounts. He has over 80 peer-reviewed publications, with articles in journals such as Science, Journal of the Association of Environmental and Resource Economists, American Journal of Agricultural Economics, Energy Economics, Journal of Economic Behavior and Organization, European Economic Review, Land Economics, Environmental and Resource Economics, Ecological Economics, Public Choice, Oxford Economic Papers, Journal of Public Economic Theory, European Review of Agricultural Economics, among others.



  1. Finus, M. and Caparrós, A., 2015 (eds.). Game Theory and International Environmental Cooperation: Essential Readings. The International Library of Critical Writings in Economics, Edward Elgar.
  2. Tazdaït, T., Pereau, J.-C. and Caparrós, A., 2005. Coopération et Jeux non-coopératifs: Dilemme du prisonnier, rationalité, équilibre. (Cooperation and non-cooperative games: Prisoners’ dilemma, rationality and equilibrium) Editions du CNRS, Paris 207pp.


Books (sections) (selected):

  1. Caparrós, A. 2021. Bargaining and Climate Change Negotiations. In E. Karagozoglu, and K.B. Hyndman (eds.), Bargaining: Current Research and Future Directions. Palgrave Mcmillan (forthcoming).


  1. Caparrós A., Campos P., Oviedo J.L., Ovando P., Álvarez-Farizo B., Díaz-Balteiro L., Montero G., Carranza J., Caparrós, A, Huntsinger, L., Oviedo, J.L, Plieninger, T. and Campos, P., 2013. Economics of Ecosystem Services. In Campos, P., Huntsinger, L., Oviedo, J.L., Starrs, P., Díaz, M., Standiford, R. and Montero, G.:(ed.) Mediterranean Oak Woodland Working Landscapes: Dehesas of Spain and Ranchlands of California. Springer.


  1. Del Río, P., Hernández, F. and Caparrós, A., 2008. The economic literature on climate policy research: the state of the art and some directions for further research. In Peretz, L. (ed.), Climate Change Research Progress. Nova Science Publishers: 85-122.


  1. Caparrós, A. Pereau, J.-C. and Tazdaït, T. 2006. Cooperation and Reciprocity. In J. Ballet and D. Bazin (eds). Positive Ethics in Economics. Transaction Publishers: 63-92. 


  1. Caparrós, A. and Jacquemont, F., 2005. Biodiversity and carbon sequestration in forests: economic and legal issues. In M. Bothe and E. Rehbinder (eds.) Climate Change Policy. Eleven International Publishers, Utrecht : 149-182.


  1. Buchner, B., Caparrós, A. and Tazdaït, T. 2005. Ancillary benefits and the Clean Development Mechanism. In M. Bothe and E. Rehbinder (eds.) Climate Change Policy. Eleven International Publishers, Utrecht : 131-148.


Journal papers (academic)

Game Theory, International Environmental Agreements and Climate Negotiations


  1. Vosooghi, S. and Caparrós, A., 2022. Information Disclosure and Dynamic Climate Agreements: Shall the IPCC reveal it all? European Economic Review 143: 104042.
  2. Caparrós, A. and Finus, M., 2020. The Corona‑Pandemic: A Game‑Theoretic Perspective on Regional and Global Governance. Environmental and Resource Economics 76:913–927.
  3. Caparrós, A. and Finus, M., 2020. Public Good Agreements under the Weakest-link Technology. Journal of Public Economic Theory 22(3): 555-582.
  4. Caparrós, A. and Péreau, J.C., 2017. Multilateral Versus Sequential Negotiations over Climate Change. Oxford Economic Papers 69(2): 365–387.
  5. Caparrós, A., 2016. Bargaining and International Environmental Agreements. Environmental and Resource Economics 65(1): 5–31.
  6. Caparrós, A., 2016. The Paris Agreement as a step backward to gain momentum: Lessons from and for theory. Revue d'Économie Politique 126(3): 347-356.
  7. Caparrós, A. and Pereau, J.-C., 2013. Forming coalitions to negotiate North-South climate agreements. Environment and Development Economics 18: 69-92.
  8. Caparrós, A., Giraud-Héraud, E. Hammoudi, A. and Tazdaït, T., 2011. Coalition Stability with Heterogeneous Agents. Economics Bulletin 31(1): 286-296.
  9. Caparrós, A. Pereau, J.-C. and Tazdaït, T., 2010. Mutual Aid: an Indirect Evolution Analysis. Rationality and Society 22(1): 103-128.

10.Caparrós, A., Pereau, J.-C. and Tazdaït, T., 2004. North-South Climate Change Negotiations: a Sequential Game with Asymmetric Information. Public choice,121 (3-4): 455-480.

11.Caparrós, A., Pereau, J.-C. and Tazdaït, T., 2003. Coalition et Accords Environnementaux Internationaux. Revue Française de Economie, 2(18): 199-232.

12.Caparrós, A., Pereau, J.-C. and Tazdaït, T, 2003. Le comportement coopérative à la lumière de deux conceptions de la moralité: devoir et choix. Ethique économique/Ethics and Economics, 1: 1-22.


Pollution Control and Climate Policy: Emission trading, Dynamic Standards, Emission Taxes and Negotiations


13.Caparrós, A. and Péreau, J.C., 2021. Inefficient Coasean Negotiations over Emissions and Transfers. Journal of Economic Behavior and Organization 189: 359-378.

14.Caparrós, A., Just, R. and Zilberman, 2015. Dynamic relative standards versus emission taxes in a putty-clay model. Journal of the Association of Environmental and Resource Economists 2(2): 277-308.

15.Caparrós, A. Pereau, J.-C. and Tazdaït, T., 2013. Emission trading and international competition: The impact of labor market rigidity on technology adoption and output. Energy Policy 55: 36–43.

16.Caparrós, A. and McDonnel S., 2013. Long run transitions to sustainable economic structures in the European Union and beyond (Editorial) Energy Policy 55: 1–2.

17.Hernández, F., Gual, M.A., Del Río, P. and Caparrós, A., 2004. Energy Sustainability and Global Warming in Spain. Energy Policy, 32: 383-394.


Climate Change Policy and Land Use: Bioenergy and Carbon Sequestration


18.Soliño, M., Oviedo, J.L. and Caparrós, A., 2018. Are forest landowners ready for woody crops? Preferences for afforestation programs in Southern Spain. Energy Economics 73: 239-247.

19.Caparrós, A., Ovando, P., Oviedo, and Campos, P., 2011. Accounting for carbon in avoided degradation and reforestation programmes in Mediterranean forests. Environment and Development Economics 16(4): 405-428.

20.Caparrós, A, Cerdá, E., Ovando, P. and Campos, P , 2010. Carbon Sequestration with reforestations and biodiversity-scenic values. Environmental and Resource Economics 45: 49-72.

21.Ovando, P. and Caparrós, A., 2009. Land Use and Carbon Mitigation in Europe: A Survey of the Potentials of Different Alternatives. Energy Policy 37(3): 992-1003.

22.Caparrós, A., 2009. Delayed Carbon Sequestration and Rising Carbon Prices. Climatic Change 96 (3): 421-441.

23.Caparrós, A., Campos, A. and Martín, D., 2003. Influence of carbon dioxide abatement and recreational services on optimal forest rotation. International Journal of Sustainable Development 6(3): 345-358.

24.Caparrós, A. and Jacquemont, F., 2003. Conflicts between biodiversity and carbon offset programs: economic and legal implications. Ecological Economics 46: 143-157.

25.Jacquemont, F. and Caparrós, A., 2002. The Convention on Biological Diversity and the Climate Change Convention ten years after Rio: towards a synergy of the two regimes? Review of European Community and International Environmental Law 11(2): 169-180.


Ecosystem Services, Environmental Valuation and Green Accounting


26.Oviedo, J.L., Campos, P., Caparrós, A., 2021. Contingent valuation of landowner demand for forest amenities: application in Andalusia, Spain. European Review of Agricultural Economics, doi:10.1093/erae/jbab022.

27.Hein, L., Bagstad, K.J., Obst, C., Edens, B., Schenau, S., Castillo, G., Soulard, F., Brown, C., Driver, A., Bordt, M., Steurer, A. and Caparrós, A., 2020. Global progress in natural capital accounting. Science 367 (6477): 514-515.

28.Campos P, Oviedo JL, Alvarez A, Ovando P, Mesa B, Caparros A. Measuring environmental incomes beyond standard national and ecosystem accounting frameworks: testing and comparing the Agroforestry Accounting System in holm oak dehesa case study in Andalusia-Spain. Land Use Policy 99: 104984.

29.Campos P., Álvarez, A., Oviedo, J.L., Ovando, P., Mesa, B., Caparrós, A. 2020. Environmental incomes: refined standard and extended accounts applied to cork oak open woodlands in Andalusia, Spain. Ecological Indicators 117, 106551: 1-29.

30.Díaz, M., Concepción, E.D., Oviedo, J.L., Caparrós, A., Farizo, B.A., and Campos, P. 2020. A comprehensive index for threatened biodiversity valuation. Ecological Indicators 108, 105696: 1-8.

31.Campos, P., Álvarez, A., Mesa, B., Oviedo, J.L., Ovando, P., Caparrós, A. 2020. Total income and ecosystem service sustainability index: accounting applications to holm oak dehesa case study in Andalusia-Spain. Land Use Policy 97, 104692: 1-41.

32.Campos, P., Álvarez, A., Oviedo, J.L., Ovando, P., Mesa, B., Caparrós, A., 2020a. Income and ecosystem service comparisons of refined National and Agroforestry Accounting frameworks: Application to holm oak open woodlands in Andalusia, Spain. Forests 11, 185. doi:10.3390/f11020185

33.Campos, P., Álvarez, A., Oviedo, J.L., Ovando, P., Mesa, B., Caparrós, A., 2020b. Refined Systems of National Accounts and Experimental Ecosystem Accounting versus the simplified Agroforestry Accounting System: Testing in Andalusian holm oak open woodlands. Forests 11, 393. doi:10.3390/f11040393

34.Campos, P., Oviedo, J.L., Alvarez, A., Mesa, B., and Caparros, A. 2019. The role of non-commercial intermediate services in the valuations of ecosystem services: Application to cork oak farms in Andalusia, Spain. Ecosystem services 39, 100996: 1-18.

35.Campos, P., Caparros, A., Oviedo, J.L., Ovando, P., Alvarez-Farizoa, B., Diaz-Balteiro, L., Carranza, J., Begueria, S., Diaz, M., Herruzo, C. Martinez-Peña, F., Soliño, M., Alvarez, A., Martinez-Jauregui, M., Pasalodos-Tato, M., de Frutos, P., Aldea, J., Almazan, E., Concepcion, E.D., Mesa, B., Romero, C., Serrano-Notivoli, R., Fernandez, C., Torres-Porras, J., and Montero, G., 2019. Bridging the Gap Between National and Ecosystem Accounting Application in Andalusian Forests, Spain. Ecological Economics 157: 218–236.

36.Caparrós, A., Oviedo, J.L., Álvarez, A. and Campos, P., 2017. Simulated Exchange Values and Ecosystem Accounting: Theory and Application to Free Access Recreation. Ecological Economics 139: 140–149.

37.Ovando P., Caparros, A., Diaz-Balteiro, L., Pasalodos, M., Beguería, S., Oviedo, JL., Montero, G., and Campos, P., 2017. Spatial Valuation of Forests' Environmental Assets: An Application to Andalusian Silvopastoral Farms. Land Economics 93 (1): 87–108.

38.Oviedo, J.L., Caparrós, A., Ruiz-Gauna, I., Campos, P. 2016. Testing convergent validity in choice experiments: Application to public recreation in Spanish stone pine and cork oak forests. Journal of Forest Economics 25: 130–148.

39.Ovando P., Campos, P., Oviedo, J.L., and Caparros, A., 2016. Ecosystem accounting for measuring total income in private and public agroforestry farms. Forest Policy and Economics 71: 43–51.

40.Oviedo., J.L. and Caparrós, A., 2015. Information and visual attention in contingent valuation and choice modeling: field and eye-tracking experiments applied to reforestations in Spain. Journal of Forest Economics 21: 185–204.

41.Oviedo, J.L., Huntsinger, L., Campos, P. and Caparrós, A., 2012. Income value of private amenities assessed in California oak woodlands. California Agriculture 66(3): 91-96.

42.Gafo Gomez-Zamalloa, M., Caparros, A. and A. Ayanz, S.-M., 2011. 15 years of Forest Certification in the European Union. Are we doing things right? Forest Systems 20(1): 81-94.

43.Caparrós, A., 2010. Contabilidad Nacional Verde en el Sector Forestal. Cuadernos de la Sociedad Española de Ciencias Forestales 31: 251-262.

44.Campos, P., Oviedo, J.L., Caparrós, A., Huntsinger, L. and Coelho, I., 2009. Contingent Valuation of Woodland-Owner Private Amenities in Spain, Portugal and California. Rangeland Ecology and Management 62(3): 240-252.

45.Campos, P. and Caparrós, A., 2009, Can we use non-market valuation techniques in green national accounting applied to forests? Austrian Journal of Forest Science 126 (1-2): 53-74.

46.Caparrós A., Oviedo, J.L and Campos, P., 2008. Would you choose your preferred option? Comparing choice and recoded ranking experiments. American Journal of Agricultural Economics 90(3): 843-855.

47.Cerdá, E. Caparrós, A. and Ovando, P., 2008. Bioenergía en la Unión Europea. Ekonomiaz – Revista Vasca de Economía 67: 156-181.

48.Campos, P., Caparrós, A., Oviedo, J.L. and Ovando, P., 2008. La renta ambiental de los bosques. Arbor 729: 57-69.

49.Campos, P., Caparrós A., and Oviedo, J.L, 2007.Comparing Payment-Vehicle Effects in Contingent Valuation Studies for Recreational Use in two Spanish Protected Forests. Journal of Leisure Research 39(1): 60-85.

50.Campos, P., Bonnieux, F., Caparrós, A. and Paoli, J.C., 2007. Measuring Total Sustainable Incomes from Multifunctional Management of Corsican Maritime Pine and Andalusian Cork Oak Mediterranean Forests. Journal of Environmental Planning and Management 50(1): 65-85.

51.Campos, P. and Caparrós, A., 2006. Social and private total Hicksian incomes of multiple use forests in Spain. Ecological Economics 57: 545-557.

52.Campos, P., Oviedo, J.L. and Caparrós, A., 2005. Un sistema de cuentas para la valorización de los efectos comerciales y ambientales del gasto público en la mitigación del fuego en el bosque mediterráneo. Investigación Agraria: Sistemas y Recursos Forestales 14(1): 110-121.

53.Caparrós A., Campos, P. and Montero, G., 2003. An Operative Framework for Total Hicksian Income Measurement: Application to a Multiple Use Forest. Environmental and Resource Economics 26: 173-198.

54.Caparrós, A. and Campos, P., 2002. Valoración de los usos recreativo y paisajístico en los pinares de la sierra de Guadarrama. Revista Española de Estudios Agrosociales y Pesqueros 195: 121-146.

55.Caparrós, A., Campos, P. and Montero, G., 2001. Applied multiple use forest accounting in the Guadarrama pinewoods (Spain). Investigación Agraria: Sistemas y Recursos Forestales FS 1: 93-110.

56.Campos, P., Rodriguez, Y. and Caparrós, A., 2001. Towards the Dehesa total income accounting: theory and operative Monfragüe study cases. Investigación Agraria: Sistemas y Recursos Forestales FS 1: 45-69.


Alejandro Caparrós, holds a PhD in Economics (UCM) and is Professor in Energy Economics and co-director of CE3. He has worked in several research institutions and Universities, has visited many others, and has participated in a large number of research projects and consultant activities. He applies game theory and other microeconomic tools to the analysis of international environmental agreements on climate change, dynamic pollution control and ecosystem accounting.

Research interests

  • Game Theory
  • International environmental agreements, climate negotiations and dynamic pollution control
  • Public goods and ecosystem accounting


Supervision students

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