Can you walk me through how you apply this framework in this particular case? How do you approach studying the wetland offsets in Florida?

I think the cleanest way to describe how we apply the framework in a succinct way is to first talk about the private gains from trade and then talk about the environmental externalities.

So for the first aspect, which is the private gains from trade, we're really justEstimating supply, estimating demand, and then integrating under, uh, the difference of those two curves over the range of realized trades that we see.

Because we have really cool data, or at least data [chuckles] that I think is really cool, that my co-author and I think [chuckles] is really cool, that we collected, uh, to capture a variety of aspects of this market.

So we have the full ledger of every offset transaction that happened.

We have every contract with every restoration project that specifies all of the offsets that they produced over time.

We have measures of the cost that they incurred when they set up these banks.

Can you explain what the court has been relying on and what's wrong, or at least incomplete, with using this older study to set policy today?