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This manuscript in review contains a full description of the OSIRIS model and research comparing a broad range of REDD reference level design options. This research finds that: REDD can be an effective and efficient source of emissions reductions; Extending REDD incentives to countries with historically low deforestation rates through higher-than-historical reference levels can prevent leakage to those countries, making the REDD mechanism more effective overall. This research is a product of the Collaborative Modeling Initiative on REDD Economics, a collaboration between Conservation International, the Environmental Defense Fund, the Woods Hole Research Center, the Terrestrial Carbon Group, and the University of East Anglia. For any questions on this manuscript, contact its lead author Jonah Busch: < jbusch@conservation.org > The analysis was generated with an economic model \"OSIRIS\", which is freely available on < http://www.conservation.org/osiris >, enabling any interested party or individual to model the emissions reductions and financial implications of different REDD reference level options.