Conservation of the environment, natural resources, fish, and wildlife relies on the actions of government, industry, and people. Market and political forces influence resource use. This class covers key theories from environmental and resource economics that explain why environmental and conservation issues arise, and how these issues can be resolved.
Athena Title
Economics Renewable Resources
Non-Traditional Format
Course will meet for seven weeks only. The lecture portion of
this course will meet on Monday, Wednesday, and Friday for one
period. Discussion section will meet on Tuesday or Thursday for
one period.
Prerequisite
Second year student standing
Semester Course Offered
Offered fall and spring
Grading System
A - F (Traditional)
Student Learning Outcomes
On completion of the course, students will be able to evaluate the roles markets, government, and the public play in generating environmental and conservation problems.
On completion of the course, students will be able to explain how different market-based and regulatory tools can be used to resolve environmental and conservation problems.
On completion of the course, students will be able to assess the advantages and disadvantages of different market-based and regulatory tools.
On completion of the course, students will be able to recommend the most appropriate solution to real world conservation problems.
Topical Outline
The role of economics in renewable resource decision making
Rational behavior
Classification of resources
Economic importance of renewable resources in the U.S.
Basic economic principles applied to renewable resource management decisions
Demand
Supply
Price Formation
Optimal management of common and pool renewable resources
The problem of common and pool renewable resources
The economics of fisheries and wildlife production decisions
Regulation vs. market based approaches for controlling overharvest
Optimal management of private renewable resources
The economics of forest production decisions
Optimal harvest timing of private renewable resources
Inclusion of multiple products in decision-making
Optimal management of water
The economics and institutions of water allocation
Issues in the valuation of renewable resources
Methods for valuing market and nonmarket resources
Opportunity cost approach for environmental evaluation
Auctions for determining market values
Contingent valuation for hypothetical markets
1. Discounting, compounding, and the time value of money
2. Discounting multiple cash flows
3. Spreadsheet analysis of investments
4. Inflation and its measurement
5. Investment analysis and criteria
6. The incorporation of taxes in investments
7. Presenting and evaluating economic data
Institutional Competencies
Analytical Thinking
The ability to reason, interpret, analyze, and solve problems from a wide array of authentic contexts.
Critical Thinking
The ability to pursue and comprehensively evaluate information before accepting or establishing a conclusion, decision, or action.
Social Awareness & Responsibility
The capacity to understand the interdependence of people, communities, and self in a global society.
