Basic theoretical concepts and analytical tools necessary to evaluate resource use, allocation, and policy. Emphasis is placed upon theoretical applications to natural, rural, and agricultural resources which impact both public sector and private sector economic activities.
Additional Requirements for Graduate Students: Beyond the requirements for undergraduate students, Graduate students will have additional readings, complete two referee reports of published or working papers in the natural resource economics literature, and write a term paper.
Athena Title
Resource Economics
Equivalent Courses
Not open to students with credit in ENVM 2060, ENVM 3060, ENVM 3060E
Prerequisite
[(AAEC 2580 or AAEC 2580E or ECON 2106 or ECON 2106E or ECON 2106H) and (AAEC(ENVM) 3020 or AAEC 3020E)] or permission of department
Semester Course Offered
Offered spring
Grading System
A - F (Traditional)
Student learning Outcomes
Students will explain key concepts and theories in natural resource economics (e.g., scarcity, externalities, public goods, discounting) and interpret their implications for resource use and policy decisions.
Students will apply quantitative models (e.g., market equilibrium, optimal extraction, bioeconomic models) to solve problems and compute indicators such as economic surplus, shadow prices, and net present value.
Students will analyze real-world resource management cases by identifying market failures, stakeholder incentives, and ecological-economic trade-offs to diagnose causes of inefficiency.
Students will design and evaluate policy interventions (e.g., taxes, tradable permits, subsidies, property-rights reforms) by comparing expected economic, social, and environmental outcomes and recommending evidence-based solutions.
Topical Outline
Introduction: how do natural resource issues affect broader economic outcomes?
Economics of natural resource management
Market failure and natural resource economics
Economics of mineral and energy resources
Economics of forestry resources
Economics of fishery resources
Economics of water resources
Economics of wildlife resources and recreation
Institutional Competencies Learning Outcomes
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.
