Resource Economics

3 credits · Graduate

This course is designed as an introduction to the theory and application of resource economics. Topics include: 1) interpersonal and intertemporal decision- making criteria; 2) the basic theory of nonrenewable resource exploitation (including Hotelling’s theory of the mine); 3) a basic forestry model (i.e., the Faustmann model) including extensions which allow for benefits that arise from standing forests; and 4) the Gordon-Schaefer model of the fishery and optimal dynamic harvesting. Empirical applications of these models (from the current economic literature) will also be presented. FORMATS: Lecture