Econ 440 students will be able to
- Utilize economic principles and models to address private and public policy issues related to allocating natural resources and environmental amenities.
- Demonstrate an active understanding of the following elements of economic theory as it relates to natural resource and environmental economics:
Welfare economics and concepts of Pareto optimality, efficiency, and equity
The role of property, property rights, and the bundle of rights concept
The role of externalities, common property resources, and public goods
Concepts and measures of economic value including non-market valuation.
- Demonstrate a basic knowledge of the role of markets and market failure with regards to the allocation of natural resources and environmental amenities.
- Gain a basic understanding of the effects and relative merits of public environmental policy efforts, including cap-and-trade schemes, Pigovian taxes, regulation, and public ownership and/or management.
- Become knowledgeable about and be able to use economic principles and non-market valuation techniques to address a variety of continuing and contemporary natural resource and environmental issues. These issues may include, but are not exclusive to:
Population growth and the environment
Wilderness protection and related public lands issues
Air pollution and public health
Intergenerational allocation of soil, forest, and other depleteable natural resources
Impacts of environmental features on property values.