Natural Resources and Environmental Economics

Natural Resources and Environmental Economics
Economic theory applied to allocation of natural resources and environmental amenities. Issues relating to externalities, common property resources, public goods, allocation of depletable natural resources over time, economic factors of environmental polarization, and others.
 Hours3.0 Credit, 3.0 Lecture, 0.0 Lab
 PrerequisitesECON 380 & ECON 388
 RecommendedEcon 382.
 TaughtFall, Winter
 ProgramsContaining ECON 440
Course Outcomes

Econ 440 students will be able to

  1. Utilize economic principles and models to address private and public policy issues related to allocating natural resources and environmental amenities.
  2. 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.

  1. Demonstrate a basic knowledge of the role of markets and market failure with regards to the allocation of natural resources and environmental amenities.
  2. 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.
  3. 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

Global warming

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.