BAEcon Economics and Finance / Course details

This course explores the use of natural resources from an economic perspective. The goal is to examine economic theories of natural resource scarcity and sustainability, conflicts and environmental degradation from natural resource use. It aims to provide the students with an analytical understanding of the neoclassical economics analysis of the exploitation of

natural resources and markets for non renewable resources (e.g. minerals and oil), and renewable resources (e.g. fisheries and elephants/ivory). 

 

At the end of this course students should be able to:

1. demonstrate their understanding of some of the fundamental relationships between economic activity and the ‘natural environment’;
2. demonstrate their understanding of the optimal rate of use of non renewable natural resources and the role of the interest rate, extraction costs and backstop technologies on the price and supply path;
3. use bioeconomic models & demonstrate their understanding of the optimal rate of use of renewable natural resources and role of property rights regimes.

 

(ECON20021 or ECON20501) and (ECON10071 or ECON20071)

(ECON20021 Micro 3 or ECON20501 Micro Analysis 3) and (ECON10071 Adv Maths or ECON20071 Adv Maths)

This course explores the use of natural resources from an economic perspective. The goal is to examine economic theories of natural resource scarcity and sustainability, conflicts and environmental degradation from natural resource use. It aims to provide the students with an analytical understanding of the neoclassical economics analysis of the exploitation of

natural resources and markets for non renewable resources (e.g. minerals and oil), and renewable resources (e.g. fisheries and elephants/ivory).

At the end of this course students should be able to:

1. demonstrate their understanding of some of the fundamental relationships between economic activity and the ‘natural environment’;
2. demonstrate their understanding of the optimal rate of use of non renewable natural resources and the role of the interest rate, extraction costs and backstop technologies on the price and supply path;
3. use bioeconomic models & demonstrate their understanding of the optimal rate of use of renewable natural resources and role of property rights regimes.

 

 

Topic 1. Introduction

Topic 2. Economics of Non-Renewable resources

Topic 3. Economics of Renewable Resources

Topic 4: Dynamic Optimization (Optimal Control Technique)

Topic 5. Management Mechanisms

Topic 6. Other related issues (e.g., Forest economics, Ecological Economics)

 

Lectures and tutorial classes.

Critical thinking, Problem solving, Problem posing, Decision-Making; 

Planning independent research and study using library, electronic and online resources,

Information Retrieval, Numeracy, Literacy, Computer Literacy, Time Management Applying Subject Knowledge, Improving own Learning;

Other attributes: Willingness to update knowledge; Listening; Commercial Awareness, Stress Tolerance, Self-confident, Independence, Self-management, etc.

 

• Mock exam.
• Tutorial feedback.
• Office hours.
• Discussion boards.

• Conrad, J (1999) Resource Economics. CUP.
• T. Tietenberg, Environmental and Natural Resource Economics, Pearson / Addison Wesley.
• R. Perman, Y. Ma, J. McGilvray, M. Common (2003), Natural Resource and Environmental Economics (3rd Ed. Or 4th Ed.).