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BAEcon Economics and Finance / Course details

Year of entry: 2021

Course unit details:
Natural Resource Economics

Unit code ECON30232
Credit rating 10
Unit level Level 3
Teaching period(s) Semester 2
Offered by Economics
Available as a free choice unit? Yes

Overview

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.


 

Pre/co-requisites

Unit title Unit code Requirement type Description
ECON20351 Pre-Requisite Compulsory
Microeconomics 3 ECON20021 Pre-Requisite Compulsory
Advanced Mathematics ECON20071 Pre-Requisite Compulsory
Microeconomic Analysis 3 ECON20501 Pre-Requisite Compulsory
Advanced Mathematics ECON10071 Pre-Requisite Compulsory
(ECON20021 or ECON20501) and (ECON10071 or ECON20071)

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

Aims

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).

Learning outcomes

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.

 

 

Syllabus

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)


 

Teaching and learning methods

Lectures and tutorial classes.

Intellectual skills

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

Practical skills

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

Transferable skills and personal qualities

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.

Employability skills

Analytical skills
Problem solving
Research
Planning independent research and study using library, electronic and online resources.
Other
Information retrieval. Numeracy. Literacy. Computer literacy. Time-management Applying subject knowledge. Improving own learning.

Assessment methods

75%      Exam

15%      Group work

10%      Excel exercisement methods

 

Feedback methods

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

Recommended reading

  • 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.).
     

Study hours

Independent study hours
Independent study 0

Teaching staff

Staff member Role
Prasenjit Banerjee Unit coordinator

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