
- UCAS course code
- LN13
- UCAS institution code
- M20
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:
- demonstrate their understanding of some of the fundamental relationships between economic activity and the ‘natural environment’;
- 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;
- 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 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:
- demonstrate their understanding of some of the fundamental relationships between economic activity and the ‘natural environment’;
- 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;
- 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 |