LOJK10229U Natural Resource Economics
Volume 2013/2014
Education
MSc Programme in
Environmental and Natural Resource Economics
MSc Programme in Agricultural Economics
MSc Programme in Animal Science
MSc Programme in Agricultural Economics
MSc Programme in Animal Science
Content
Natural Resource Economics deals with the
optimal utilisation of renewable and exhaustible resources. Here, a
distinction is made between renewable resources such as forests and
fisheries and non-renewables such as deposits of minerals and
metals. There are several features of natural resources that make
them different from other economic goods. First of all, natural
resources are both consumption/production goods and assets. The
latter implies that they have to be treated in the same way as
other assets, such as bonds and stocks. A second feature is that
both harvesting or extraction and growth (for renewables) take
place over a long period of time. This makes it necessary to use a
dynamic approach. Thirdly, it is often hard to define ownership of
natural resources. If at the same time there is open access to the
resource, the problem of the commons arises. This makes regulation
of the utilisation of the resource necessary from the point of view
of both the extractors and Society. Finally, especially for
renewable resources, values other than those related to direct
consumption and production are important in determining the optimal
social stock level of the resource. These other values could be
recreational (such as in a forest), biodiversity or pure existence
value.
Learning Outcome
The objective of this
course is to give a thorough introduction to and an overview of the
economics on natural resources. The course deals with the optimal
utilization of renewable resources (e.g. forests and fisheries) and
non-renewable resources (e.g. mineral deposits). There are several
features of natural resources that make them different from other
economic goods. These features are highlighted and dealt with at
length in the course. The analyses of natural resources necessitate
the use dynamic methods.
Knowledge: - Describe how the various natural resources analyzed in the course develop over time - Describe and explain the basic economic methods applied in natural resource economics - Identify and explain the main economic principles of natural resource use - Classify and explain optimal natural resource use under various market forms - Define and use the economic concept of natural resource scarcity - Define and use the economic concept of sustainable development Skills: - Be able to characterize a natural resource by the use of economic theory - Be able to apply the models developed in the course to problems of natural resource utilization. Competences: - Be able to work alone or in a team on problems of natural resource utilization | |
Literature
The precise literature will be announced
at the beginning of the course at Absalon. But it is likely to
include:
Hanley, N., J.F. Shogren and B. White (2006), Environmental Economics in Theory and Practice, Oxford: Oxford University Press
P. Neher (1990), Natural Resource Economics – Conservation and Exploitation, Cambridge, Cambridge University Press (Selected chapters)
P.S. Dasgupta and G.M. Heal (1979), Economic Theory and Exhaustible Resources, Cambridge: Cambridge University Press (Selected chapters)
C.W. Clark (1980), Towards a Predictive Model for the Economic Regulation of Commercial Fisheries, Canadian Journal of Fish. Aquat. Sci. 37, 1111-1129
R. Dorfman (1969), An Economic Interpretation of Optimal Control Theory, American Economic Review 59, 817-831.
R. Hartman (1976), The Harvesting Decision When a Standing Forest Has Value, Economic Inquiry, 14, 52-58
Strang, W.J. (1983), On the Optimal Forest Harvesting Decision, Economic Inquiry 21, 576-583
Plus some other papers and articles.
Hanley, N., J.F. Shogren and B. White (2006), Environmental Economics in Theory and Practice, Oxford: Oxford University Press
P. Neher (1990), Natural Resource Economics – Conservation and Exploitation, Cambridge, Cambridge University Press (Selected chapters)
P.S. Dasgupta and G.M. Heal (1979), Economic Theory and Exhaustible Resources, Cambridge: Cambridge University Press (Selected chapters)
C.W. Clark (1980), Towards a Predictive Model for the Economic Regulation of Commercial Fisheries, Canadian Journal of Fish. Aquat. Sci. 37, 1111-1129
R. Dorfman (1969), An Economic Interpretation of Optimal Control Theory, American Economic Review 59, 817-831.
R. Hartman (1976), The Harvesting Decision When a Standing Forest Has Value, Economic Inquiry, 14, 52-58
Strang, W.J. (1983), On the Optimal Forest Harvesting Decision, Economic Inquiry 21, 576-583
Plus some other papers and articles.
Teaching and learning methods
lectures and
exercises
Workload
- Category
- Hours
- Exam
- 4
- Lectures
- 40
- Preparation
- 162
- Total
- 206
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Exam
- Credit
- 7,5 ECTS
- Type of assessment
- Written examination, 4 hours under invigilation---
- Aid
- All aids allowed
- Marking scale
- 7-point grading scale
- Censorship form
- No external censorship
One internal examiner
- Re-exam
- If 10 or fewer register for the reexamination the examination form will be oral.
Criteria for exam assesment
evaluated according to the learning outcome
Course information
- Language
- English
- Course code
- LOJK10229U
- Credit
- 7,5 ECTS
- Level
- Full Degree Master
- Duration
- 1 block
- Placement
- Block 2
- Schedule
- B
- Course capacity
- No capacity limit
- Study board
- Study Board of Natural Resources and Environment
Contracting department
- Department of Food and Resource Economics
Course responsibles
- Frank Jensen (3-686c67426b687471306d7730666d)
Saved on the
25-09-2013