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ECON 451. Resource and Environmental Economics

Credits: 3
Department: Economics
Description: Theory of public goods and externalities; analysis of stock resources (e.g., minerals and energy) and flow resources (e.g., forestry and fisheries); environmental economics and public policy analysis: air and water quality, pollution, global warming, biodiversity.
Prerequisites: ECON 205, ECON 206
Semester Offered: DEMAND
Grading Method: ABCDF

Student Learning Outcomes

1. Calculate the efficiency consequences of public goods and externalities in environmental and natural resource use.
2. Specify when and why private and social marginal benefits or marginal costs might differ.
3. Determine the efficiency consequences of private property, common property, and other property right structures.
4. Demonstrate efficient decision making for forests, fisheries, extractive stock resources, and other environmental or natural resources.
5. Compare market based approaches to environmental problems versus current command-and-control approaches.
6. Evaluate Pigouvian taxes, permit systems, and other public policies for controlling resource use.

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