Resource Economics

Catalog description

AEM 4500 / ECON 3860 introduces students to the economics of renewable and nonrenewable natural resources. Topics covered include the valuation and use of land; water economics, management, and conservation; the extraction and management of nonrenewable resources such as minerals, rare earth elements, and energy resources; renewable and nonrenewable sources of energy; forest management; fishery economics; groundwater; natural resource markets, demand, supply, and scarcity; and sustainability. Students will learn how to use dynamic models to analyze decision-making over time, and to solve dynamic optimization problems analytically and numerically. Students will also learn tools in numerical analysis, data analytics, graphical analysis, computational techniques, regression analysis, and econometric modeling. Students will apply the methods, quantitative tools, and concepts to analyze natural resource issues at global and local levels; to introspectively reflect on their own lives and future aspirations; and to draw lessons and implications for leadership, management, and policy. A solid background in calculus is required.