This course analyzes the economics of natural resources and the environment. The optimal allocation of natural resources and environmental quality through space and time depends on many things and may differ from the allocation generated by markets. In the first half of this course, we will examine the role for policy intervention to affect environmental quality in the context of many of the archetypal problems in environmental economics. These include polluting activity; the allocation of depletable, renewable, and recyclable resources over time; harvesting problems; and the control of toxic substances. We will also consider the policymaker's problem when information is less certain. The second half of the course will focus on the use of contingent valuation methods (CVM) to value natural resources and environmental quality. We will learn about the great CVM debate in economics -and then apply what we've learned to a contingent valuation project of our own on a topic of local interest. Phases of the project will include survey design, survey administration, and data analysis. Results of the project will be presented to the community. Prerequisite: Economics 251. Mathematics 104 recommended. Enrollment limited to 25. This course satisfies the Economics Department's alternative paradigms requirement.

Hour: SPENCE