Lecture: Economics of Sustainable Resource Use - Details

Lecture: Economics of Sustainable Resource Use - Details

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General information

Course name Lecture: Economics of Sustainable Resource Use
Semester WS 2024/25
Current number of participants 14
Home institute Prof. Dr. Florian Diekert - Umweltökonomik
Courses type Lecture in category Teaching
Next date Wednesday, 15.01.2025 10:00 - 11:30, Room: (J 2106)
Pre-requisites Students should have a solid understanding of microeconomic theory, such as principal-agent problems, the concept of optimization, and expected utility maximization as well as Game Theory. Students should have prior experience in interpreting and critically evaluating econometric models. This course also requires students to be familiar with dynamic equations in discrete and continuous time. Sound knowledge of Macroeconomics and Statistics is an advantage.
Performance record Schriftliche und ortsungebundene Bearbeitung einer Aufgabenstellung (< 20.000 Zeichen) sowie 20 minütiges Referat während der Vorlesungszeit.
Veranstaltung findet in Präsenz statt / hat Präsenz-Bestandteile Yes
Hauptunterrichtssprache englisch
Literaturhinweise The main text for this course is: Perman, R., Y. Ma, M. Common, D. Maddison, and J. McGilvray (2011): Natural Resource and Environmental Economics. 4th edition. Addison-Wesley. Lecture notes and scientific articles will complement this textbook.

Rooms and times

(J 2106)
Wednesday: 10:00 - 11:30, weekly (15x)
Thursday: 08:15 - 09:45, weekly (13x)

Module assignments

Comment/Description

Students learn to analyze policy problems related to the exhaustion of non-renewable natural resources and overutilization of renewable resources. The course familiarizes students with the central analytical models, the core contributions, and the recent empirical and theoretical advances in natural resource economics. The course furthermore prepares students to write and conduct own independent research (e.g. writing a Master thesis) in the field. After taking the course, students can competently contribute to the public debate on policies that aim to combat climate change, conserve biodiversity, or regulate resource and energy use. They can evaluate the pros and cons of a given policy proposal for sustainable resource use and they can suggest new policies that draw on the scientific research in the field of natural resource economics.

The course is divided into three parts. In the first part, we will study the optimal management of non-renewable resources such as oil or minerals. We begin with the simplest model and sequentially consider relevant extensions (uncertainty, market structure, extraction costs, externalities etc.). In the second part, we consider renewable resources such as forests or fisheries and compare optimal management under perfect property rights with the rent-dissipation that occurs under open-access. In the third part, we learn about recent empirical and theoretical advances that look at the two-way interactions between the institutional setting and natural resource management.