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Course Objective: |
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This course deals with the theoretical framework of the optimal use of renewable and non- renewable natural resources. It also aims to target the common property issues and role of institutions in handling it. |
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Course Outcomes: The students will be able to |
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1 |
Know the extension of general equilibrium to resources and environment. |
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2 |
Understand the concept of steady state harvests and the biological growth function of renewable resources. |
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3 |
Learn the process of arriving at bio-economic equilibrium outcome in an open access fishery and static private property fishery. |
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4 |
Construct the model for efficient and optimal use of non-renewable resources. |
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Understand the static and dynamic efficiency conditions of the resource optimization problem. |
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Comprehend about some of the ways in which people’s participation can be made effective. |
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Course Content: |
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UNIT I |
Economy wide Modeling: Environmental Input output Analysis, Computable General Equilibrium model for Resources and Environmental Pollution. |
10 hrs |
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UNIT II |
Economics of Renewable Resources I: Growth functions and growth rate Optimal Management of Renewable Resources – Cases of Water, Forest, and Fishery: |
10 hrs |
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UNIT III |
Economics of Renewable Resources II: Theories of Pricing, Depletion and Augmentation of Resources. |
10 hrs |
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UNIT IV |
Economics of Non-Renewable Resources I: Theories of Depletion and Investment for Exploration, Hotelling’s rule, |
10 hrs |
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UNIT V |
Economics of Non-Renewable Resources II: Pricing and Market. Natural Resource Cartels: Cases of Energy and Non-fuel Minerals |
10 hrs |
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UNIT VI |
Economics of Common Property Resources and Institutions: Open Access: Economic Failure and consequences; Management of Open Access; Participatory Approach and Institutions |
10 hrs |
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Internal Assessment: |
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CIA 1 |
Unit I, Unit II |
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CIA 2 |
Assignment submission and/or presentation |
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Text Books: |
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1. Hanely, Nick, Jason F.Shorgen, and Ben White, Environmental Economics: In Theory and Practice 1999, MacMillian |
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2. Roger Permanet. al., Natural Resource and Environmental Economics, Third edition, Pearson(Module I). |
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Reference Books: |
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3. Clement A Tisdell, Economics of Environmental Conservation, Second Edition, Edward Elgar(Module IV). |
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4. Tom Tietenberg, Environmental and Natural Resource Economics, Seventh Edition, Pearson (Module III). |
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5. David Anderson, Environmental Economics and Natural Resource Management, Routledge. |
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- Teacher: Department of Economics