ESPM 3261W/ 5261 Economics and Natural Resources Management
(4.0 cr; =[ESPM 5261]; A-F or Aud, spring, every year)
This course is designed to give students an understanding of and appreciation for the role economics plays in the management, use, and protection of natural resources. Its focus is to build student capacity to think critically about natural resources using economic decision-making criteria. The course emphasizes the practical application of economic principles and concepts to natural resource problems. The first third of the course focuses on developing an understanding of basic microeconomic concepts. The middle third of the course covers the tools and techniques used to value natural resources and evaluate natural resource projects using economic and financial criteria. The last third of the course extends these economic concepts, tools, and techniques to the management of various natural resources (e.g., forests, water). Prerequisite math skills for this course are limited to solving problems using algebra.
Class Time: 80% Lecture, 5% Small Group Activities, 15% Guest Speakers.
Work Load: 40 pages reading per week, 3 exams, 2 problem sets, 3 quizzes.
Grade: 33% mid exam, 25% final exam, 9% quizzes, 33% written homework.