Economics 255: Environmental and Natural Resource Economics

Winter 2007
Instructor: Jim Casey
Contact Info: Huntley Hall Rm. 205A, Ext. 8102, Email: Caseyj
Prerequisite: Economics 101

This course meets MWF from 11:15-12:10 and 12:20-1:15.

Contents:
(1) Course Objectives
(2) Readings
(3) Requirements and Grading
(4) Course Outline

(1)Course Objectives: The course is an introduction to both environmental and natural resource economics.  Throughout the semester we will see how economic principles can be and are being used in public and private decision making involving the management and use of environmental and natural resources.  Aspects pertaining to fisheries, forests, species diversity, agriculture, solid waste and various economic policies to reduce air, water and toxic pollution will be discussed. We will spend a significant amount of time looking at the relationship between energy acquisition and global climate change.  The lectures, reading assignments, discussions and papers will be directed at using microeconomic analysis for dealing with environmental and natural resource problems.
 

(2) Readings:

Kahn, James R.  The Economic Approach to Environmental and Natural Resources, Thomson-Southwest, Third Edition 200 .

Selected articles    

(3) Requirements: For this class, you will be required to write one short policy brief***.  You must choose to answer one of the three assigned questions.  (Options are at the bottom of the page) You may turn this assignment in at any time during the semester.  If you have not turned in your paper by the last Monday of the semester you will receive a zero for the assignment.  (1) The paper is worth 10% of your final grade.  (2) There will be three exams each worth 20%.  (3) 4 random quizzes (on the day's assigned reading) worth 10% and (4) the remaining 20% is for class and blog participation.  

***You may choose to substitute ENV 111 - Environmental Service Learning for this part of the course.  By enrolling in ENV 111, you will earn an additional credit and participate in an important study for Washington and Lee.  Laurence Eaton will be leading a team of students performing a climate audit for campus - an audit that may lead to policy changes on campus.  Laurence will assign your grade for ENV 111 and this will replace the 10% for the policy brief.

(1) Paper 1 due April xx, or ENV 111 --- 10%  (Electronic submission only)

(2) Exam 1 due January xx, Exam 2 due February xx, Exam 3 due April xx  ---  60%  (Electronic submission only)

(3) Quizzes 1-4 Not announced  ---  10%

(4) Class discussion and Blog commentary  ---  20%

 Class Blog

Grading:

This is directly from the course catalogue

GRADES

Grading Scheme

A+, A, A- Superior

B+, B, B- Good

C +, C, C- Fair

D +, D, D- (Marginal)

E (Conditional Failure)

F (Failure)

(4) Course Outline:

I. Theory and Tools of Environmental and Natural Resource Economics:

WEEK 1:

Monday:    Introduction

Wednesday: Kahn chs. 1 and 2

Friday: Kahn ch. 3

WEEKS 2 and 3:

Monday: NO Class - MLK Jr. Holiday

Wednesday: Kahn chs. 4 and 5

Friday: Kahn ch. 6

Test # 1

 II. Energy and climate change

 WEEK 4: Introduction

Monday: Kahn ch. 8 

Wednesday: Kahn ch. 9   

Friday: Kahn ch. 7           

WEEK 5:    Foundations

Monday: The Stern Report Chapters 1 and 2

Wednesday: The Power Problem

Friday: More Stern Report and Responses

WEEK 6: Economic Analysis and policy

Monday:     RFFClimate

Wednesday:   Back to the Future: The Great Climate Experiment

Friday: Continuation from Wednesday

WEEK 7: More Policy

Monday: RFF  Policy Backgrounders - I emailed them to you all.  

Wednesday: Continuation of Monday

Friday: SSA

Test # 2

III. Renewable Resources and Agriculture:

WEEK 8: Water and Fisheries

Monday: Kahn ch. 11

Wednesday: Marine Protected Areas: Economic and Social Implications - NOTES

Friday: Kahn ch.15 - QUIZ

WEEK 9: Forests

Monday: Mark Rozenzweig talk - no D hour meeting.

Wednesday: Kahn Ch.12 and 13

Friday: Kramer and Mercer (1997) - Outline for kramer and mercer discussion

 WEEK 10: Biodiversity and Agriculture

Monday: Kahn ch. 14

Wednesday: Kahn ch. 17

Friday:

 IV. Development and Environment

WEEK 11:

Monday:

Wednesday: Finish Sustainable Agriculture

Friday: Kahn 10 and 16

WEEK 12:

Monday: Kahn 18 and 19

Wednesday: http://www.rff.org/Documents/RFF-IB-02-25.pdf and   http://www.rff.org/Documents/RFF-IB-02-29.pdf

Thursday 8:30 to 10pm in room 327 - review session

Friday:   http://www.rff.org/Documents/RFF-IB-02-28.pdf  and  http://www.rff.org/Documents/RFF-IB-02-13.pdf

Test # 3

 Environment and Development.ppt

 http://www.rff.org/Documents/RFF-IB-02-26.pdf

 http://www.rff.org/Documents/RFF-DP-03-18.pdf

Please choose one of the three policy questions.  You must answer yes or no and then make a sound economic argument to support your position.  We are pretending I am a very busy Senator who only has time to read 2-3 pages.  Yet, I must be informed and able to defend my vote.

Should the United States adopt a policy for reductions in carbon emissions?

Should the United States subsidize the development of "alternative" energy?

Should the United States build more coal-fired utility plants?