Montclair State University School of Business Department of Economics and Finance



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Montclair State University

School of Business

Department of Economics and Finance
ECON414-01/EUGS504-03 P. LeBel

Economics of Natural Resources and Global Warming Spring 2008

PA-423 T 17:30-19:45

Course Description


This course links economic analysis of the technology and economics of natural resources to global warming. The focus is on the structure of domestic and international natural resource markets, how pricing is derived, and how utilization of natural resources is related to patterns of global warming. Prerequisites: Econ 101, Econ 102

Course Objectives


The Economics of Natural Resources and Global Warming integrates our expanding knowledge of global climate change with the role of extractive industries in the economy. As such, it draws on various models by natural scientists with those developed by economists to provide an integrated framework for understanding the relationships between natural resource dynamics and the environment. Descriptive, geometric, and elementary quantitative methods will be used throughout the course. Class sessions, which are based on a student's prior reading of assigned materials, require a significant degree of student participation. Extensive use will be made of the course website, located at:
http://netdrive.montclair.edu/~lebelp/EnvironmentalEconomics.html

A student who has completed this course is expected to demonstrate a mastery of essential concepts and analytical skills in several key areas. The most important of these areas are:




  1. An overview of natural resource industries; minerals, forestry, marine, land, and energy that includes an economic measure of their absolute and relative size in key economies around the world;

  2. An examination of basic economic tools of natural resource economics: opportunity cost, externalities, property rights, taxes and subsidies, technical and economic efficiency;

  3. An overview oa alternative view of the role of the public sector, with emphasis on the economic functions of the public sector in general and those that pertain to natural resource economics and global warming in particular;

  4. An examination of the science of global climate change, including various sources of current and evolving projections such as those of the IPCC, the Stern Report, and others;

  5. An examination of alternative strategies that address the key ares of natural resource economics and global warming within a national and international framework;

  6. An analysis of reent national and international initiatives within the framework of economic policy alternatives, including the Rio Accords of 1992, the Kyoto Accords of 1992, and others.

The student’s knowledge in each of the above areas will be tested in three examinations, in periodic case studies and in a research paper. A student who has successfully mastered both theory and methodological applications in these areas will be well prepared to pursue both direct career experience, as well as continuing study in Economics and/or related fields.


Educational Dimensions of the Strategic Charter Supported by the Course:

Discipline Specific Knowledge and Competencies – Students will acquire knowledge and skills in analyzing fundamental economic issues. The perspective will vary across individual consumers, firms, and the public sector. Emphasis in all instances will be on practical applications of basic techniques in the economic analysis of natural resources and global warming.

Thinking Skills – Students will use computer spreadsheets to analyze economic and environmental conditions relating to market equilibria under various market structures, taxation, international trade, and income distribution, through both homework assignments and in-class case studies. In addition, various links to internet data sites will be used to develop a student’s research and organizational skills.

Communications Skills – Students will make periodic presentations regarding classroom case studies they have completed, as well as to analyze contemporary economic issues.

Change Management – Students will be encouraged to think about how economic factors shape institutional decisions at a social level as well as how it affects personal and professional choices.
***

Policies and Procedures:
Undergraduate Grading:

Final examination: 30% (cumulative; essays and objective)

Monday, December 17, 2007, 19:30-19:45

Other examinations: 40% (20% each; essays and objective)



Undergraduate Research Paper: 30% (standards and guidelines for

the paper are found in this syllabus)



Grading for graduate student enrollment: Graduate students will be evaluated

in the following manner:

Final examination: 30% (cumulative; essays and objective)

Other examinations: 40% (20% each; essays and objective)



Graduate Research Paper: 30% (standards and guidelines for the

paper are found in this syllabus)



Make-up examinations: None. A student who misses an exam for a valid reason may request permission from the instructor to submit a substitute paper, with the instructor's prior approval of the topic. The paper is to be typed, at least 10 double-spaced pages in length, and is to be submitted within 2 weeks of the previously scheduled exam. No paper substitute is permitted for the final examination.

Office Hours: Partridge Hall, PA-412, with hours to be posted on the website at: http://netdrive.montclair.edu/~lebelp/currentcoursematerialsspri.html

Other Contacts: Telephone (973)-655-7778;

e-mail: LeBelp@mail.montclair.edu.


Montclair State University

School of Business

Department of Economics and Finance

ECON414-01//EUGS504-03 Dr. P. LeBel

Economics of Natural Resources and Global Warming Spring 2008
Syllabus
Text: Tom Tietenberg. Environmental and Natural Resource Economics, seventh edition. (New York: Pearson Addison-Wesley Publishing Company, 2007).
Recommended Periodical Supplements:

The Wall Street Journal The New York Times


The Economist Financial Times
Scientific American Science

Worldwatch Institute
Readings on Reserve:

Acemoglu, Daron and Thierry Verdier (2000). "The Choice Between Market Failures and Corruption," American Economic Review, 90:1 (March), 194-211.

Ackerman, Frank and Elizabeth Stanton (2006). "Climate Change – the Costs of Inaction," (Medford, Mass.: Tufts University Global Development and Environment Institute).

Bator, Francis M. (1958), “Anatomy of Market Failure,” Journal of Political Economy, 72:3 (August), 351-379.

Bojö, J., J. Mucknall, K. Hamilton, N. Kishor, C. Kraus, and P. Pillai (2001). "Environment", Draft Framework for Environmental Policy. (Washington, D.C.: The World Bank).

Borenstein, Severin, James Bushnell, and Frank Wolak (2001). "Measuring Market Inefficiencies in California's Restructured Wholesale Electricity Market," paper presented at the ASSA conference in Atlanta, Georgia (January).

Coase, Ronald H (1937), “The Nature of the Firm,” Economica, New Series 4:16 (November), 386-405.

Coase, Ronald H. (1960), “The Problem of Social Cost”, Journal of Law and Economics (October).

Dasgupta, Partha (2006). "Comments on the Stern Review's Economics of Climate Change", (London, U.K.: Royal Society Foundation for Science and Technology).

Easterbrook, Gregg (2007). "Global Warming: Who Loses-And Who Wins?", The Atlantic Monthly (April), 1-8.

Federal Trade Commission (1973). “The Petroleum Industry: Structure and Conduct”, in Mansfield, Microeconomics Readings, (326-341).

Golan, Elise, Fred Kuchler, and Lorraine Mitchell (2000). "Economics of Food Labeling". (Washington, D.C.: Economic Research Service, U.S. Department of Agriculture, Agricultural Economic Report No. 793).

Goodland, Robert (1995). "The Concept of Environmental Sustainability," Annual Review of Ecology and Systematics, 26, 1-24.

Gylfason, Thorvaldur, and Martin L. Weitzman (2003). "Icelandic Fisheries Management: Fees vs. Quotas," Conference paper, Iceland and the World Economy: Small Island Economies in the Era of Globalization. (Cambridge, Mass.: Harvard University Center for International Development).

Krautkraemer, Jeffrey A. (1998). "Nonrenewable Resource Scarcity," Journal of Economic Literature, 36:4 (December), pp. 2065-2107.

Lareau, Thomas J. and Douglas A. Rae (1989), "Valuing WTP for Diesel Odor Reductions: An Application of Contingent Ranking Technique," Southern Economic Journal 55:3, 728-742.

LeBel, P. (2005). "Optimal Pricing of Biodiverse Natural Resources for Sustainable Economic Growth," Journal of Development Alternatives, 24:1-2 (March-June), 5-38.

LeBel, P. (1999), "Measuring Sustainable Economic Development in Africa," Scandinavian Journal of Development Alternatives, 18:2-3 (June-September), 265-282.

Lovins, Amory, L. Hunter Lovins, and Paul Hawken (1999). "A Road Map for Natural Capitalism," Harvard Business Review, (May-June), 146-158.

Newell, Richard G., James N. Sanchirico, and Suzi Kerr (2002). "Fishing Quota Markets," Discussion Paper 02-20. (Washington, D.C.: Resources for the Future).

Nordhaus, William (2006), "The Stern Review on the Economics of Climate Change," (November).

Porter, Robert H. (1995), “The Role of Information in U.S. Offshore Oil and Gas Lease Auctions”. Econometrica 63:1 (January), pp. 1-28.

Stern, Nicholas (2006), Review of Climate Change Science, (London, U.K.: Royal Society Foundation for Science and Technology).

Stern Review Part 1 – Study Approach

Stern Review Part 2 – Impacts on Growth and Development

Stern Review Part 3 – Stabilization Economics

Stern Review Part 4 – Policy Mitigation Responses

Stern Review Part 5 – Policy Responses for Adaptation

Stern Review Part 6 – International Collective Action

Stern Review Charts - Stern Review Charts

Tietenberg, Tom (2003). "The Tradable-Permits Approach to Protecting the Commons: Lessons for Climate Change," Oxford Review of Economic Policy, 19:3, 400-420.

UNCTAD (1998). Greenhouse Gas Emissions Trading: Defining the Principles, Modalities, Rules and Guidelines for Verification, Reporting and Accountability, (Geneva, Switzerland: UNCTAD).

Varian, Hal R. (2006). "Recalculating the Costs of Global Climate Change," The New York Times, November 14, 2006.

____________. "Climate of Opinion," The Wall Street Journal, February 5, 2007.

World Meterological Organization, United Nations Environmental Programme, Intergovernmental Panel on Climate Change, "Climate Change 2007: Impacts, Adaptation and Vulnerability". (Brussels, Belgium: IPCC Working Group II).


Internet Sources:

Ecological Economics Resources:

http://www.ecoeco.org

Environmental Economics Resources:

http://www.aere.org/

Intergovernmental Panel on Climate Change (IPCC):

http://www.ipcc.ch/pub/online.htm

Japan Recycling Statistics:

http://web-japan.org/stat/stats/19EN51.html

Nature Conservancy:

http://nature.org/aboutus/

The Forest Stewardship Council:

http://www.fsc.org/fsc

U.S. Department of Energy Renewable Energy Annual Report (REA):

http://www.eia.doe.gov/cneaf/solar.renewables/page/pubs.html/

U.S. Department of the Interior Minerals Yearbook:

http://minerals.usgs.gov/minerals/pubs/

U.S. Energy Information Administration, Department of Energy

http://www.eia.doe.gov/

U.S. Energy Recycling Statistics:

http://www.epa.gov/epaoswer/non-hw/muncpl/facts.htm/

U.S. Environmental Protection Agency National Ambient Air-Quality Standards:

http://www.epa.gov/air/criteria.html

U.S. Environmental Protection Agency Air Quality Emissions Trends:

http://www.epa.gov/airtrends/sixpoll.html

U.S. Environmental Protection Agency Acid Rain Trends:



http://www.epa.gov/docs/acidrain/update3/allws.html

  1. The Natural Science and Economics of Natural Resources and Global Warming

(09/05/07) Class 1 – The Scope of Environmental Economics, text, chapter 1, (1-13), chapter 2, (14-22). Key concepts: Environmental economics, ecological economics, thermodynamics, entropy law, positive and negative feedback loops, carrying capacity, positive vs. normative economics, opportunity cost. Reserve Readings: WMO-UNEP IPCC Climate Change update: "Climate Change 2007: Impacts, Adaptation and Vulnerability"; Sir Nicholas Stern, Review of Climate Change Science (henceforth, Stern Review) – Study Approach. Datasets: World Grain Production. Application Modules: The Circular Flow Diagram ; The Measurement of Risk. Classroom Case Studies:
– Models and Methods in Environmental Economics, text, chapter 2, (22-32), chapter 3, (33-44). Key concepts: Basic supply and demand, Present and Future Values, Net Present Value (NPV) criterion, Pareto optimality, static vs. dynamic efficiency, willingness to pay criterion, Contingent Valuation, Hedonic Property Values-Conjoint Analysis, Hedonix Wage Values-Choice Experiments, Avoidance Expenditures-Contingent Ranking,. Reserve Readings: Thomas J. Lareau and Douglas A. Rae, "Valuing WTP for Diesel Odor Reductions: An Application of Contingent Ranking Technique," Southern Economic Journal, 55:3, 728-742; Stern Review – Impacts on Growth and Development. Datasets: Application Modules: Econometric Modeling Classroom Case Studies: Basic Supply and Demand Model
(09/12/07) Class 2 – Markets and States in Environmental Choices, text chapter 3, (45-61), chapter 4, (62-67). Key concepts: Valuation of Human Life, tangible vs. intangible benefits, survey vs. engineering approaches, risk in expected NPV estimates, private vs. social rate of discount, ex ante vs. ex post estimates, cost-benefit vs. cost-effectiveness analysis, impact analysis. Reserve Readings: Bator, Francis M. (1958), “Anatomy of Market Failure,” Journal of Political Economy, 72:3 (August), 351-379; Stern Review – Stabilization Economics. Datasets: Application Modules: Classroom Case Studies:
– Property Rights, Externalities, and Environmental Issues, text, chapter 4, (68-87). Key concepts: Efficient vs, inefficient property rights, negative vs. positive externalities, res nullius open-access regimes, common-property resource regimes, public goods, nonexcludability, indivisibility, biological biodiversity, genetic diversity, species diversity, free rider problem, deadweight loss, risk premium and the risk-free cost of capital, market vs. government failure, rent seeking, moral hazard. Reserve Readings: Nordhaus, William (2006), "The Stern Review on the Economics of Climate Change," (November). Datasets: Application Modules: Capital Budgeting Fundamentals Classroom Case Studies:

(09/19/07) Class 3 – Sustainable Development: Concept and Measures, text, chapter 5, (88-102), chapter 6, (103-113). Key concepts: Sustainable development, Rawlsian distributive justice criterion, Hartwick sustainability criterion, weak vs. strong sustainability criterion, environmental sustainability criterion, stationary population, fertility and replacement rates, youth vs. retirement effects, law of variable proportions (diminishing returns). Reserve Readings: Stern Review – Policy Mitigation Responses Datasets: Application Modules: Classroom Case Studies:


– Sustainable Development and Population Dynamics, text, chapter 6, (114-127), chapter 7, (128-136). Key concepts: Boserup induced innovation hypothesis, microeconomic theory of fertility, current (proven) reserves, potential reserves, resource endowment, indicated resources, inferred resources, undiscovered vs. hypothetical resources, speculative resources, recyclable resources, exhaustible vs. renewable resources choke price. Reserve Readings: Goodland, Robert (1995). "The Concept of Environmental Sustainability," Annual Review of Ecology and Systematics, 26, 1-24. Datasets: World Fossil Fuel Consumption; Energy Resources; Energy Efficiency

Application Modules: Classroom Case Studies:



Research Paper Topic Selection Deadline
II. Theory and Models of Exhaustible and Renewable Resources

(09/26/07) Class 4 – Introduction to natural resource allocation models, text, chapter 7, (137-149), text chapter 8, (150-159). Key concepts: constant vs. increasing marginal extraction cost, marginal cost of exploration, backstop resource technology, Hubbert's peak, price controls, intra vs. interstate pricing rules, point vs. arc own-price elasticity of demand, OPEC, LNG, income elasticity of demand. Reserve Readings: Borenstein, Severin, James Bushnell, and Frank Wolak (2001). "Measuring Market Inefficiencies in California's Restructured Wholesale Electricity Market," paper presented at the ASSA conference in Atlanta, Georgia (January). Datasets: Application Modules: Exhaustible Resource Model Classroom Case Studies: Exhaustible Resources Case Study.


– Depletable and Nonrecyclable Energy Resources: Oil, Gas, Coal, and Uranium, text, chapter 8, (160-180). Key concepts: Models of cartel behavior and organization, national security pricing, SPR (strategic petroleum reserve) pricing and stockpiling choices, Price-Anderson Act of 1957, Three Mile Island GPU reactor accident, peak-load pricing, tradable energy certificates (TEC's), hydrogen fuel cell technologies. Reserve Readings: Federal Trade Commission (1973). “The Petroleum Industry: Structure and Conduct”, in Mansfield, Microeconomics Readings, (326-341); Coase, Ronald H (1937), “The Nature of the Firm,” Economica, New Series 4:16 (November), 386-405. Datasets: Application Modules: Classroom Case Studies:
(10/03/07) Class 5 – Recyclable Resources: Minerals, Paper, Glass, and Other Materials, text, chapter 9, (181-205). Key concepts: extraction and disposal costs of recyclable resources, supply disruption pricing, scrap markets, the "take-back" principle of waste disposal pricing, fashion vs. durability obsolescence. Reserve Readings: Datasets: Application Modules: Classroom Case Studies:
– Replenishble but Depletable Resources: Water, text, chapter 10, (206-232). Key concepts: Hydrologic cycle, surface vs. groundwater resources, aquifer dynamics, riparian and prior appropriation doctrines, usufructory right, Federal reclamation projects and agricultural water pricing models, instream flows, common property problems, volumetric output, input per area, block-rate, two-part pricing, inverted black rate structure, seasonal rate structure. Reserve Readings: Datasets: Application Modules: Classroom Case Studies:
(10/10/07) Class 6 – Reproducible Private-Property Resources: Agriculture, text, chapter 12, (233-257). Key concepts: agricultural resources, global scarcity hypothesis, agricultural productivity, recombinant DNA and genetically modified crops (GMO's – genetically modified organisms), organic certification, agricultural undervaluation biases in developing countries, cobweb model, agricultural stockpiling vs. commodity price stabilization models. Reserve Readings: Golan, Elise, Fred Kuchler, and Lorraine Mitchell (2000). "Economics of Food Labeling". (Washington, D.C.: Economic Research Service, U.S. Department of Agriculture, Agricultural Economic Report No. 793). Datasets: Application Modules: The Cobweb Model. Classroom Case Studies: Commodity Price Stabilization
– Storable, Renewable Resources: Forests, text, chapter 12, (258-285). Key concepts: Afforestation vs. deforestation, sustainable forestry, (MAI) mean annual increment forest growth index, optimal rotation rules, stumpage value, Forest Reserve Act of 1891, Multiple-Use Sustained Yield Act, Wildnerness Act, NGO's, Conservation eastements and land trusts, World Heritage Convention. Reserve Readings: LeBel, P. (2005). "Optimal Pricing of Biodiverse Natural Resources for Sustainable Economic Growth," Journal of Development Alternatives, 24:1-2 (March-June), 5-38. Datasets: Application Modules: Tree Species Growth Model; Tropical Timber Model Under Uncertainty. Classroom Case Studies:

Research Paper Preliminary Bibliography Submission Deadline
(10/17/07) Class 7 – Renewable Common-Pool Resources: Fisheries, text, chapter 13, (286-297). Key concepts: Sylviculture, Garrett Hardin's tragedy of the commons, interactive resources, minimum viable population, sustainable yield, maximum sustainable yield, static efficient sustainable yield, dynamic efficient sustainable yield, Reserve Readings: Newell, Richard G., James N. Sanchirico, and Suzi Kerr (2002). "Fishing Quota Markets," Discussion Paper 02-20. (Washington, D.C.: Resources for the Future). Datasets: Application Modules: Classroom Case Studies:
– Renewable Common-Pool Resources: Other Species, text, chapter 13, (298-315). Key concepts: Aquaculture, transfer costs vs. real-resource costs, individual transferable quotas, bycatch, marine reserves, habitat conservation, ecosystem balance, ecotourism, catchability coefficient. Reserve Readings: Gylfason, Thorvaldur, and Martin L. Weitzman (2003). "Icelandic Fisheries Management: Fees vs. Quotas," Conference paper, Iceland and the World Economy: Small Island Economies in the Era of Globalization. (Cambridge, Mass.: Harvard University Center for International Development). Datasets: Chesapeake Bay Marine Harvests Application Modules: Classroom Case Studies:

(10/29/07) Class 8 – Generalized Resource Scarcity, text, chapter 14, (316-337). Key concepts: technological progress, fixed vs. variable input substitution, scarcity rent, marginal extraction cost, physical indicators, marginal discovery cost, mineralogical threshhold, geochemically scarce metals. Reserve Readings: Krautkraemer, Jeffrey A. (1998). "Nonrenewable Resource Scarcity," Journal of Economic Literature, 36:4 (December), pp. 2065-2107; Porter, Robert H. (1995), “The Role of Information in U.S. Offshore Oil and Gas Lease Auctions”. Econometrica 63:1 (January), pp. 1-28. Datasets: Application Modules: Classroom Case Studies: Basic Economic Efficiency


(10/24/07) – Mid-term examination.

Text, chapters 1-13, key concepts, reserve readings, datasets, application modules, classroom case studies.


III. Theory and Models of Negative Externalities

(10/31/07) Class 9 – An Overview of the Economics of Pollution Control, text, chapter 15, (338-368). Key concepts: absorptive capacity, stock pollutants, PCB's (polychlorinated biphenyls), fund pollutants, surface pollutant, global pollutant, mixed fund pollutants, emission standards, transferable emission permits, ambient standards, single vs. multiple receptors management, greenhouse gases (GHG's), bag levies. Reserve Readings: Tietenberg, Tom (2003). "The Tradable-Permits Approach to Protecting the Commons: Lessons for Climate Change," Oxford Review of Economic Policy, 19:3, 400-420. Datasets: U.S. Municipal Solid Waste Application Modules: Classroom Case Studies: The Leontief Input-Output Model.


– Stationary-Source Local Air Pollution, text, chapter 16, (370-394). Key concepts: command and control (CAC) policy, carbon monoxide (CO), carbon dioxide (CO-2), nitrogen dioxide (NO-2), ozone (O-3), Lead (Pb), Particulate density, sulfur dioxide (SO-2) , New Source Review amendments to the Clean Air Act (NSR), nonattainment regions, state implementation plan (SIP), Environmental Protection Agency (EPA), prevention of significant deterioration (PSD) of air in cleaner regions standard, best available control technology (BACT), new source performance standards (NSPS), emissions trading, emission reduction credits, offset policy, bubble policy, netting, banking, smog trading, California regional clean air incentives market (RECLAIM) Reserve Readings: UNCTAD (1998). Greenhouse Gas Emissions Trading: Defining the Principles, Modalities, Rules and Guidelines for Verification, Reporting and Accountability, (Geneva, Switzerland: UNCTAD). Datasets: U.S. Carbon Dioxide Emissions Application Modules: Classroom Case Studies:

Research Paper Preliminary Outline Submission Deadline
(11/07/07) Class 10 – Regional and Global Air Pollutants: Acid Rain and Atmospheric Modification, text, chapter 17, (395-412). Key concepts: Acid rain, national acid rain precipitation assessment program (NARPAP), transboundary problems, sulfur allowance program, ozone depletion. Reserve Readings: Coase, Ronald H. (1960), “The Problem of Social Cost”, Journal of Law and Economics (October). Datasets: Application Modules: Classroom Case Studies:
– Other Sources of Air Pollution, text, chapter 17, (413-421), chapter 18, (422-436). Key concepts: United Nations Framework Convention on Climate Change (UNFCCC), Kyoto Protol, emissions trading (ET), joint implementation (JI), clean development mechanism (CDM), certified emission reductions (CER's), Prototype Carbon Fund (PCF), Global Environmental Facility (GEF), mobile source pollution, implicit subsidies, certification program, associated enforcement program, Clean Air Act Amendments of 1977, California Air Resources Board (CARB), Low Emission Vehicle (LEV), and Zero Emission Vehicle (ZEV) regulations, alternatives fuels, methyl tertiary butyl ether (MTBE). Reserve Readings: Dasgupta, Partha (2006). "Comments on the Stern Review's Economics of Climate Change", (London, U.K.: Royal Society Foundation for Science and Technology). Datasets: U.S.Carbon Dioxide Intensity Application Modules: Externalities. Classroom Case Studies:
(11/14/07) Class 11 – Measures to Control Air Pollution, text, chapter 18, (436-445). Key concepts: fuel taxes, congestion pricing, Corporate Average Fuel Economy (CAFE) standards, fleet average, pay-as-you-drive insurance (PAYD) Reserve Readings: Easterbrook, Gregg (2007). "Global Warming: Who Loses-And Who Wins?", The Atlantic Monthly (April), 1-8. Datasets: U.S. Vehicle Sales. Application Modules: Classroom Case Studies: Optimal Externality Management
– Managing Water Quality and Pollution Dynamics, text, chapter 19, (446-474). Key concepts: groundwater pollution, ocean pollution, degradable vs. non-degradable pollutants, dissolved oxygen (DO), biochemical oxyden demand (BOD). oxygen, thermal pollution, eutrophication, Water Pollution Control Act of 1948, Water Quality Act of 1965, point sources, Safe Drinking Water Act of 1974, ocean dumping, ambient standards, national effluent standards, best practices technology (BPT), uniform treatment strategy (UT), uniform emissions charge (UEC), zoned effluence charge (ZEC), nonpoint pollution, pre-treatment standards, citizen suits. Reserve Readings: Varian, Hal R. (2006). "Recalculating the Costs of Global Climate Change," The New York Times, November 14, 2006. Datasets: U.S. Superfund Sites Application Modules: Excise Taxation. Classroom Case Studies: Optimal Excise Taxation.
(11/21/07) Class 12Economic, Environmental, and Legal Issues in Toxic Substance Management, text, chapter 20, (475-502). Key concepts: Love Canal case, dioxin, latency, uncertainty, occupational hazards, third party interests, common law, negligence, Learned Hand formula, strict liability, criminal law, statutory law, Federal Food, Drug, and cosmetic Act (FFDCA), Delaney Clause, National Institute for Occupational Safety and Health (NIOSH), Occupational Safe and Health Agency (OSHA), Federal Environmental Pesticide Control Act (FEPCA), Resource Conservation and Recovery Act (RCCRA), Toxic Substances Control Act (TSCA), Comprehensive Environmental Response, Compensation, and Liability Act (CERCLA – The "Superfund Act"), Toxic Release Inventory Program (TRIP), 33/50 program, California Proposition 65, Basel Convention on the Control of Transboundary Movements of Hazardous Wastes and Their Disposal, judicial-legislative complementarity, joint and several liability doctrine, potentially responsible parties (PRP's), performance bonds. Reserve Readings: ____________. "Climate of Opinion," The Wall Street Journal, February 5, 2007.Datasets: U.S. Low Level Nuclear Waste; U.S. High Level Nuclear Waste Application Modules: Classroom Case Studies:

Research Paper submission deadline
IV. Social Welfare Considerations in the Context of Sustainable Development

(11/26/07) – Equity Issues in Environmental Management, text, chapter 21, (503-526). Key concepts: environmental justice, geographic information systems (GIS), Not-In-My-Backyard (NIMBY) response, new-source bias, stationary-source control, greenhouse gas control, point vs. nonpoint sources. Reserve Readings: Stern Review – Policy Responses for Adaption; Bojö, J., J. Mucknall, K. Hamilton, N. Kishor, C. Kraus, and P. Pillai (2001). "Environment", Draft Framework for Environmental Policy. (Washington, D.C.: The World Bank). Datasets: Application Modules: Classroom Case Studies:


(11/28/07) Class 13 – Developmental and Poverty Aspects of Environmental Management, text, chapter 22, (527-551). Key concepts: steady-state growth model, natural resource curse hypothesis, information economy, welfare measures, genuine progress indicator (GPI), ecological footprint, human development index (HDI), Reserve Readings: Ackerman, Frank and Elizabeth Stanton (2006). "Climate Change – the Costs of Inaction," (Medford, Mass.: Tufts University Global Development and Environment Institute); P. LeBel (1999), "Measuring Sustainable Economic Development in Africa," Scandinavian Journal of Development Alternatives, 18:2-3 (June-September), 265-282. Datasets: Application Modules: Classroom Case Studies: Income Distribution and Social Welfare
– Integrative Measures for Sustainable Development, text, chapter 23, (552-584). Key concepts: Rio Earth Summit, Brundtland Report, Hartwick rule revisited, Pezzey rule, pollution havens, Porter 'induced innovation" hypothesis (Toynbee revisisted), environmental Kuznets curve, NAFTA, WTO/GATT trade rules, transferable development rights (TDR's), full-cost vs. cost-effectiveness principles, property rights principle, sustainability principles, information principle, population stabilization (Boulding-Daly principle). Reserve Readings: World Meterological Organization, United Nations Environmental Programme, Intergovernmental Panel on Climate Change, "Climate Change 2007: Impacts, Adaptation and Vulnerability". (Brussels, Belgium: IPCC Working Group II); Acemoglu, Daron and Thierry Verdier (2000). "The Choice Between Market Failures and Corruption," American Economic Review, 90:1 (March), 194-211. Datasets: Application Modules: Classroom Case Studies:

(12/06/07) Class 14 – Visions of the Future Revisied, text, chapter 21, (585-606). Key concepts: profitable sustainability, public-private partnerships. Reserve Readings: Lovins, Amory, L. Hunter Lovins, and Paul Hawken (1999). "A Road Map for Natural Capitalism," Harvard Business Review, (May-June), 146-158; Stern Review – International Collective Action Datasets: Application Modules: Classroom Case Studies:

- Final Review, text, pp. 607-626. Key concepts, reserve readings, datasets, application modules, classroom case studies. Reserve Readings: Stern Review Synthesis.
Guidelines for Research Paper.

Students are to select a topic and prepare a research paper based on the indicated submission deadlines. Papers are to be double-spaced in Microsoft Word, using APA style. The body of the paper, which contains text, footnotes, tables, and charts only, is to be a minimum of ten pages for undergraduates, and fifteen pages for graduate students. Sources used are to be reported as shown in the bibliography citations listed below. Failure to adhere to any of the deadlines will result in grading penalties, and only written submissions can be posted (i.e., no electronic submissions). Only topics that adhere to the instructor approval schedule may be submitted. Students should expect to apply theory and applications from the course to the analysis in the paper.


Texts on Natural Resource Economics

Faber, Malte, Reiner Manstetten, and John Proops (1996). Ecological Economics: Concepts and Methods. (Brookfield, Vermont: Edward Elgar Publishing Company).

Field, Barry C. (2001). Natural Resource Economics: An Introduction. (New York: McGraw-Hill).

Field, Barry C. (2006). Environmental Economics: An Introduction, fourth edition. (New York: McGraw-Hill).

Goodstein, Eban S. (2005). Economics and the Environment, 4th edition. (New York: John Wiley and Sons).

Hackett, Steven C. (2006). Environmental and Natural Resource Economics, 3rd edition. (Armonk, New York: M.E. Sharpe Publishing Company).

Harris, Jonathan (2006). Environmental and Natural Resource Economics, second edition. (Boston, Mass.: Houghton Mifflin Publishing Company).

Markandya, Anil, and Julie Richardson, editors (1992). Environmental Economics: A Reader. (New York: St. Martin's Press).

Oates, Wallace E., editor (1994). The Economics of the Environment. (Brookfield, Vermont: Edward Elgar Publishing Company).

Pearce, David W. and R. Kerry Turner (1990). Economics of Natural Resources and the Environment. (Baltimore, Maryland: The Johns Hopkins University Press).



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