Independent Study Workshops > PPA 990 Independent Study on Natural Resource Economics

Reading list

General References
Useful references on intertemporal optimization and resource economics.
Introduction
Introduction to resources; review of differential equations
Sustainable Steady State Analysis of Renewable Resources
Search vs schooling fisheries; Gordon-Shaefer myopic fishery model; extensions; adding sunk capital; phase diagrams and stability analysis.
Deterministic and Stochastic Intertemporal Optimization
Optimal control and dynamic programming; current and constant value Hamiltonian; first order conditions and transversality conditions; fixed vs free state problems; fixed vs free time problems; infinite horizon problems; stochastic problems and dynamic programming.
Renewables
Single and multiple rotation forest management; managing a forest producing amenities; allocating surface water between uses and across time; optimal use of aquifers; real world impediments to efficiency; good and bad policies for improving market outcomes.
Amenities and Irreversibility
Amenity resources, technical progress and irreversible conversion of amenity resources to other uses.
Exhaustible Resources
Optimal rates of depletion and exploration; the Hotelling; extensions to the Hotelling model; the role of exploration.
Key Issues in Resource Policy
Discounting, scarcity and sustainability; the ethical basis for present value calculations; appropriate choice of interest rates; is resource scarcity a problem? How should scarcity be measured?
Energy Economics
The role of energy in the economy; past and future oil price shocks; short and long term energy demand; climate change.
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Peter J Wilcoxen, The Maxwell School, Syracuse University
Revised 09/09/2011