EconS 431

^{School of Economic Sciences | WSU} _{Gregmar Galinato}

Economic Analysis of Environmental and Natural Resource Policies

Fall 2019

Professor: Gregmar I. Galinato	Office: Hulbert Hall 203C
Office: Hulbert Hall 203C	Hours: 4:00 – 5:00pm M, W or by Appointment
Phone: 335-6382	Hours: 4:00 – 5:00pm M, W or by Appointment

Course Overview

This course applies economic principles to environmental and natural resource issues. Economic theory will provide a framework to analyze questions of optimal management and valuation of the environment, natural resource use and misuse, natural resource policy and law, resource scarcity and sustainability. The first half of the course emphasizes on understanding models that evaluate policies regulating pollution as well as models that value the environment. The second half of the course focuses on economic modeling of natural resource problems.

Syllabus (pdf copy)

Exams

Midterm Answer Key part 1 part 2

Problem Sets

1. Introduction and Math Review. Due:

2. Benefit Cost Analysis. Due:

3. Environmental Valuation. Due:

4. Environmental Regulations. Due:

5. Discrete Time Problems. Due:

6. Renewable Resources. Due:

7. Nonrenewable Resources. Due:

8. Forestry. Due:

Additional Readings

Introductory Material

Externalities, Public Goods and Common Resources (Krugman and Wells Ch 19, Ch 20, Mansfield and Yohe Ch 18, Keohane and Olmstead Ch 5)

Environmental Valuation

Overview of Valuation Techniques.

Hedonic Pricing (Hanley and Spash CH4)

Travel cost method and production function approach (Hanley and Spash CH5 and CH6)

Contingent valuation method (Hanley and Spash CH2)

Benefit Cost Analysis

Practical approach to Benefit Cost Analysis (part 1, 2 and 3)

Computer Lab Lectures

Benefit Cost Analysis.

Introduction to dynamic models with solver.

Renewable Resources.

Nonrenewable Resources.

Forestry.