Environmental and Natural Resource Economics
AGEC 440

NORTH CAROLINA A&T STATE UNIVERSITY
DEPT. OF AGRICULTURAL ECONOMICS AND RURAL SOCIOLOGY

SPRING 1999

Instructor: Dr. Godfrey C. Ejimakor
Office: 154-B Carver Hall; Phone 336-334-7943.
Office Hours: 9 - 10 am MWF; 10 - 12noon TR
Meeting Time: 1:00 - 1:50am, MWF.
Meeting Place: 111 Carver Hall

Course Objective: The purpose of this course is to provide a basic understanding of the market mechanisms which allocate environmental and natural resources. Market failures that are inherent in the allocation are discussed. Property rights, regulations, taxes, subsidies are discussed as instruments in achieving socially desirable environmental and natural resource goals. Public policies designed to address the market failures will be assessed in light of their economic efficiency.

Text: Tietenberg, Tom, Environmental and Natural Resource Economics, 4th ed., Harper Collins/Scott, Foresman & Co, 1994.

Optional Text: Folmer, Henk, H. Landis Gabel and Hans Opschoor, eds., Principles of Environmental and Resource Economics: A Guide for Students and Decision-Makers, Edward Edgar, 1997.

Grading: Grades will be determined as follows:

Class Attendance 05%
Midterm Exam. No 1 15%
Midterm Exam. No 2 15%
Midterm Exam. No 3 15%
Homework 15%
Term Paper 15%
Final 20%

Total 100%

Course Syllabus and Study Guide:

I. Introduction and Overview (Text, Chaps 1-2): Pessimist and Optimist Models; Relation Between Humans and the Environment; Decision Making Criteria; Marginal Private Benefits/Costs; Marginal Social Benefits/Costs; Social Efficiency; Tragedy of the Commons.

II. Externalities and Environmental Problems (Text, Chaps 3-5): Market Failure; Property Rights; Imperfect Markets; Structures; Market Regulation; Benefit/Cost Analysis; Cost-Effectiveness; Impact Analysis; Economic Growth and Population.

III. Depletable and Renewable/Nonrecyclable Resources (Text, Chaps 6-7): Intertemporal Allocation; Market Allocation; Fuels (Oil, Gas, Coal, Uranium); Environmental Problems; Conservation and Load Management.

IV. Replenishable, But Depletatble Resources (Chap.9): Water; Water Scarcity and Allocation

V. Renewable/Reproducible Resources (Text Chaps. 10-12): Food; Forestry and Fisheries; Market Allocations and Policies

VI. Economics of Pollution Control (Text, Chaps. 14-18, 20): Air Pollution, Water Pollution, Market Allocation; Pollution Control Policies; The Emissions trading Program.