AEM 4500 - Resource Economics

(crosslisted) ECON 3860
(SBA-AG) (CU-SBY)

Spring. 3 credits. Letter grades only (no audit).

Prerequisite: MATH 1110, ECON 3030 or AEM 2600. For students whose major, minor or concentration require both AEM 2500 and AEM 4500, AEM 2500 should be taken before AEM 4500. A solid background in calculus is required. Co-meets with AEM 5500.

C.-Y.C. Lin Lawell.

AEM 4500/ECON 3860 introduces students to the economics of renewable and nonrenewable natural resources. Topics covered include the valuation and use of land; water economics, management, and conservation; the extraction and management of nonrenewable resources such as minerals, rare earth elements, and energy resources; renewable and nonrenewable sources of energy; forest management; fishery economics; groundwater; natural resource markets, demand, and supply; and sustainability. Students will learn how to use dynamic models to analyze decision-making over time, and to solve dynamic optimization problems analytically and numerically. Students will also learn how to analyze and explain the intuition and logic behind the theory and concepts. Students will apply the methods, quantitative tools, and concepts to analyze natural resource issues at global and local levels; to introspectively reflect on their own lives and future aspirations; and to draw lessons and implications for leadership, management, and policy. A solid background in calculus is required.