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Module Title LM Natural Resource Economics
SchoolBirmingham Business School
Department Birmingham Business School
Module Code 07 27181
Module Lead David Maddison
Level Masters Level
Credits 10
Semester Semester 2
Pre-requisites
Co-requisites
Restrictions None
Contact Hours
Exclusions
Description Students are introduced to the concept of rent and the different meanings that it has in the context of agricultural land. Students are taught basic optimal control theory. This theory is then used to illustrate the depletion of exhaustible resources over time and to show how depletion responds to differences in market structure, the costs of extraction and taxation of resource rents. Control theory is then used to demonstrate the management of the fisheries and forests under varying assumptions regarding market structure, the costs of harvesting and the existence of non-consumptive values. The regulation of the fishery is discussed and illustrated.
Learning Outcomes By the end of the module students should be able to:
  • Demonstrate an in-depth understanding of the concept of rent;
  • Demonstrate comprehensive knowledge of advanced optimal control theory;
  • Demonstrate a thorough grounding in the classical principles surrounding the optimal harvesting and depletion of natural resources;
  • Appraise the complex effects of government policy attempting to influence unregulated market outcomes;
  • Critically formulate economic problems in terms of optimal control theory.
Assessment 27181-01 : Essay : Coursework (20%)
27181-02 : Exam : Exam (Centrally Timetabled) - Written Unseen (80%)
Assessment Methods & Exceptions Assessments:
2 hour examination (80%)
One 2,000 word essay (20%)

Reassessment: 2 hour exam (100%)
Other
Reading List