Programme And Module Handbook
 
Course Details in 2022/23 Session


If you find any data displayed on this website that should be amended, please contact the Curriculum Management Team.

Module Title LM Natural Resource Economics
SchoolBirmingham Business School
Department Economics
Module Code 07 27181
Module Lead David Maddison
Level Masters Level
Credits 10
Semester Semester 2
Pre-requisites
Co-requisites
Restrictions None
Contact Hours Lecture-20 hours
Seminar-5 hours
Guided independent study-75 hours
Total: 100 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 : 1250 Word Essay : Coursework (50%)
27181-02 : 1 Hour Exam : Exam (Centrally Timetabled) - Written Unseen (50%)
Assessment Methods & Exceptions Assessments:
1 hour examination (50%)
One 1,250 word essay (50%)

Reassessment: By failed component
Other
Reading List