Resource Economics (71183)
The course provides knowledge in management of renewable natural resources and unrenewable resources. We use Dynamic models in problems of exploitation of natural resources over time. We will discuss the problems of market failures, considerations of social interest vr private interest intergenerational allocation of natural resources.
The course intends to equip graduate students with basic econometric tools needed to analyze economic data. First the standard regression model will be reviewed, including Least Squares estimation, its statistical properties, and testing statistical hypotheses. Then, the assumptions underlying the standard linear regression model will be relaxed, including models with heteroscedastic and serially correlated errors. Models with panel data (cross section and time series) will be studied. . Instrumental Variable estimation will be studied and used to deal with situations in which the assumption that the explanators are independent of the error term fail to hold. Large sample theory (Laws of Large Numbers and Central Limit Theorems) will be used to relax the normality assumption. Generalized Method of Moments and Maximum Likelihood estimation will be reviewed. Models with Limited dependent variables and models of simultaneous equations will be briefly reviewed. Each of the course's topics will be practiced with actual data via weekly homework assignments
Environmental Economics (71705)
The course covers the methods and tools available for measuring the economic value of natural resources and environmental amenities. Providing economic values to environmental qualities and amenities such as clean air and water, natural parks, agricultural landscape, and the protection of species under risk of extinction is necessary for environmental policy making. It is well known that market data (such as prices) cannot be used to value public goods (such as environmental qualities and amenities) and as a result a plethora of methods has been developed in the past recent years. We will study these methods and examine their use in the design and implementation of environmental policy.