Theory1.Introduction: The discipline and its area of work, The trade-off between use and conservation, The circular economic system, Renewable, non-renewable and environmental economics, The concept of sustainability. Literature review: basic concepts of Natural Resource (NR) economics, NR economics and the current intellectual debate: globalization and development, the theory of NR curse. NR economics: some terminology. 2.Economic analysis of natural resources: benefits and costs, supply and demand; economic efficiency and equilibrium market (without externalities), Markets and efficiency (with externalities). Public policies for Natural Resources. A formal analysis of natural resource management. 3.Renewable resources part 1: forests. Forest harvest decision and the economic efficient rotation; portfolio analysis; factors affecting the efficient rotation; impact of nontimber forest values; optimal clear cutting; institutional arrangements for forestry; timber harvesting from national forests. 4.Renewable resources part 2: marine resources; current problems in marine fisheries; the biological growth function; the effort-yield function; maximum sustained yields; efficient rates of effort; the problem of open access; approaches to fisheries management; regulating fishing practices, catch limits; individual transferable quotas (ITQs); taxation (effort and catch). 5.Non-renewable resources: minerals. Extraction economics for a known stock, resource exploration and development, non-renewable resources and sustainability, the economics of recycling. Applied6.Valuation of natural resources 7.Benefot-cost analysis of environmental resources Exam: Written test Reading material: a)Slides available on Moodle b)Exercise file on ‘Analisi costi benefici delle risorse ambientali’, available on Moodle c)Field B. C., Natural Resource Economics: an Introduction, Mc Graw-Hill, 2001, chapters 1-10, 12 e 13

Reading material: a)Slides available on Moodle b)Exercise file on ‘Analisi costi benefici delle risorse ambientali’, available on Moodle c)Field B. C., Natural Resource Economics: an Introduction, Mc Graw-Hill, 2001, chapters 1-10, 12 e 13