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Resource Economics



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Cambridge University Press
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This is the 2nd edition with a publication date of 6/14/2010.
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Customer Reviews

Perfect textbook  May 29, 2011

The textbook applies formal, mathematical tools of economic analysis to the problems of resource economics, making them accessible to non mathematicians. The textbook is ideal for the advanced undergraduate or master's student. I would always recommend looking for your school textbook online at ecampus before going to your own school bookstore. This way is much cheaper. I would rate the seller 5 stars and I plan to buy from ecampus again in the future.

Resource Economics: 4 out of 5 stars based on 1 user reviews.


Resource Economics is a text for students with a background in calculus and intermediate microeconomics and a familiarity with the spreadsheet software Excel.

The book covers basic concepts (Chapter 1), shows how to set up spreadsheets to solve simple dynamic allocation problems (Chapter 2), and presents economic models for fisheries, forestry, nonrenewable resources, and stock pollutants (Chapters 3-6).

Chapter 7 examines the maximin utility criterion when the utility of a generation depends on consumption of a manufactured good, harvest from a renewable resource, and extraction from a nonrenewable resource. Within the text, numerical examples are posed and solved using Excel's Solver.

Exercises are included at the end of each chapter. These problems help make concepts operational, develop economic intuition, and serve as a bridge to the study of real-world problems in resource management.

"Jon Conrad's second edition of Resource Economics is an articulate, well-organized presentation of key applications of intertemporal economics to problems of natural resources. More than a routine update of the first edition, it admirably balances theoretical rigor and clarity in the presentation of models, with the kinds of institutional discussions that motivate students to think about research questions." - Robert T. Deacon, University of California, Santa Barbara

Table of Contents

Preface to the Second Edition: What Stayed, What Went, What's New?p. xi
Acknowledgmentsp. xiii
Basic Conceptsp. 1
Renewable, Nonrenewable, and Environmental Resourcesp. 1
Population Dynamics: Simulation, Steady State, and Local Stabilityp. 5
Extraction of a Nonrenewable Resourcep. 10
Discountingp. 11
A Discrete-Time Extension of the Method of Lagrange Multipliersp. 17
Asymptotic Depletion of a Nonrenewable Resourcep. 25
The Maximum Principle and Dynamic Programming in Discrete Timep. 26
Dynamic Programming in a Two-Period, Two-State Modelp. 30
A Markov Decision Model and Stochastic Dynamic Programmingp. 32
Exercisesp. 34
Solving Numerical Allocation Problems Using Excel's Solverp. 41
Introduction and Overviewp. 41
Optimal Rotation for an Even-Aged Forestp. 42
Solving an Implicit Equation for the Optimal Steady-State Fish Stockp. 45
Solving an Implicit Equation for the Optimal Date of Exhaustionp. 47
Optimal First-Period Harvest in a Two-Period, Two-State Modelp. 47
The Optimal Linear Harvest Policyp. 50
Optimal Escapement in a Finite-Horizon Deterministic Modelp. 52
Optimal Escapement for One Realization (Seed 1) of Zt+1p. 53
An Optimal Depletion Problem: The Mine Manager's Problemp. 55
Approximating the Asymptotic Approach to a Bioeconomic Optimump. 58
The Most Rapid Approach Path to an Optimal Pollution Stockp. 63
Optimal Escapement with Stochastic Growthp. 67
Exercisesp. 69
The Economics of Fisheriesp. 75
Introduction and Overviewp. 75
Net Growthp. 76
Fishery Production Functionsp. 79
The Yield-Effort Functionp. 82
The Static Model of Open Accessp. 84
The Dynamic Model of Open Accessp. 85
Regulated Open Accessp. 90
Maximization of Static Rentp. 95
Present-Value Maximizationp. 97
Traditional Management Policiesp. 102
Bioeconomic or Incentive-Based Management Policiesp. 105
Marine Reservesp. 120
Exercisesp. 126
The Economics of Forestryp. 132
Introduction and Overviewp. 132
The Volume Function and Mean Annual Incrementp. 133
The Optimal Single Rotationp. 135
The Faustmann Rotationp. 136
An Examplep. 139
Timber Supplyp. 143
The Optimal Stock of Old-Growth Forestp. 146
Exercisesp. 149
The Economics of Nonrenewable Resourcesp. 153
Introduction and Overviewp. 153
A Simple Modelp. 154
Hotelling's Rulep. 156
The Inverse Demand Curvep. 157
Extraction and Price Paths in the Competitive Industryp. 159
Extraction and Price Paths under Monopolyp. 164
Reserve-Dependent Costsp. 167
Explorationp. 171
The Economic Measure of Scarcityp. 176
A Postscript to "Betting the Planet"p. 195
Exercisesp. 196
Stock Pollutantsp. 200
Introduction and Overviewp. 200
The Commodity-Residual Transformation Frontierp. 202
Damage Functions and Welfarep. 204
A Degradable Stock Pollutantp. 207
Diffusion and a Nondegradable Stock Pollutantp. 212
Optimal Extraction with a Nondegradable Wastep. 220
Climate Changep. 223
Emission Taxes and Marketable Pollution Permitsp. 229
Exercisesp. 238
Maximin Utility with Renewable and Nonrenewable Resourcesp. 242
Introduction and Overviewp. 242
The Maximin Criterionp. 244
The Gini Coefficientp. 246
Growth with Resources, Intergenerational Utility, and the Maximin Criterionp. 248
Overlapping Generationsp. 255
Complicationsp. 261
An Exercisep. 262
Annotated Bibliographyp. 263
Indexp. 283
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