What should we take—and what should we leave?
Learn how economists value, allocate, and govern natural resources when choices made today reshape the possibilities available tomorrow.
Course materials
Find the available lecture slides, readings, classwork, homework, and exam materials below. Material links open in a new tab. Weekly pages show how the materials fit together.
Lecture slides
- Lecture 1 Syllabus and Course Outline (opens in a new tab)
- Lecture 2 Microeconomics Review for Natural Resource Economics (opens in a new tab)
- Lecture 3 Summary of Externality Theory (opens in a new tab)
- Lecture 4 Property Rights, Open Access, and Resource Institutions (opens in a new tab)
- Lecture 5 Resource Allocation Over Time (opens in a new tab)
- Lecture 6 Fishery Dynamics and Management (opens in a new tab)
- Lecture 7 Valuing the Environment: Methods (opens in a new tab)
- Lecture 8 Wildfire Risk, Smoke, and Insurance (opens in a new tab)
Readings
Classwork
- Classwork 1 Market Diagnostic: Fish Harvest from a Finite Stock (opens in a new tab)
- Classwork 2 Fish Harvest with External Damage (opens in a new tab)
- Classwork 3: Five Fishing Setups Catch, Dock Prices, and Fish Left for Next Year (opens in a new tab)
- Classwork 4 Designing Rules for a Shared Aquifer (opens in a new tab)
- Classwork 5 Allocating Gravel Across Two Generations (opens in a new tab)
- Classwork 6: Cash or Conservation? What our choices reveal about the value of giving (opens in a new tab)
- Classwork 7 Valuing Nature: Multiple-Choice Questions (opens in a new tab)
Homework
Exams
- Quiz: Example Answers Questions and worked examples (opens in a new tab)
- Midterm Exam Guide Markets, Institutions, Time, and Introductory Fisheries (opens in a new tab)
- Midterm Exam: Questions and Answers Grading summary and worked examples (opens in a new tab)
- Final Exam Guide Detailed guide available in December (opens in a new tab)
Plan around the turning points.
Follow the stock. Read the incentives. Test the rule.
Every unit returns to the same problem: a valuable resource changes through time, people respond to incentives, and institutions shape the outcome.
01Frame · Weeks 1–7Markets, institutions, and timeBuild the microeconomic toolkit, compare resource institutions, and connect discounting, scarcity rent, and fairness to decisions across generations.→ 02Govern · Weeks 8–9Fishery dynamics and managementUse stock-growth and harvest graphs to connect biological dynamics, fishing incentives, and fisheries management, alongside the midterm.→ 03Value · Weeks 10–12Valuing NatureMeasure use and non-use values with stated and revealed preferences, then connect those values to benefit-cost decisions.→ 04Adapt · Weeks 12–16Risk, insurance, and resilienceConnect wildfire risk to insurance and resilience, compare mitigation costs with avoided losses, then apply the semester’s tools in the project synthesis.→