ECON 341: Natural Resource Economics

Course policies, learning outcomes, readings, assessments, and schedule for ECON 341, Fall 2026.

Course Information

  • Instructor: Byeong-Hak Choe
  • Email: bchoe@geneseo.edu
  • Phone: (585) 245-5425
  • Class Meeting: Monday, Wednesday, Friday, 9:30 A.M. – 10:20 A.M.
  • Classroom: Welles 131
  • Class Websites:
  • Office: South Hall 227B
  • Office Hours:
    • Mondays and Wednesdays 1:45 P.M. – 3:15 P.M.
    • By appointment via email

Course Description

The purpose of this course is to examine how economic analysis helps us understand the problems of natural resource management. We will spend the first weeks of the course reviewing the relevant economic concepts and then apply these to problems associated with different natural resources, including depletable resources, energy, recyclable resources, water, land, forests, and fisheries. We will also talk about ecosystem services and good. Special emphasis is devoted to analyzing the optimal role for public policy. The major objectives are for students to: (1) learn basic economic principles governing the allocation of various categories of scarce natural/environmental resources among competing uses; and (2) gain experience with basic analytical tools useful for applying these principles to real world allocation problems.

School of Business Mission

The School of Business at SUNY Geneseo is committed to exceptional business and economics education within the context of a strong liberal arts tradition. The School is distinguished by a uniquely accomplished and dedicated faculty, motivated and capable students, a robust professional development program, and the engaged support of alumni, employers, and business leaders. Students acquire strong quantitative, analytical, and communication skills while preparing for professional success as socially conscious contributors. We strive for teaching excellence, and we recognize that high-quality faculty scholarship and professional activities increase our impact on knowledge, practice, and pedagogy.

Bachelor of Arts in Economics Program Competency Goals

  • Competency Goal 1: Our learners will have strong quantitative skills
  • Competency Goal 2: Our learners will have strong analytical skills
  • Competency Goal 3: Our learners will have effective communication skills
  • Competency Goal 4: Our learners will have a thorough understanding of core economic theories
  • Competency Goal 5: Our learners will have a multidimensional understanding of social responsibility

Globe Learning Outcome - Social Sciences

Students will demonstrate

  • Understanding of at least one social scientific method, including quantitative and qualitative research designs; hypothesis development and testing; observation, measurement, and data collection; statistical and interpretive analysis; scientific communication;
  • Knowledge of some major social scientific concepts, models, and theories;
  • Familiarity with some social, political, economic, and moral issues of concern to social scientists.

Course Learning Outcomes

  • Understand the central concepts and theories of natural resource economics, including the stock-flow distinction, dynamic efficiency, and the Hotelling rule.
  • Apply the economic framework of externalities, property rights, and market failure to natural resource allocation problems.
  • Use valuation methods, including contingent valuation, hedonic pricing, and the travel cost method, to estimate the economic value of natural resources and ecosystem services.
  • Analyze the economics of common-pool resources such as fisheries, forests, and aquifers, and evaluate governance solutions including private ownership, regulation, and community management.
  • Evaluate the economic dimensions of natural disasters and wildfire, including risk, insurance market failure, and the trade-off between ex-ante resilience investment and ex-post recovery.

Course Requirements

Group Project – Managing a Resource Under Pressure

Project topics should focus on a specific natural resource system under economic or environmental pressure. Each group will select a resource, identify the market failure or governance problem, model or discuss the economic value at stake using at least one framework covered in the course, and propose a policy intervention with a clear analysis of trade-offs.

Each group will consist of 3-4 students. Groups must develop a clear research question for their term paper. The proposal may be theoretical, empirical, or a combination of both. For empirical work, the proposed dataset must be approved in advance by Byeong-Hak Choe.

Expectations for the Proposal

Your group’s proposal should critically examine a natural resource problem by:

  1. Explaining the central economic problem facing the resource system.
  2. Identifying the key market failure or governance challenge and the trade-offs involved in addressing it.
  3. Presenting appropriate evidence to analyze the competing interests at stake.
  4. Formulating policy recommendations that follow logically from your analysis.

Suggested Topic Areas

  • Fishery collapse and recovery: individual transferable quotas, marine protected areas, or community governance
  • Groundwater depletion: the Ogallala Aquifer, prior appropriation doctrine, or water markets
  • Forest economics: optimal rotation, carbon offsets, or deforestation in developing countries
  • Wildfire and land use: insurance market failure, wildland-urban interface regulation, or fire suppression policy
  • Endangered species and biodiversity: conservation banking, safe harbor agreements, or the economics of habitat preservation
  • Natural disaster resilience: ex-ante investment vs. ex-post recovery, moral hazard in disaster relief, or flood vs. wildfire risk comparison

Evaluation Criteria

Group project will be evaluated on:

  1. Quality of the research question
  2. Quality of the oral presentation
  3. Strength of the economic analysis
  4. Quality of the modeling or empirical analysis
  5. Peer evaluation of other groups’ presentations

Note: Any change in group membership or research topic requires approval from Byeong-Hak Choe.

Required Textbook

  • Natural Resource Economics: The Essentials (2nd Edition), by Tom Tietenberg and Lynne Lewis (Routledge, 2025; ISBN-13: 978-1-032-68908-1; henceforth, TL)
    • This is the only assigned textbook. The course schedule abbreviates it as TL.

Course Schedule

Week Dates Topic Reading: TL
1 Aug 24, 26, 28 Course syllabus and semester outline; supply, demand, equilibrium, elasticity, and surplus Syllabus
2 Aug 31; Sep 2, 4 Externalities, social welfare, efficient quantity, and corrective policy instruments TL Ch. 2
3 Sep 9, 11 Property rights, Coase, public goods, open access, institutions, and equity TL Ch. 2
4 Sep 14, 16, 18 Benefit-cost analysis, discounting, dynamic efficiency, and two-period allocation TL Chs. 3 and 6
5 Sep 21, 23, 25 Depletable resources, scarcity rent, Hotelling’s rule, backstop substitutes, and energy transition TL Chs. 7 and 11
6 Sep 28, 30; Oct 2 Valuation I: total economic value, contingent valuation, and stated-choice methods TL Ch. 4
7 Oct 5, 7, 9 Valuation II: travel cost, hedonic pricing, and benefit transfer TL Ch. 4
8 Oct 14, 16 Ecosystem services, natural capital, payments, and biodiversity TL Ch. 5
9 Oct 19, 21, 23 Fisheries, biological growth, open access, and community governance TL Ch. 8
10 Oct 26, 28, 30 Forest rotation, multiple-use value, carbon, and fire TL Chs. 9 and 12
11 Nov 2, 4, 6 Land, location, development, habitat, and scarce-water allocation TL Chs. 10 and 12
12 Nov 9, 11, 13 Natural-disaster economics, climate risk, wildfire, and ex-ante resilience TL Ch. 12
13 Nov 16, 18, 20 Disaster insurance, pooled catastrophe risk, moral hazard, price caps, affordability, and resilience TL Ch. 12
14 Nov 23 Sustainable development and intergenerational trade-offs TL Chs. 6 and 13
15 Nov 30; Dec 2, 4 Sustainability policy studio and group presentations TL Ch. 13
16 Dec 7 Group presentations and course synthesis Review

No Classes

  • Week 3 (Sep 7): Labor Day — no Monday class; week meets Wed Sep 9 and Fri Sep 11 only
  • Week 8 (Oct 10–13): Fall Break — no Monday class; week meets Wed Oct 14 and Fri Oct 16 only
  • Week 14 (Nov 25–28): Thanksgiving Break — week meets Monday Nov 23 only

Classwork

Three classwork activities are experiments integrated into the course schedule:

  • Classwork 4 (Week 7): Experiment - CVM Survey. Students design and administer a contingent valuation survey about a local public good, analyze the distribution of willingness-to-pay responses, and debrief on the scope insensitivity problem and other methodological challenges of the stated preference approach.

  • Classwork 5 (Week 9): Experiment - Fishery Harvest Game. Each student represents a fishing fleet harvesting from a shared stock. The stock updates each round according to a logistic growth function. Students experience the tragedy of the commons firsthand before the lecture on Ostrom’s governance solutions.

  • Classwork 7 (Week 13): Experiment - Insurance Market Simulation. Students play either insurers or homeowners in a wildfire-prone region. Insurers set premiums; homeowners choose coverage levels and mitigation investments. A random draw determines whether a fire occurs. The experiment illustrates adverse selection, moral hazard, and the market unraveling that follows when insurers face correlated risk under a regulatory price cap.

Homework, Quiz, Exam, and Group Project Schedule

  • September 13, Sunday, 11:59 P.M.: Homework 1
  • October 4, Sunday, 11:59 P.M.: Homework 2
  • October 16, Friday: Quiz 1
  • October 19, Monday: Midterm Exam
  • October 30, Friday, 11:59 P.M.: Project Kickoff Report
  • November 8, Sunday, 11:59 P.M.: Homework 3
  • November 29, Sunday, 11:59 P.M.: Homework 4
  • December 2–7: Group Presentations
  • December 7, Monday, 11:59 P.M.: Homework 5
  • December 9, Wednesday, 8:30 A.M.–10:30 A.M.: Final Exam
  • December 15, Tuesday, 11:59 P.M.: Project Proposal

Attendance

Students are allowed up to six absences without penalty. Additional absences may affect your grade unless they are formally excused. If you must miss class for a standard excused reason (e.g., illness, family emergency, transportation issues), please notify me at bchoe@geneseo.edu so the absence can be recorded appropriately.

Regular attendance is expected, as discussions, in-class experiments, and projects are central to your learning. Experiments cannot be made up outside of class. If you anticipate challenges that may affect your attendance, please reach out—I am happy to work with you to help you stay on track.

Grading

  • Total Percentage Grade
    • Attendance: 5%
    • Quizzes and Participation: 5%
    • Homework: 20% (single lowest homework score dropped)
    • Group Project: 20%
    • Exams: 50%

\begin{align} \quad\\ &\text{(Total Percentage Score)} \\ = &\quad\; 0.05 \times \text{(Attendance)} \\ &+ 0.05 \times \text{(Quiz \& Participation)}\\ &+ 0.20 \times \text{(Homework)}\\ &+ 0.20 \times \text{(Group Project)}\\ &+ 0.50 \times \text{(Exams)} \end{align}

  • Exam Score Calculation

\text{Total Exam Score} = 0.30 \times \text{(Midterm Exam Score)} + 0.70 \times \text{(Final Exam Score)}.

  • Group Project Score

\begin{align} &\quad\text{(Group Project Score)}\\ &= \;\;\; 0.05 \times \text{(Peer Evaluation)}\\ &\quad + 0.10 \times \text{(Project Kickoff Report)}\\ &\quad + 0.50 \times \text{(Presentation)}\\ &\quad + 0.35 \times \text{(Proposal)}. \end{align}

  • Letter Grade Scale

Total percentage scores are converted to letter grades according to the following ranges:

\begin{align} 100 &\geq A \geq 93 > A{-} \geq 90\\ 90 &> B{+} \geq 87 > B \geq 83 > B{-} \geq 80\\ 80 &> C{+} \geq 77 > C \geq 73 > C{-} \geq 70\\ 70 &> D \geq 60 > E \end{align}

Policies

Make-up Exams

Make-up exams will not be given unless you have either a medically verified excuse or an absence excused by the University. For religious obligations, notify the instructor by email at least two weeks in advance to set an alternative time. A missed exam without an excused absence earns a grade of zero.

Artificial Intelligence (AI)

Unless an assignment explicitly permits AI tools, you must complete the work independently. Unauthorized use of tools such as ChatGPT is a form of academic dishonesty and undermines the development of your own skills. When an assignment does permit AI, the assignment will state the allowed uses and you remain responsible for the accuracy, reasoning, and final submission. If you are uncertain whether a use is allowed, ask before using the tool.

If AI is explicitly permitted, you must also:
  • Document which AI platforms and tools you used.
  • Include your prompts and relevant AI outputs with the assignment submission.
  • Include a brief reflection on how you evaluated the output and what you learned.

Academic Integrity and Plagiarism

All homework assignments and exams must be your original work. Academic dishonesty will not be tolerated. Examples include:

  • Representing the work, thoughts, or ideas of another person as your own
  • Allowing others to represent your work, thoughts, or ideas as theirs
  • Being complicit in academic dishonesty by suspecting or knowing of it and not taking action

See: Academic Dishonesty Policy and Procedures and Plagiarism Tutorial Brightspace Link

Accessibility

SUNY Geneseo is dedicated to providing an equitable and inclusive educational experience for all students. The Office of Accessibility (OAS) will coordinate reasonable accommodations for persons with disabilities to ensure equal access to academic programs, activities, and services offered by SUNY Geneseo.

Students with approved accommodations may submit a semester request to renew their academic accommodations. More information on the process for requesting academic accommodations is on the OAS website.

Questions? Contact the OAS by email, phone, or in-person:

Office of Accessibility Services
Erwin Hall 22
585-245-5112
access@geneseo.edu

Public Health and Class Attendance

If you are experiencing symptoms associated with COVID on a day that class meets in-person, do not attend. Communicate proactively about absences and contact the Dean of Students if you expect to be out for an extended period.

Religious Observations and Class Attendance

New York State Education Law 224-a stipulates that “any student in an institution of higher education who is unable, because of [their] religious beliefs, to attend classes on a particular day or days shall, because of such absence on the particular day or days, be excused from any examination or any study or work requirements” (see General Classroom Policies for more information). SUNY Geneseo has a commitment to inclusion and belonging, and I want to stress my respect for the diverse identities and faith traditions of students in my class. If you anticipate an absence due to religious observations, please contact me as soon as possible in advance to discuss your needs and arrange make up plans. The New York State Department of Civil Service maintains a calendar of major religious observations.

Military Obligations and Class Attendance

Federal and New York State law requires institutions of higher education to provide an excused leave of absence from classes without penalty to students enrolled in the National Guard or armed forces reserves who are called to active duty. If you are called to active military duty and need to miss classes, please let me know and consult as soon as possible with the Dean of Students.

Personal Health, Well-being, and Basic Needs

Well-Being

Prioritizing well-being can support the achievement of academic goals and alleviate stress. Eating nutritious foods, getting enough sleep, exercising, avoiding drugs and alcohol, maintaining healthy relationships, and building in time to relax all help promote a healthy lifestyle and general well-being. Your health and wellbeing are foundational to your ability to learn, and if you find that you are feeling unwell (physically or mentally) and it is impacting your ability to complete your coursework, please reach out. In a similar way, I will occasionally ask for some patience and flexibility on your part.

If I am slow responding to an email, if I take some time to grade an assignment, or if I am a bit late posting course materials, please be patient (and feel free to send me a nudge; I will not be offended). You will never suffer any disadvantage in the course because of delays on my part. Remember that we are all in this together.

Basic Needs Statement

In order to foster a sense of belonging and connection, a state of financial, mental, emotional and physical stability must be achieved. If you are facing food insecurity, displacement, an emergency, crisis, or health-related or medical expense, you are not alone. Concerns about academic performance, health situations, family health and wellness (including the loss of a loved one), interpersonal relationships and commitments, and other factors can contribute to stress. Students are strongly encouraged to communicate their needs to faculty and staff and seek support if they are experiencing unmanageable stress or are having difficulties with daily functioning. The Dean of Students (585-245-5706) can assist and provide direction to appropriate campus resources. For more information, visit the Dean of Students Office website.

Mental Health

As a student, you may experience a range of challenges that can impact your mental health and thus impact your learning; common examples include increased anxiety, shifts in mood, strained relationships, difficulties related to substance use, trouble concentrating, and lack of motivation, among many others. These experiences may reduce your ability to participate fully in daily activities and affect your academic performance.

SUNY Geneseo offers free, confidential counseling for students through Student Health and Counseling, and seeking support for your mental health can be key to your success at college. You can learn more about the various mental health services available on campus online. To request a counseling appointment, please complete the online form.

Guidelines for Attendance and Public Health

SUNY Geneseo is a residential liberal arts college where we all learn together in a shared space. This classroom community is vital for engaging in discussions, solving problems, and answering questions together. Learning is an active process, and it requires engagement — on my part and yours. I promise to create an interactive and collaborative classroom space, and in return I expect you to attend and engage in the activities.

It is possible that some of you may get sick over the course of the semester. Because we want you to be successful and because we value your contribution to the course, we expect you to prioritize attendance. If you are not feeling well and your symptoms do not allow you to attend class, stay home (except to go to the health center), rest, and take care of yourself. You can find more guidelines from the Center for Disease Control for precautions when sick which cover flu, COVID, and other illnesses.

I expect you to communicate with me directly about your absences. I can support you to keep up with class if you are out for an illness, but I need you to take responsibility for being transparent and clear in letting me know when you are out and why. Although I can work with you on keeping up, you may miss some course content and extended absences may impact your ability to realize your full potential in this class. For extended absences (i.e., more than a couple of days of classes), you should contact the Dean of Students who can assist with reaching out to your faculty.

Food Security for SUNY Geneseo Students

SUNY Geneseo is committed to supporting students who are experiencing food insecurity. If you are unfamiliar with the phrase “food insecurity,” you can learn more at the following link on Feeding America’s website: Understanding Food Insecurity.

Knights’ Harvest Pantry, our on-campus food pantry, is a collaborative initiative supported by Campus Auxiliary Services (CAS) and facilitated by trained student volunteers. The program is advised by the Assistant Director of Student Volunteerism and Community Engagement in partnership with the Geneseo Opportunities for Leadership Development (GOLD) program.

Students who are in need can confidentially request a bag of food and basic hygiene supplies through our website. These bags typically include non-perishable items and, when available, fresh fruits, vegetables, meat, and dairy products. Pickups take place at the GOLD Leadership Center in MacVittie College Union, Room 114.

We are committed to protecting student privacy and promoting dignity, while also working to destigmatize food insecurity on our campus. If Knights’ Harvest Pantry does not fully meet your needs or if you would prefer to discuss your situation privately, please reach out to Cheyenne DeMarco, Assistant Director of Student Volunteerism and Community Engagement, at cdemarco@geneseo.edu for a one-on-one consultation.

Please note that Knights’ Harvest Pantry is closed during official SUNY breaks, including Fall Break, Winter Intersession, Spring Break, and summer between semesters. During these times, students are encouraged to access the Geneseo-Groveland Emergency Food Pantry, located at 31 Center Street, Geneseo, NY 14454. For updates on pantry hours, events, and additional support opportunities, follow us on Instagram or Facebook: @knightsharvestgeneseo. For questions or support, contact Cheyenne DeMarco at cdemarco@geneseo.edu or (585) 245-5893.

Emergency Funding

The college has three sources of emergency funding for students experiencing short-term financial crises. The Camiolo Student Emergency Loan Fund (SELF) provides short-term loans to students for situations both temporary and beyond their control. The SELF was established with the expectation that students who use the fund seek to “pay it forward” as soon as they are able by contributing to the fund so other students can be helped, too. While there is not a legal obligation, the donors hope that student loan recipients respect and honor the value of community and helping others in their time of crisis. The One Knight Student Aid Emergency Fund assists Geneseo students who are facing financial emergencies. The fund offers grants (one-time award) depending on a student’s documented financial need. For those students expecting a refund from financial aid, a Temple Hill loan of up to $500 can be offered prior to the approved loan dispersal. If you are experiencing financial hardship, please contact the Dean of Students (585-245-5706), who can assist and provide direction to appropriate campus resources.

SUNY Geneseo’s Commitments, Mission and Values

SUNY Geneseo has several core documents that articulate our shared commitments and learning objectives. These include:

Disclaimer

The syllabus may be subject to change during the semester. If it is changed, you will be notified via email and Brightspace.

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