+612 9045 4394
Resource Economics - Jon M. Conrad

Resource Economics


Published: 14th June 2010
RRP $54.95
This title is not in stock at the Booktopia Warehouse and needs to be ordered from our supplier.
Click here to read more about delivery expectations.

Other Available Formats (Hide)

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
'This book builds on the already-excellent first edition, with its unique focus on computational solution of dynamic optimization problems, by providing a richer and more detailed discussion of theoretical models of renewable, nonrenewable, and environmental resource management along with very helpful discussion of the intuition behind the models, and applications to resource problems.' Anthony Fisher, University of California, Berkeley
'Jon Conrad's Resource Economics is a unique and indeed indispensable learning resource. It teaches students to work with sophisticated mathematical models using a hands-on, intuitive approach based on the standard spreadsheet tools that are now pervasive in quantitative analysis. Conrad's book sets a standard to which other textbook authors should aspire.' Richard Howarth, Dartmouth University
'Jon Conrad's second edition of Resource Economics is an elegant mathematical treatment of the many complex management issues confronting natural resource managers. The book presents dynamic modeling and optimization in a practical context. The use of Excel throughout the book gives it a concreteness that is lost in purely theoretical texts. It is an ideal advanced text covering the economics of fisheries, forestry, nonrenewable resources, and stock pollutants.' Robert Mendelsohn, Yale University
'Resource Economics is an excellent choice for advanced undergraduates and master's students. The book's use of Excel's solver gives students an intuitive grasp of dynamic optimization without relying on advanced mathematics. Students analyze fisheries, forests, and fossil fuels as they learn spreadsheet programming skills that are valuable in other economics, business, and management courses.' Martin Smith, Duke University
'I wish there had been a textbook such as Jon Conrad's Resource Economics available when I was a young student beginning to learn about natural resource and environmental economics. This is a rigorous but highly accessible mathematical introduction to the field that brings home to the reader the fundamental common threads, as well as the differentiating factors, among nonrenewable, renewable, and environmental resource problems.' Robert N. Stavins, Harvard University

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
Table of Contents provided by Ingram. All Rights Reserved.

ISBN: 9780521697675
ISBN-10: 0521697670
Audience: Tertiary; University or College
Format: Paperback
Language: English
Number Of Pages: 300
Published: 14th June 2010
Publisher: Cambridge University Press
Country of Publication: GB
Dimensions (cm): 22.8 x 15.2  x 1.8
Weight (kg): 0.41
Edition Number: 2
Edition Type: Revised