The lecture delves into the underlying principles of the economics of the natural resources. After gaining an overview of the taxonomy of the natural resources, the students will be made familiar with the basics of the optimal control theory. The lecture contemplates both normative and positive economics of the nonrenewable natural resources such as fossil fuels and non-fuel minerals and renewable natural resources such as fisheries and renewable energy sources. To illustrate the relevance of the individual lecture blocks for the planning and management in the context of the sustainable resource management and environmental policies, each lecture ends with a discussion of a pertinent case study.
Semester: WiSe 2023/24