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ECONĀ 5803 [0.5 credit] (ECO 6143, ECO 6543) Economics of Natural Resources

The concept of scarcity rents in static and dynamic settings. Basic property regimes: open access, exclusive access and common property. Policy instruments. The importance of transaction costs. General-equilibrium and political-economic aspects of property regimes. Conflict. Elements of dynamic optimization. Renewable and non-renewable resources.
Precludes additional credit for ECON 5305 (no longer offered).