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Mathematical analysis is key to the modeling and management of
natural resources. By presenting required mathematical methods,
classic dynamic models for non-renewable and renewable resources,
and by exploring several contemporary problems, this text provides
a foundation for advanced research. Topics include seminal models
in fishery, forestry and non-renewable resource management, as well
as an extensive collection of contemporary applications that
include the optimal transition from fossil fuels to clean energy,
the optimal timing of interventions to save endangered species,
pest control and the optimal management of antibiotic resistance.
Deterministic and stochastic models in both discrete and continuous
time are covered. The book encourages students to pursue a deeper
understanding of the analytics of resource problems and to deploy
numerical methods when analytical results prove intractable. The
combination of analysis, theory and applications will launch the
next generation of resource economists, while serving as a useful
reference for established researchers.
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."
This book reviews techniques of dynamic optimization and shows how they can be applied to the management of various resource systems. In addition, it highlights the theory, models, and methods employed in the discipline of resource economics. Professors Conrad and Clark have written this text under the premise that the theory and concepts in this field are more quickly learned and made operational through numerical examples. By working through the problems at the end of each chapter, readers will learn the techniques that may be used in empirical studies of natural resources systems. Specifically, the chapters deal with renewable resources, nonrenewable resources, environmental management, and stochastic resource models, in addition to dynamic optimization.
In this book, Jon Conrad and Colin Clark develop the theory of
resource economics. To begin, they provide an introduction to the
required techniques of dynamic optimization. Throughout the book
they build the reader's understanding with many fully-worked
problems and numerical examples. The authors have written this text
in the belief that the theory and concepts of resource are more
quickly learned, more effectively made operational, and more truly
understood if the reader is exposed to carefully explained
numerical examples. By working through the problems at the end of
each chapter, students will learn the techniques to be used in
empirical studies of natural resource systems. The first chapter
provides an introduction to optimization, including constrained
optimization, dynamic allocation problems, dynamic programming,
continuous time problems, and the maximum principle, and a
discussion of various numerical and graphical techniques. The
remaining chapters deal in depth with the economics of renewable
resources, nonrenewable resources, with environmental management
and with stochastic resource models.
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."
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