This course is aimed at providing understanding of economics of natural resources and will be relevant for those willing to pursue doctoral research in environmental and agricultural economics. This course will help understanding the nature of environmental resources and their optimal allocation over time taking some cases of depletable and renewable resources. Natural Resources: Concept, Classification, Resource taxonomy, Carrying capacity; Public Goods: Characteristics, Conditions for optimal provision, Private provisioning of public goods, Environmental resources as public goods; Property Rights and Natural Resources: Common property resources, Open access resource, Tragedy of commons, CPR and Institutional Issues; Valuation Techniques of non-market natural resources; Non-renewable Resource Economics: Optimal resource management over time, Backstop, Technology, Hotelling’s rule; Renewable Resource Economics: Optimal harvesting, Cases of fisheries, forests and groundwater; Market Forms and Optimal Harvesting
