AGEC/FNR 406 Prof. Gramig Fall 2010 Office: Krannert 564 MWF 2:30-3:20PM in KRAN G016 Phone: 765-494-4324 Office Hours: Tues. 3-5PM, Fri. 10AM-noon (or by appointment) e: [email protected] NATURAL RESOURCE AND ENVIRONMENTAL ECONOMICS OVERVIEW Economic activity and the natural environment are inseparable. Private decisions and public policies entail tradeoffs between economic and environmental outcomes. Natural resource and environmental economics provides a means to assist us in understanding the causes of environmental problems and developing solutions consistent with society's economic and environmental objectives. This course provides an introduction to environmental and natural resource economics. Lectures, homework assignments, and in-class discussion/exercises are used to provide insights into economic aspects of a wide range of environmental issues including air and water pollution, forest management, and links between the economy and the environment. Students will learn how to look at environmental and natural resource issues from an economic perspective, and how to apply basic tools of economic analysis when making decisions. Much of the course material is available online, including the syllabus, class schedule, class notes, and homework assignments. The required course text that will be used extensively in the course is: Tietenberg and Lewis. Environmental Economics and Policy, 6th edition. Reading, MA: Addison-Wesley, 2010. ISBN-10: 0-321-59949-7. An online or electronic copy of the text may be available from the publisher at reduced cost. Two copies of the course text are on 2-hour reserve in the Management and Economics Library (MEL) on the second floor of the Krannert Building. COURSE WEBSITE The course website is accessible through the Purdue University Blackboard Vista system at: http://www.itap.purdue.edu/tlt/blackboard/index.cfm. All PowerPoint slides, assignments, quizzes, schedule updates/changes, and announcements will be posted to the Blackboard site. I will send emails using the Blackboard email utility throughout the semester and in the event of any schedule change. Please make sure that your personal Blackboard settings are configured so that you will receive any messages sent in this manner. If you use Gmail or another non-Purdue email address, make sure that emails sent through Blackboard are being automatically forwarded to your other account that is checked at least daily. PREREQUISITE The pre-requisite for this class is AGEC 203 or AGEC 204 or EC 251. If you do not have the pre-requisite or an equivalent principles of microeconomics course, please let me know. ATTENDANCE & ETIQUETTE Students are expected to attend every class. Course notes and readings available online are not a substitute for attending class and participating in computer lab or web-based exercises that are part of the course. ADDITIONAL HELP & RESOURCES I encourage students to come see me individually or in small groups during office hours (or by appointment) if they have questions about the class material, readings, homework assignments, or other topics relevant to the course. I want you all to learn the course material and be successful in this class and beyond, and I will work2 with you to help you succeed. If you don’t understand something or find yourself falling behind in the class, I cannot help you if you do not take the initiative to come meet with me. In this class, as in life, you bear the lion’s share of the responsibility for your own success. This is not an easy course, but I will give you the resources you need to be successful. Those resources are your lecture notes (PowerPoint slides and handwritten notes that cover problems from the chalkboard), textbook, online quizzes and homework assignments. You will need to use all of these course materials to be at the top of the grade distribution at the end of the semester. GRADING POLICY (All dates are tentative) The final course grade is computed based on the total points earned from: 1) Quizzes covering readings taken on Blackboard before first class assigned 7% 2) In class exercises (2-3 throughout the semester): credit for participation 3% 3) Homework assignments (4 of equal weight): Sep. 13, Oct. 25, Nov. 8, Nov. 29 30% 4) Mid-term Exams (2): Mid-term 1 on Oct. 15, Mid-term 2 on Dec. 3 60% 5) Final Exam (Optional): Averaged with midterm exams, if taken Final grades will be assigned according to the following +/- scale: Grade GPA Value PercentageA+ 4.0 97.0-100 A 4.0 93.0-96.9 A- 3.7 90.0-92.9 B+ 3.3 87.0-89.9 B 3.0 83.0-86.9 B- 2.7 80.0-82.9 C+ 2.3 77.0-79.9 C 2.0 NOTE: 75.0=lowest passing score for the Pass/No Pass grade option 73.0–76.9 C- 1.7 70.0–72.9 D+ 1.3 67.0–69.9 D 1.0 63.0–66.9 D- 0.7 60.0–62.9 F 0.0 < 60.0 HOMEWORKS (30%) Four (4) homework assignments will be assigned during the semester. Each will contribute equally to your final grade in the course based on the Grading Policy stated above. The purpose of the homework assignments is to help you master your understanding of key concepts and learn how to apply the analytical tools that are used in environmental and natural resource economics. You may discuss homework assignments with your classmates, but you must write-up and submit your own answers for each problem set. These assignments will be posted on the course webpage (on Blackboard Vista). Tentative due dates are indicated above and updated due dates will be posted on the online course schedule. Specific instructions will be included with each individual assignment. Late homework will not be accepted. Start assignments early so that computer problems or Blackboard Vista service outages on the night or weekend before the due date do not prevent you from completing the assignment on time. By not waiting until the last minute, you will also have time to come see me during my office hours or by appointment if you are having trouble with the homework questions. Missing class on the due date of an assignment is not an excuse, even if you are ill. You must email me ([email protected]) a copy of your completed assignment by class time (2:30PM) on the due date or turn it in early if you know you will have to miss class on the due date.3 Homework assignments should be prepared with the same care and attention to detail that you would use when writing a professional memorandum to your employer. Answers should be written in