Learn about the Resource Economics Undergraduate Courses
Click the links below to read the description of each course.
Principles of microeconomic theory for majors and non-majors. Concepts of supply, demand, markets, economic welfare and policies. Applications to resource management in business and government context emphasized. (Gen.Ed. SB)
In this course, we seek to elucidate our role as consumers in society and demonstrate the usefulness of economic perspectives in understanding not just the economy, but society more broadly. We are all consumers in many ways. We consume physical products, of course, but we also consume art, media, information, policy, and natural resources. This course will use economics to shed light on these many dimensions of consumption. We will begin by establishing some key economic principles and themes. We will then proceed to use these as a lens for thinking through diverse topics, ranging from classic consumer markets to education policy, from environmental issues to fashion and entertainment. (Gen.Ed. SB)
Explores the causes of hunger (chronic undernutrition) from an economic perspective. Focus on how population growth and economic development are increasing demand for food and on the prospects for food production to supply those needs at affordable prices, while sustaining the environment. Discussion in the context of the global economy in which increased trade links even the poorest urban and rural residents in developing countries to market forces. (Gen.Ed. SB, DG)
Students work in a team-based learning environment to develop understanding of contemporary computing tools and concepts and the higher-order skills necessary to design and develop information systems that serve the interests of an organization. Topics include data analysis and modeling using MS Excel spreadsheets and relational data management using MS Access and an introduction to SAS analytics software. Students are evaluated through a variety of means: group projects, individual homework, in class team-based exercises, informal reflections, peer evaluations, and exams.
The purpose of this course is to present intermediate level microeconomic theory. Primarily we will focus on consumer demand theory and economics of production. Both graphical and mathematical approaches will be presented. This course provides the background necessary for more advanced courses in the department.
Designed for students in the social science and business related fields of study. Introduction to basic statistical methods used to collect, summarize, and analyze numerical data. Emphasis on application to decision making; examples from the social sciences and business. Topics include: common statistical notation, elementary probability theory, sampling, descriptive statistics, statistical estimation and hypothesis testing. Basic algebra and familiarity with computer and internet necessary. (Gen.Ed. R2)
[Note: Because this course presupposes knowledge of basic math skills, it will satisfy the R1 requirement upon successful completion.]
This course covers methods of sample-based estimation and inference. Topics include hypothesis testing for two populations, analysis of variance for comparing three or more populations, simple linear regression, topics in multiple regression, and univariate time-series techniques (if time permits) such as moving averages and exponential smoothing. Statistical software is used for advanced computations. Basic algebra required.
Economic analysis of environmental problems focusing on air, water, and land pollution. Emphasis is on analyzing the individual incentives that lead to environmental degradation, the valuation of environmental quality, and the design and evaluation of regulations that seek to improve environmental quality. Includes the economic analysis of global climate change. (Gen.Ed. SB)
Economic analysis of natural resource use and conservation. Includes analyses of the use of fuel, forest, marine and biodiversity resources. Focuses on evaluating natural resource use in terms of efficiency and sustainability, and designing regulations for correcting inefficient and unsustainable resource markets. (Gen.Ed. SB)
This course satisfies the Junior Year Writing requirement for students in RES-ECON. The emphasis is on developing students' skills in critical thinking, writing, and effective communication.
Basic concepts in econometric methods. Estimation of the general linear model with applications to theoretical economic models. Introduction to problems and methods to solve problems common in economic data. Nonlinear models, binary independent variables and binary dependent variable methods. Application of methods to real world data; emphasis is on application through use of econometric software. Students undertake research projects.
"No matter what type of job you get when you leave the ResEc family, you will need to be able to make good decisions using numbers. Some of you will get jobs performing analysis, while some of you will need to judge the credibility of the analysis done by others. The goal of this class is to introduce you to decision analysis. Decision Analysis covers how to best make decisions in an uncertain world. Topic include belief formation and updating, logical decision making and avoiding common decision errors, and appropriate information gathering. This course contributes to the quantitative sequence by further reinforcing how numbers can help us make good decisions and by improving the student's technical skills related to probabilities. The course contributes to the theoretical sequence by focusing on logical and consistent decision-making and an understanding of behavioral biases that can adversely affect decision-making.
Economic analysis of the role that information plays in the economy, and study of the contemporary problems in information production, distribution and consumption that stem from the widespread adoption of new information technologies. Will address both macro and micro implications of IT, and both efficiency and equity concerns at the local, national and international levels.
Syllabus
Foundations of interest rate theory and fundamentals of finance. A problem-solving approach to selected financial applications as they affect microeconomic units such as the individuals, households, and small businesses. Financial planning, spending, credit and saving, investing, taxes, insurance, retirement, and estate planning are examples of the topics that will be examined.
Theory and application of Entrepreneurial Finance and basic financial management for a small firm. Emphasis will be based on writing and presenting a complete business plan, in addition to examining topics such as financial statements, profitability and break-even analysis, working capital, capital budgeting, and forecasting.
This course introduces students to a holistic framework for understanding the relationships between global inequality, economic development, and environmental degradation. A range of practical pathways toward more sustainable global development are discussed and evaluated from economic, societal, and environmental perspectives. Topics include: the development gap; climate change; food security; population growth and distribution; approaches to addressing extreme poverty; biodiversity and ecosystem services; health, education, agriculture, and political institutions in the context of economic development; global carrying capacity and environmental load.
This course offers a broad overview of domestic and global water policy topics. In particular, the course will explore these topics through the lens of economics. The class covers both water quality and water quantity topics. U.S. topics will include a discussion of major environmental and health statutes such as the Clean Water Act and Safe Drinking Water Act. Environmental justice impacts will be discussed. Global topics will cover a range of subjects including the importance of sanitation and safe drinking water in developing countries. Issues of water scarcity in both domestic and global settings will be explored. Foundational economic topics will cover supply and demand models, non-market valuation techniques, and water pricing.
This course introduces students to the theory and methods of health economics and demonstrates how these methods can be applied to understand phenomena and analyze issues in health policy, business, and management. We will explore how scholars and practitioners address empirical questions in health economics and the methods and data that are available. Topics include: COVID-19 and the diffusion and innovation in health care; the demand for health care; health insurance; geographic variation in medical spending; physician labor market; hospital and health systems; pharmaceutical, biotech, and medical devices; drug development, pricing, and FDA regulation; technology assessment; special topics (poll).
Students will reflect on and integrate their collegiate learning and experiences to date by completing the following activities: develop a personal reflective portfolio, inventory and identify skills attained as an undergraduate, update professional materials such as resume, cover letter and networking profiles; and explore career options. Students will participate in weekly team activities in a team-based-learning environment that fosters engagement and peer-to-peer feedback. This 1-credit course, plus one pair of 3-credit courses identified in the Academic Requirements Report, satisfies the Integrative Experience requirement for BS Resource Economics and Managerial Economics majors.
Application of economic theory and quantitative analysis to the managerial decision-making process. Topics include: cost and production economics, demand analysis, business forecasting, investment project evaluation, and pricing and promotional strategies.
An introduction to the use of laboratory experiments to better understand economic behavior. Topics include experimental design; markets and auctions; market mechanism design; bargaining; public goods, externalities and common-pool resources.
Market structure models with application to various industries. Firm behavioral strategies under different market structures. The role of product differentiation, advertising, market power, mergers, barriers to entry, price and non-price rivalry. Market performance including welfare, costs, and profits. BS Managerial Economics majors can satisfy their Integrative Experience requirement by taking this course plus Res-Econ 394LI and 453.
Rationale and structure of public policies that affect the operation of private markets in the U.S., with special emphasis on consumer goods industries. Focus on antitrust and competition policies (e.g., those covering collusive restraints of trade, monopolization, and mergers) and on policies that affect product quality and information (e.g., product standards, regulation of advertising and labeling). BS Managerial Economics majors can satisfy their Integrative Experience requirement by taking this course plus Res-Econ 394LI and 452.
This course introduces students to theoretical foundations and practical procedures of cost-benefit analysis (CBA) as applied to public natural resources and environmental projects, programs, and regulations. The course will cover critical discussion of strengths and weaknesses of CBA. Students will learn discounting, non-market valuation, and social welfare analysis. This course fulfills the General Education Integrative Experience requirement for BS-ResEc majors when taken with Res-Econ 394LI and Res-Econ 472.
This course addresses advanced topics in environmental and natural resource economics. It applies tools from microeconomic theory and econometrics to analyze a wide array of environmental issues. Students will learn data analysis software (R or similar) and use it to analyze environmental issues using real-world data and various econometric techniques. Specific topics covered may vary from year to year, but generally include air and water pollution, conservation initiatives, climate change mitigation, the impacts of pollution on human health, political economy, and monitoring and enforcement of environmental regulations. BS-ResEc majors can satisfy their Integrative Experience requirement by taking this course plus Res-Econ 394LI and 471.
This course introduces students to two key dimensions of artificial intelligence. First, it explores the historical evolution of AI, current advancements, core technologies, algorithms, capabilities, and essential terminology. Second, it emphasizes the practical application of AI as a tool to enhance skills and productivity, offering hands-on opportunities to integrate AI tools into real-world scenarios relevant to the workplace, education, and research.
Transitioning our energy system to one that is supplied primarily by clean and renewable energy sources is arguably one of the most important challenges of the 21st century. Modern society depends on reliable and affordable energy supply and energy markets affect all economic sectors including corporations and households. The success of the energy transition will depend on the development and deployment of new technology, as well as market mechanisms and policies to support this transition. This course will explore economic aspects of the renewable energy transition, including the costs and benefits of electricity from solar and wind, the environmental impact of energy consumption, and policies to support market growth and technology adoption. We will also cover topics related to equity in energy markets and how the renewable energy transition can contribute to social welfare and equity. Course content will also include topics related to research development, writing, and presentation. Students will develop research proposals in the Fall and complete their Honors Theses in the Spring.
Transitioning our energy system to one that is supplied primarily by clean and renewable energy sources is arguably one of the most important challenges of the 21st century. Modern society depends on reliable and affordable energy supply and energy markets affect all economic sectors including corporations and households. The success of the energy transition will depend on the development and deployment of new technology, as well as market mechanisms and policies to support this transition. This course will explore economic aspects of the renewable energy transition, including the costs and benefits of electricity from solar and wind, the environmental impact of energy consumption, and policies to support market growth and technology adoption. We will also cover topics related to equity in energy markets and how the renewable energy transition can contribute to social welfare and equity. Course content will also include topics related to research development, writing, and presentation. Students will develop research proposals in the Fall and complete their Honors Theses in the Spring.