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O. Eismont 1. General Characteristics of Natural Resources. Natural resources in economic theory. "Limits to Growth" as an example of neomalthusian approach to natural resources. Types of natural resources (land, renewable and exhaustible resources, environment as a natural resource). Reserves of the main natural resources. Hubbert model for the evaluation of ultimate reserves of exhaustible natural resources. Meadows, D.H., et. al. "The Limits to Growth", New York: Universe Books, 1972. Nordhaus W.D. "World Dynamics: Measurement without Data", Economic Journal, vol. 83, 1156-1183, 1973. Pearce, D.W., and R.K. Turner. "Economics of Natural Resources and the Environment", Harvester Wheatsheaf, 1991. Cleveland, C.J., and R.K. Kaufmann. "Forecasting Ultimate Oil Recovery and Its Rate of Production: Incorporating Economic Forces into the Models of M.K. Hubbert", The Energy Journal, vol. 12, No 2, 1991. 2. Spatial Economics. Economics of land use. Capitalized value of land. Land as a kind of an asset. Quality of land and Ricardian models. Single crop case. Dependence of land rent on land quality. Critical land quality. Multicrop case. The role of location and von Thunen models. The model of an isolated city. Rent and the distance from Central Business District. Differences between Ricardian and von Thunen results. Land as a consumption good. The bid-rent function approach. The entropy approach to modelling population distribution in a city. The continuous transportation model. Hydrodynamic analogy. Flow vector, divergence, gradient. Boundary conditions. Minimization of transportation costs. Gradient equation. Flow lines and singularities. Uniform transportation costs. Congestion on roads. Poisson equation. A model of migration. Structural stability and spatial organization of economy. Beckmann, M., and T. Puu. "Spatial Economics: Density, Potential, and Flow", North-Holland, 1985. Hartwick J. and N. Olewiler, The Economics of Natural Resource Use, Harper-Collins Publishers, New York, 1986. Mathematical Land Use Theory, ed. by G.J. Papageorgiou, Lexington Books, 1976. Puu T., Nonlinear Economic Dynamics, Lecture Notes in Economics and Mathematical Systems, vol. 336, Springrt-Verlag, 1989. Randall, A., and E.N. Castle."Land Resources and Land Markets:, in: Handbook of Natural Resource and Energy Economics, ed. by A.V. Kneese and J.L. Sweeney, vol. 2, North- Holland, 1985. Wilson A.G. "Entropy in Urban and Regional Modelling" London: Pion, 1970. 3. Economics of Public Natural Resources. The problem of externalities in natural resource economics. Externality and convexity of production possibility set. Pigouvian taxes as a means of correcting externalities. Environmental pollution as an example of externality. Public natural resources and externality. Coase theorem, effect of transaction costs. The exploitation of common property natural resources: inefficiency of a market equilibrium. Establishing property rights. Regulation of the exploitation of publicly owned natural resources. Pure licensing and pure tax schemes. Dasgupta, P.S., and G.H. Heal. "Economic Theory and Exhaustible Resources", Cambridge University Press, 1993. Coase R.H., "The Problem of Social Cost", Journal of Law and Economics, vol. 3, 1960. 4. Renewable Natural Resources. Equation of population dynamics. Logistic growth curves. Dynamic stability of populations, bifurcations, chaotic behaviour. The rate of renewable resource exploitation and extinction of populations. Static profit maximization. Private and public property of renewable natural resources. The problem of species extinction. Maximization of discounted profits. Zero and non-zero costs. Optimal regulatory policy towards exploitation of publicly owned renewable natural resources. Dasgupta, P.S., and G.H. Heal. "Economic Theory and Exhaustible Resources", Cambridge University Press, 1993. Wilen, J.E. "Bioeconomics of Renewable Resource Use", in: Handbook of Natural Resource and Energy Economics, vol. 1, ed. by A.V. Kneese and J.L. Sweeney, Elsivier Science Publishers B.V., 1985. Fisher, A.C. "Resource and Environmental Economics", Cambridge University Press, 1981. Pearce, D.W., and R.K. Turner. "Economics of Natural Resources and the Environment", Harvester Wheatsheaf, 1991. 5. Exhaustible Natural Resources. Balance equation. Zero extraction costs. Arbitrage equation. Maximization of discounted profits and arbitrage equation. Introduction of demand for natural resource. Efficiency and feasibility. A socially managed exhaustible natural resource. Taking into account extraction costs. U-shaped dynamics of extraction costs. Deposits of different quality. The presence of a backstop technology. Technical progress, its uncertainty and resource depletion. Production with exhaustible resources. Production function. Essential and inessential exhaustible resources. Conditions for sustainable economic growth with exhaustible natural resources. Resource-augmenting technical progress. Economic growth with exhaustible natural resources. Constant savings ratio. Equilibrium growth. Phase diagram. Stability of a stationary state. Efficient and inefficient, feasible and infeasible trajectories of economic growth. A model of adaptive expectations. Disequilibrium on asset markets. Empirical estimates of economic theory of natural resources depletion. Berck P., and M. Roberts, "Natural Resource Prices: Will They Ever Turn Up?", Journal of Environmental Economics and Management, vol. 31, 65-78, 1996. Dasgupta, P.S., and G.H. Heal. "Economic Theory and Exhaustible Resources", Cambridge University Press, 1993. Symposium on the Economics of Exhaustible Resources, The Review of Economic Studies, 1974. Krelle, W. "Theorie des Wirtschaftlichen Wachstums", Springer-Verlag, 1985. Cleveland, C.J. "An Exploration of Alternative Measures of Natural Resource Scarcity: The Case of Petroleum Resources in the U.S.", Ecological Economics, 1993, vol. 7, 123-157. Eismont, O. "Long-Term Macroeconomic Estimate of Energy Consumption", Energy Economics, 1992, vol.14, No 4. 6. Natural Resources Depletion and the Problem of Justice. Rational use of natural resources over time. The role of ethical systems in defining equitable distribution of wealth between different generations (utilitarianism, egalitarianism, elitarianism). Utility functions. Optimal depletion of natural resources. Utilitarian and egalitarian approaches. Overlapping generations model under limited stock of natural resource. A case of open economy. The "Dutch Disease". Aarrestad J., "Resource Extraction, Financial Transactions and Consumption in an Open Economy", Scandinavian Journal of economics, 1979, vol. 81, 552-565. Burton P.S., "Intertemporal Preferences and Intergenerational Equity Cosiderations in Optimal Resource Harvesting", Journal of Environmental Economics and Management, 1993, vol. 24, 119-132. Corden W., "Booming Sector and Dutch Disease Economics: Survey and Cosolidation", Oxford Economic papers, 1984, vol. 36 (3), 359-380. Dasgupta P., Eastwood R., G. Heal, "Resource Management in a Trading Economy", Quarterly Journal of Economics, 1978, vol. 92, 297-306. Hartwick J., "Intergenerational Equity and the Investing of Rents from Exhaustible Resources", American Economic Review, 1977, vol. 67, 972-991. Rawls, J. "A Theory of Justice", Harvard University Press, Cambridge, MA, 1971. Solow, R.M. "Intergenerational Equity and Exhaustible Resources", Review of Economic Studies, Symposium on the Economics of Exhaustible Resources, 1974. Solow R., "On the Intergenerational Allocation of Natural Resources", Scandinavian Journal of Economics, 1986, vol. 88, 143-154. 7. Imperfect Competition in the Theory of Exhaustible Resources. Monopoly on the stock of exhaustible natural resource. Constant price elasticity of demand. Variable price elasticity of demand. Monopoly on derivative products as a result of monopsony on natural resource market. Duopoly, oligopoly. Resource-owning cartel and competitive owners of natural resource. Constraints on production capacities of competitive owners. Example of OPEC. Dasgupta, P.S., and G.H. Heal. "Economic Theory and Exhaustible Resources", Cambridge University Press, 1993. Groot F., C. Withagen and A. de Zeeuw, "Note on the Open- Loop von Stackelberg Equilibrium in the Cartel Versus Fringe Model", The Economic Journal, 1992, vol. 102, 1478-1484. Newbery D., "Oil Prices, Cartels, and the Problem of Dynamic Inconsistensy", The Economic Journal, 1981, vol. 91, 617-646. 8. Taxation of Exhaustible Natural Resources. A sales tax. Exponentially rising tax. Constant tax. Tax policy and well-being of natural resource owners and consumers. A profits tax. Depletion allowance. Royalty. Taxation and the optimal exploitation of exhaustible natural resources. Optimal taxation when the same deposit is exploited by several economic agents. Dasgupta, P.S., and G.H. Heal. "Economic Theory and Exhaustible Resources", Cambridge University Press, 1993. 9. Uncertainty and Exploitation of Natural Resources. Uncertainty in estimates of exhaustible natural resources reserves and optimal policy of exploration in a centralized economy. Effect of decentralization. The value of new information on possible environmental damage. Comparative analysis of efficiency of taxes and licenses under uncertain environmental pollution. Dasgupta, P.S., and G.H. Heal, "Economic Theory and Exhaustible Resources", Cambridge University Press, 1993. Manne A., and R.Richels, "Buying Greenhouse Insurance: The Economic Costs of Carbon Dioxide Emission Limits", The MIT Press, Cambridge Massachusets, London, 1992. Yohe G.W., "Carbon Emissions Taxes: Their Comparative Advantage Under Uncertainty", Annual Review of Energy Environment, 1992, vol. 17, 301-326. 10. Natural Resources and National Accounting. Measure of public welfare. Lagrangean as a measure of public welfare. Lagrangean and net national product. Depletion of natural resources and net national product. Depletion of renewable natural resources and net national product. Environmental pollution and net national product. Sustainable development. Barbier E.B, and A.Markandya, "The Conditions for Achieving Environmentally Sustainable Development", European Economic Review, 1990, vol.34, 659-669. Hartwick, J. "Natural Resources, National Accounting and Economic Depreciation", Journal of Public Economics, 1990, vol. 43, 291-304. Maeler, K.-G. "National Accounts and Environmental Resources", Environmental and Resource Economics, 1991, vol. 1, No 1. Vellinga, N., and C. Withagen, "On the Concept of Green National Income", Oxford Economic Papers, 1996, vol. 48, 499-514.
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