Resource economics
Not offered in 1995
Lecturer to be advised
6 points * Two 1_-hour classes per week * Clayton * Prerequisites: ECO1020 and ECO1030 or equivalent
Objectives On completion of this subject students should be able to assess the efficiency of rates of resource depletion in relation to prices and reserves; the importance of property rights to minerals and the environment and the modes by which such property rights may be allocated and priced; the importance of the distinction between renewable and non-renewable resources; the consequences of resource cartels.
Synopsis Minerals and the global economy; case studies in mine and lease valuation; analysis of the relation between mineral reserves, depletion, and prices; optimal allocation of exploration expenditure; location of mineral processing; effects of mineral discoveries on the economy; environmental protection; royalties, auctions and leasing of mineral rights; rise and fall of international cartels; renewable resources such as forests and fisheries.
Assessment Written (3000-word essay): 30% * Examination (2 hours): 70%