This book reviews techniques of dynamic optimization and shows how they can be applied to the management of various resource systems. In addition, it highlights the theory, models, and methods employed in the discipline of resource economics. Professors Conrad and Clark have written this text under the premise that the theory and concepts in this field are more quickly learned and made operational through numerical examples. By working through the problems at the end of each chapter, readers will learn the techniques that may be used in empirical studies of natural resources systems....

This book reviews techniques of dynamic optimization and shows how they can be applied to the management of various resource systems. In addition, it highlights the theory, models, and methods employed in the discipline of resource economics. Professors Conrad and Clark have written this text under the premise that the theory and concepts in this field are more quickly learned and made operational through numerical examples. By working through the problems at the end of each chapter, readers will learn the techniques that may be used in empirical studies of natural resources systems....

Resource Economics is a text for students with a background in calculus and intermediate microeconomics and a familiarity with the spreadsheet software Excel. The book covers basic concepts (Chapter 1), shows how to set up spreadsheets to solve simple dynamic allocation problems (Chapter 2), and presents economic models for fisheries, forestry, nonrenewable resources, and stock pollutants (Chapters 3-6). Chapter 7 examines the maximin utility criterion when the utility of a generation depends on consumption of a manufactured good, harvest from a renewable resource, and extraction from a...