In this lecture, we introduce the moral justifications for economic modeling of sustainability problems, and then we transition to describing fundamentals of consumer choice theory (indifference curves, utility functions, budget constraints). This involves introducing Pareto optimality (Pareto movements and improvements, Pareto-efficient sets), which we will return to as we discuss social welfare later in the course.
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This lecture focuses on microeconomic modeling of market failures resulting from negative and positive externalities (with the aim of applyi...
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We continue to discuss the economics of natural resources in this lecture, with a particular focus on timber rotations. In the previous lect...
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In this lecture, we close our discussion of forest/timber economics by putting an "economic rent" lens on the different rotations ...
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