In this lecture, we go into detail about the graphical solution to maximizing the intertemporal social welfare function (i.e., balancing present and future benefits and costs consistent with temporal discounting). We then pivot to considering social welfare functions that balance across individuals instead of across times. We use these social welfare functions to motivate why another framework is needed to be more practical, which will allow us to discuss Pareto optimality in the next lecture.
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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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This lecture session is meant to provide a student-driven, cumulative review of topics that could serve as a study guide for the upcoming fi...
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In this wrap-up lecture, we briefly cover government policy approaches for mitigating sustainability problems. We start with the Coasean id...
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