The first year of the graduate program at ARE is spent studying microeconomic theory, topics in applied economics, and econometrics. In the second year, students interested in environment and resources take at least two of the field courses and prepare for the field exam. The following are the graduate course offering in Environmental and Resource Economics for the 2002-2003 academic year.

ARE 261: Environmental and Resource Economics, Profs. Berck, Fisher and Hanemann. Theory of renewable and nonrenewable natural resource use, with applications to forests, fisheries, energy and climate change. Resources, growth and sustainability. Economic theory of environmental policy. Externality; the Coasian critique; tax incidence and anomalies; indirect taxes; the double dividend; environmental standards; environmental regulation; impact of uncertainty on taxes and standards; mechanism design; monitoring, penalties, and regulatory strategy; emissions markets (3 units, Fall).

ARE 262: Non-Market Valuation, Prof. Hanemann. The economic concept of value; historical evolution of market and non-market valuation; revealed preference methods; single site demand, multi-site demand, corner solution models, and valuation of quality changes; averting behavior; the hedonic method; contingent valuation; other stated preference methods: ranking, choice, conjoint analysis; the value of life and safety; sampling and questionnaire design for valuation surveys (3 units, Spring).

ARE 263: Dynamic Methods in Environmental and Resource Economics, Prof. Karp. This course studies methods of analysis and optimal control of dynamic systems, emphasizing applications in environmental and natural resource economics. Continuous time deterministic models are studied using phase plane analysis, the calculus of variations, the Maximum Principle, and dynamic programming. Numerical methods are applied to discrete time stochastic and deterministic dynamic models (3 units, Fall).

ARE 269: Seminar in Natural Resource and Environmental Economics. Weekly presentations by students, faculty, and outside speakers on current research in the areas of environmental and natural resource economics (1 unit, Fall and Spring).