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University of Rhode Island — Environmental & Natural Resource Economics
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EEC 514 Economics of Marine Resources
Course Information

Professor: Dr. Simona Trandafir
Semester: Spring
Credits: 3
Prerequisites: EEC 105

Catalog Description: Role of economics in management of coastal and marine resources. Particular attention to markets, market failure, externalities, environmental and natural resource management

Course Goals & Outcomes

The objectives of this course are to provide you with a foundation in microeconomics and in natural resource and environmental economics. Managing use of natural resources or the environment requires influencing behaviors of human beings. Economics is partly the study how this is accomplished through the use (or misuse) of economic incentives either through the use of markets, or when markets fail, through regulatory policy. Understanding the mechanisms of markets is critical to understanding why humans react to economic incentives in the manner we see every day. Only then can we understand why market failure can lead to management of natural resources and the environment that is not socially optimal, and what can be done to correct those market failures.

By the end of the semester students will be able to:

  • Identify market effects upon the environment and natural resource use
  • Evaluate ways in which policies may correct market failures in relation to the environment and marine resources
  • Analyze effectiveness of management systems for marine resources
Course Syllabus

Class topics:

  • Introduction to Microeconomic Theory
    • Introduction
    • Demand, Consumers, and Willingness to Pay
    • Supply, Producers, and Costs
    • Markets and Equilibrium
    • Effects of Taxes and Subsidies
    • Market Efficiency
  • Introduction to Natural Resource and Environmental Economics
    • Market Failures/ Externalities
    • Public Policies/ instruments
    • Market-based instruments
    • Introduction to Natural Resource Economics
    • Optimal Management of Marine Renewable Resources
About The Professor

Dr. Simona Trandafir
Visiting Assistant Professor
Department of Environmental and Natural Resource Economics
211 Kingston Coastal Institute
Office: 401-874-2471
Fax: 401-782-4766

Dr. Trandafir is an environmental economist who specializes in transportation economics. Her current research interests are:

  • container port competition;
  • highway externalities and congestion pricing; and
  • climate change.
Reasons To Take This Course

This course will enhance your understanding of the role of microeconomics in marine resource management.

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