knowledge skills - capacity to understand and analyze problems in environmental economics - capacity to evaluate the environmental consequences of economic activity - capacity to interpret environmental taxes and market-based instruments of environmental regulation - capacity to apply theoretical models from environmental and natural resource economics to real-world problems technical skills - effective problem-solving - solve problems using spreadsheet or econometric software - ability to work in groups - critical reasoning - written and oral communication

Lesson 1 - Introduction a) Economics of Natural Resources: Central Questions b) The functions of the environment c) Market failures d) Externalities e) Public and communal goods Lesson 2 The Management of Natural Resources The economic management of renewable and non-renewable resources 2.1 Non-renewable resources (RNR) a) The concept of RNRs b) The Hotelling Rule c) Comparative statics d) The monopoly e) Recycling 2.2 Renewable resources (RR) f) The concept of RR g) Growth and extraction of RR h) EU fisheries policy i) Economic aspects of forest management j) The extinction of species Lesson 3 Instruments to correct market failures a) Optimal level of contamination b) Command and control solutions c) Market instruments Lesson 4 Valuation of Natural Resources a) Revealed preferences b) Declared preferences c) Cost-Benefit Analysis

Students will acquire the knowledge and technical skills set out above by following the lectures ("magistrales"), by solving problems that will be turned in to the professor and corrected jointly in class, and by attending review sessions ("reducidas") in which problems are solved at the black board. Likewise, part of the skills will be acquired by the students through individual research. The educational activities are aimed at enabling the students to use the tools of economic analysis acquired in previous classes and to apply them to the regulation of environmental problems. The teaching method is interactive and based on the use of computer software (spreadsheet and/or econometric applications) for the analysis of case studies related to environmental protection and to natural resources management.