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Review_for_Final_Exam-1 - Resource allocation over...

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Review for the third Exam CED 201, Spring 2010 Please review your class notes and your book. See me at my office for clarification. In addition, please remember to review quiz #3 and #4; HW # 4 and #5. - Benefit Cost Analysis o Discounting /Discount rate o Future Values o Present Values; Net Present Value AKA Present Value of Net Benefits o Perpetuity; Annuity o Discounting and the Environment o Difficulties with using CBA in environmental policy o Valuing human health and life (value of statistical life) - Economics of Water Pollution o Point/non-point source pollution o Policies to reduce water pollution o Command and Control; Market Based approaches - Ecosystem services and Land Economics o Positive externality of preservation o Land rent, land price, o Efficient land rent; o Policies to shape land use towards socially optimal use - Renewable Resources; Fisheries o Economic optimum; Maximum Sustainable Yield; o Open Access Equilibrium; Rent dissipation o Policies to overcome open access
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Unformatted text preview: Resource allocation over time (non-renewable resource) o Scarcity vs. abundance of the resource o Marginal Net Benefits; Present value of MNB; Discounting o Optimal allocation of non-renewable resource over time o Marginal User Cost-Energy Economics o Policies to induce a switch to renewable energy o Reducing import dependence o Energy saving technologies; the role of prices in determining energy use (amount and type) o The role of research and development (energy efficiency)-Economics of Climate Change o Kyoto protocol; Difficulties in international agreements o Uncertainties in climate change impacts and costs of prevention o Discounting and climate change o Economic policies for climate change o Carbon tax; carbon trade-Green Accounting o Gross Domestic Product o Net Domestic Product o Manmade capital depreciation o Natural Capital Depreciation o Genuine saving o Adjusting the traditional national income accounts...
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