Reference no: EM131861617

Project Assignment

Overview

The final project for this course is a research and analysis paper on a relevant environmental issue. The final product represents an authentic demonstration of competency, because this project is designed to guide you through the process of applying the key components of the econometrics as introduced in this course.

Natural resource economists are often involved in situations relating to intentional or unintentional impacts on the environment that stem from problems with supply, demand, and the allocation of natural resources. It is the responsibility of an economist to better understand and educate others on the issues present, as well as to propose ways to solve the problems with environmentally friendly, sustainable methods. For the final project, you will need to research and analyze an environmental issue that is relevant today. Your instructor must approve your topic selection in Milestone One. Examples of possible topics include recycling, fracking, water markets, and climate changes.

The project is divided into two milestones, which will be submitted at various points throughout the course to scaffold learning and ensure quality final submissions. These milestones will be submitted in Modules Three and Six. The final project will be submitted in Module Nine.

Outcomes

This assignment will assess your mastery with respect to the following course outcomes:

• Assess use and allocation of resources for their role in environmental and resource management issues

• Compare the incentives and techniques used in the management of public goods and services with those used in the management of private goods

• Evaluate the cost effectiveness of the use of naturally replenishable and non-depletable resources.

• Compare and contrast revealed preference and stated preference economic techniques for their use in measuring the value of non-marketgoods

• Propose economic methods for addressing environmental problems based on the efficient use of resources

Prompt

The final project requires you to research and analyze a relevant economic environmental issue. Specifically, the following critical elements must be addressed:

I. Problem. Give a general background for an environmental issue.

A. What is the issue, and how has it impacted the environment? How long has this issue been a problem?

B. Which groups are directly and/or indirectly impacted by the situation? How and to what extent is each group affected?

C. What resources are present in this issue, and how are they being utilized? Discuss the resources as they relate to this issue and as they are used generally.

D. For the resources identified, how are they being distributed? Is the allotment of these resources consistent over time in this situation? Is the distribution appropriate? Explain. Discuss the resources as they relate to this issue and as they are allocated in a general sense.

II. Use of Goods and Services. Does the issue affect public or private use of goods and services or a combination?

A. Describe the management of the goods or services involved. Does the fact that the issue deals with private or public aspects alter the type of techniques used in the management of the issue? Explain why there could be differences in the techniques based on private or public use of goods.

B. Are incentives used to persuade those creating or affected by the issue to alter their actions? If so, how are they used? If not, is there a potential for use of incentives? Explain.

C. Does the public/private aspect affect the ability to give incentives? Address the ability to give incentives in the use of public goods and services compared to private goods and services. Who has the authority to offer incentives in this case? Explain.

III. Sustainability

A. For your chosen environmental issue, are the resources used renewable? Are there any used that are non-renewable? Describe the types of resources and whether or not they are naturally replenishable and non-depletable.

B. Analyze the effectiveness of these resources with regard to associated costs. Are there alternative resource options that are more cost effective?

IV. Economic Valuation Methods

A. For your chosen environmental issue, were revealed preference and stated preference techniques utilized? Explain. What assumptions were made to warrant the use of a particular technique? Were these methods and techniques the most appropriate for this study? Why or whynot?

B. What is the main use of the type of valuation method (consumptive value or non-consumptive value), and why is it of use in the larger economic situation? Could additional methods be used to study the impacts of this situation? Why are they the most appropriate way of measuring the impact identified?

V. Recommendations

A. Make recommendations of economic studies that could be undertaken to better understand current and future impacts of the problem. How would the issue benefit from these studies?

B. What overall recommendations do you have to combat or lessen the effects of the problem? Are these recommendations based on economic analysis? Justify your response.

C. Are your recommendations based on the efficient use of resources? Are these resources sustainable? Explain.

Milestones

Milestone One: An Environmental Problem and the Use of Goods and Services

In task 3-1, you will submit a two- to three-page paper that discusses the issues you will address in your final project-an environmental problem and the effect this problem has on the use of goods and services.

Milestone Two: Sustainability and Economic Valuation Methods

In task 6-1, you will submit a two- to three-page paper on sustainability and economic valuation methods.

Project Submission: Research and Analysis Paper

In task 9-1, you will submit your final project. It should be a complete, polished artifact containing all of the critical elements of the final project. It should reflect the incorporation of feedback gained throughout the course.