(3 units). The concept of scarcity rents in static and dynamic settings. Basic property regimes: open access, exclusive access and common property. Policy instruments. The importance of transaction costs. General-equilibrium and political-economic aspects of property regimes. Conflict. Elements of dynamic optimization. Renewable and non-renewable resources. This course is equivalent to ECON 5803 at Carleton University. Course Component: Lecture
(3 units). The concept of scarcity rents in static and dynamic settings. Basic property regimes: open access, exclusive access and common property. Policy instruments. The importance of transaction costs. General-equilibrium and political-economic aspects of property regimes. Conflict. Elements of dynamic optimization. Renewable and non-renewable resources. This course is equivalent to ECON 5803 at Carleton University. Course Component: Lecture
