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AAEC 4800 (UGA)
Water Resource Economics (3 semester hours)

This course can be taken
    -> as a print course

Lessons for this course can be submitted and/or be returned
    -> via U.S. mail
    -> via fax return from IDL

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Prerequisite: AAEC 2580 or ECON 2106.

The economic aspects of the use, supply, development, and management of water resources with special emphasis on river basin and project planning, benefit-cost analysis, water demands, and multiple use management of water resources.

Requirements: Nine lessons, two examinations.

Instructor: Jeffrey L. Jordan, Ph.D., Professor and REI Coordinator, The University of Georgia.

Text: Griffin, Water Resource Economics, MIT Press, 2006 (ISBN 0-262-07267-X); course packet available from MBS Direct.

AAEC 4880
Water Resource Economics
Instructor: Jeffrey L. Jordan, Ph.D.
Overview of the Course

Introduction

The most important issue facing how water is used and developed is that most basic of economic questions: how to allocate scarce resources among competing uses over time. Until recently, issues of supply and quality have dominated the literature on water. Water was a cheap commodity; analysts rarely considered the economic issues surrounding water. Today, people are more aware of water and the need for its effective management. Water is no longer an issue only for the western United States. As population pressures affect the demand for water across North America and throughout the world, more care and management of water resources is necessary. The cost of water is increasing, and new thresholds of water treatment will make the economics of water increasingly important.

The purpose of this course is to develop your understanding of the role of economics in determining public policy on water resources. The goal is to illustrate how basic economic principles can be applied to issues surrounding the allocation of water resources.

The basic tools of this course are based on microeconomic theory. Water economics is essentially the application of these tools to situations where markets are nonexistent, do not function properly, or where the government is the market. Water economics also applies to the dynamic situations wherein today’s actions affect the availability of tomorrow’s resources. Water

The goal of this course is not to produce new economists or to make someone “think like an economist.” The goal is to introduce the “economic way of thinking.” Beginning with the problem of limited resources, this course will illustrate how a few fundamental economic insights can inform choice. The course is designed for all students of water and environmental issues and professional water managers. Examples will accompany economic principles to illustrate how to apply such principles to basic water issues.

This is an exciting period in the making of water resource policy at the local, national, and international levels. State and local governments are trying to find least-cost ways of achieving environmental quality. Federal regulations in several key environmental and natural resource areas are being reexamined. Increased use of market-based regulation is a legislative trend. Internationally, the United States is attempting to negotiate several potentially conflicting policies, including freer trade and greater global environmental control. What policies are adopted will have lasting influence on the state of water and the environment

Field Assignments

For several of the lessons, you will be required to gather data and information from your local water system. This may be a city or county water department, a water authority, a regional water district or an agricultural water district. If you receive your water from a private well or a private water system (residential system), or if you live in a building where you do not pay directly for water, locate a public water system near you.

Although you will need the information for several assignments, you can gather it in only one visit as part of Lesson 1. The best way to collect the information is to use the survey form found at the back of this course guide. The answers can be approximate since exact values may require the water manager to look up records. Rather, you can rely on his or her general knowledge of the system.

Written Assignments

Your written assignments will be in the form of a memo. This should be in a standard form, addressed to me. A standard memo is up to two pages, single spaced, so conciseness and clarity are a premium. An example of a memo is found at the back of this course guide.

Grading and Evaluation

Your grasp of the information presented in the course will be tested by a midterm worth 25 percent and a final examination worth 30 percent. Each of the nine written assignments will receive a letter grade. A minimal or average report receives the average grade of “C.” Solid work showing thought and understanding will receive a “B.” In “A” papers I expect creativity and engagement with the material. I want to see your ability to think about the subject, see connections, and raise your own questions. Assignments not using proper English grammar or a report that is perfunctory will not receive a passing grade.

Your course grade will be determined as follows:

Written Assignments: 45%
Midterm Examination: 25%
Final Examination: 30%

The examinations will incorporate essay questions. Be advised that Independent and Distance Learning policy states that you must pass the final to pass the course, regardless of grades earned on lessons. You are responsible for knowing and abiding by Independent Study policies and procedures. See your Student Handbook for detailed information.