ECO 605: Final Project Document

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-market goods  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 why not? 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. This milestone will be graded with the Milestone One Rubric.

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. This milestone will be graded with the Milestone Two Rubric.

Final 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. This milestone will be graded with the Final Project Rubric.

Final Project Rubric Guidelines for Submission: The final submission must be 10–12 pages in length (not including title page and references) and must use double spacing, 12-point Times New Roman font, one-inch margins, and citations in APA format.

Critical Elements Exemplary (100%) Proficient (90%) Needs Improvement (70%) Not Evident (0%) Value Problem:

Environmental Impact Meets “Proficient” criteria and comprehensively describes the importance of the issue’s impact on the environment

Provides a general background of the environmental issue and the longevity and persistence of the problem

Provides a general background of the environmental issue and the longevity and persistence of the problem, but the submission is lacking in detail or includes erroneous information

Does not provide a general background of the environmental issue and the longevity and persistence of the problem

3

Problem: Group Impact Meets “Proficient” criteria and offers insight into the significance of the effects

Identifies the groups that are directly and/or indirectly impacted by the situation and determines the extent to which they are affected

Identifies the groups that are directly and/or indirectly impacted by the situation but does not determine the extent to which they are affected, or key groups are missed

Does not identify the groups that are directly and/or indirectly impacted by the situation

3

Problem: Resources Present

Meets “Proficient” criteria, and the relationship between situational consumption and general purpose are apparent

Determines the resources present in the situation and assesses their consumption, adding additional information on their general purpose

Determines the resources present in the situation and assesses their consumption but does not provide information on their general purpose

Does not determine the resources present in the situation or assess their consumption

7.5

Problem: Distribution of Resources

Meets “Proficient” criteria, and assessment is well crafted and comprehensive

Assesses the distribution of resources in this situation, as well as in general, in terms of consistency and appropriateness

Assesses the distribution of resources in this situation but does not do so both in terms of consistency and appropriateness or does not discuss general distribution of the resources

Does not assess the distribution of resources in this situation

7.5

Use of Goods and Services: Management

Meets “Proficient” criteria, and claims are justified through research

Describes the techniques used for the management of goods and services in the issue, distinguishing their use as public, private, or a combination and explains the differences when determining appropriate management decisions

Describes the techniques used for the management of goods and services in the issue but does not distinguish their use as public, private, or a combination, or does not adequately explain the difference when determining management decisions

Does not describe the techniques used for the management of goods and services in the issue

7.5

Use of Goods and Services: Incentives

Meets “Proficient” criteria and provides insightful reasoning in the use or non-use of incentives

Determines whether incentives are used and how they are used (or their potential for use) to persuade those creating or affected by the issue to alter their actions

Determines whether incentives are used and how they are used (or their potential for use) to persuade those creating or affected by the issue to alter their actions, but discussion lacks sufficient detail or includes erroneous information

Does not determine whether incentives are used in this situation

7.5

Use of Goods and Services: Comparison

Meets “Proficient” criteria, and comparison is significantly detailed, providing examples for enhanced explanation

Compares the ability to use incentives in the management of public goods and services with those used in the management of private goods and services, describing those with the authority to offer incentives in this case

Compares the ability to use incentives in the management of public goods and services with those used in the management of private goods and services but does not describe those with the authority to offer incentives in this case, or comparison is lacking in detail

Compares the ability to use incentives in the management of public goods and services with those used in the management of private goods and services

7.5

Sustainability: Types of Resources

Meets “Proficient” criteria, and evaluation is crafted in a manner that illustrates sustainability on a broad level

Comprehensively evaluates the sustainability of resources relating to the issue, describing the types of resources and their level of sustainability

Evaluates the sustainability of resources relating to the issue but does not break down the discussion to describe types of resources in relation to their level of sustainability, or evaluation is lacking in detail

Does not evaluate the sustainability of resources relating to the issue

7.5

Sustainability: Effectiveness

Meets “Proficient” criteria, and comparison of associated costs is comprehensively detailed, providing feasible alternatives

Analyzes the effectiveness of the use of resources based on a comparison of associated costs of the resources used in this issue, comparing renewable/non- renewable and sustainable/non- sustainable alternatives

Analyzes the effectiveness of the use of resources based on a comparison of associated costs of those resources used in this issue but does not compare renewable/non-renewable and sustainable/non-sustainable alternatives, or analysis lacks sufficient detail or erroneous information is included

Does not analyze the effectiveness of the use of resources based on a comparison of associated costs of those resources used in this issue

7.5

Economic Valuation Methods: Techniques

Meets “Proficient” criteria, and examination provides insights into the use of revealed or stated preferences

Examines the environmental issue and determines whether revealed preference or stated preference techniques were utilized, explaining what assumptions were made to warrant the use of the particular technique and its appropriateness for this study

Examines the environmental issue and determines whether revealed preference or stated preference techniques were utilized, explaining what assumptions were made to warrant the use of the particular technique but does not address their appropriateness for this study, or the examination is lacking in detail

Does not examine the environmental issue for revealed preference or stated preference techniques or explain what assumptions were made to warrant the use of the particular technique

7.5

Economic Valuation Methods: Use

Meets “Proficient” criteria and provides comprehensive details surrounding alternative valuation methods

Determines the main use of the type of valuation method and describes why is it used in the larger economic situation, detailing whether additional methods could be used to study impacts and their appropriateness

Determines the main use of the type of valuation method and describes why is it used in the larger economic situation but does not address the possibility or appropriateness of additional methods for studying impacts, or the discussion is limited or contains errors in logic

Does not determine the main use of the type of valuation method or describe why it is used in the larger economic situation

7.5

Recommendations: Economic Studies

Meets “Proficient” criteria, and recommendations are significantly detailed and insightful

Makes recommendations for future economic studies to better understand current and future impacts of the problem, including the benefits of additional studies

Makes recommendations for future economic studies to better understand current and future impacts of the problem but does not include benefits associated with additional studies, or recommendations are generic in nature

Does not make recommendations for future economic studies to better understand current and future impacts of the problem

7.5

Recommendations: Lessening the Effects

Meets “Proficient” criteria, and recommendations are justified through scholarly research, using examples from related or similar situations

Provides overall recommendations that combat or lessen the effects of the problem based on economic analysis

Provides overall recommendations that combat or lessen the effects of the problem, but the recommendations are not adequately detailed or are not based on economic analysis

Does not provide overall recommendations that combat or lessen the effects of the problem

7.5

Recommendations: Efficient Use of

Resources

Meets “Proficient” criteria, and the examination demonstrates exceptional awareness of environmental concerns

Examines suggested recommendations based on their efficient and sustainable use of resources

Examines suggested recommendations based on their efficient and sustainable use of resources, but examination is basic or limited

Does not examine suggested recommendations based on their efficient and sustainable use of resources

7.5

Articulation of Response

Submission is free of errors related to citations, grammar, spelling, syntax, and organization and is presented in a professional and easy to read format

Submission has no major errors related to citations, grammar, spelling, syntax, or organization

Submission has major errors related to citations, grammar, spelling, syntax, or organization that negatively impact readability and articulation of main ideas

Submission has critical errors related to citations, grammar, spelling, syntax, or organization that prevent understanding of ideas

4

Earned Total 100%