6.25 Professor I S Ferguson. First semester Equivalent to 18 hours of lectures and 18 hours of practical work. 211-257 Forest Economics 1 On completion of this subject, students should: be able to perform simple cost-benefit analyses, and have an understanding of welfare economics and the questions of efficiency and distribution; be able to make forest management decisions on an economic basis; be familiar with methods for the economic valuation of non-market goods. Brief review of investment theory in forestry; efficiency in trade; public goods and externalities; principles of welfare economics; cost-benefit analyses; willingness to pay, travel cost and contingent valuation; risk and uncertainty. A 1.5-hour end-of-semester examination (60 per cent); up to four practical reports each of up to 1,000 words (10 per cent). Lipsey R G et. al. Positive economics for Australian Students 2nd edition 1985 Weidenfield & Nicholson