Natural Resources an der TU München

Karteikarten und Zusammenfassungen für Natural Resources an der TU München

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Lerne jetzt mit Karteikarten und Zusammenfassungen für den Kurs Natural Resources an der TU München.

Beispielhafte Karteikarten für Natural Resources an der TU München auf StudySmarter:

What do maximizing all future benefits imply?

Beispielhafte Karteikarten für Natural Resources an der TU München auf StudySmarter:

Does the Hotelling Rule result in sustainability?

Beispielhafte Karteikarten für Natural Resources an der TU München auf StudySmarter:

What is natural capital?

Beispielhafte Karteikarten für Natural Resources an der TU München auf StudySmarter:

How can we find the economic value natural capital?

Beispielhafte Karteikarten für Natural Resources an der TU München auf StudySmarter:

Explain the "Weak sustainability theory"

Beispielhafte Karteikarten für Natural Resources an der TU München auf StudySmarter:

Explain the concept of Strong Sustainability

Beispielhafte Karteikarten für Natural Resources an der TU München auf StudySmarter:

Explain the concept of critical sustainability

Beispielhafte Karteikarten für Natural Resources an der TU München auf StudySmarter:

What is system theory?

Beispielhafte Karteikarten für Natural Resources an der TU München auf StudySmarter:

What is system analysis?


Beispielhafte Karteikarten für Natural Resources an der TU München auf StudySmarter:

What is system thinking?

Beispielhafte Karteikarten für Natural Resources an der TU München auf StudySmarter:

What is system dynamics? 

Beispielhafte Karteikarten für Natural Resources an der TU München auf StudySmarter:

What is a system?

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Beispielhafte Karteikarten für Natural Resources an der TU München auf StudySmarter:

Natural Resources

What do maximizing all future benefits imply?

implies that the present value of the shadow price of a resource (λt) must remain the same across all time periods (t), in which the resource is extracted.


(present value = the current value of a future sum of money based

on the discount rate)



Natural Resources

Does the Hotelling Rule result in sustainability?

Nope! since it doesn't recognize the non-use value of resources and favors greater consumption today, at the expense of future generation.


Still, it's used by economists to predict price development of non-renewable

resources, based on the prevailing interest rates. 

However, in reality, prices of non-renewable resources rarely follow the Hotelling price path.


Natural Resources

What is natural capital?

The natural stock of resources, such as :

  • fossil fuels
  • soils 
  • plants
  • animals 
  • water bodies
  • ecosystems 
  • and other natural resources, which deliver goods and services to humans.

Natural Resources

How can we find the economic value natural capital?

is often difficult --> indirect methods:


  • Contingent valuation --> e.g. survey
  • Travel cost --> how much does it cost to go there (e.g. ocean)?
  • Replacement cost --> how much does it cost to replace it (e.g. ocean)? if replaceable
  • Hedonic pricing --> implicit price of an ecosystem service-related good (e.g. ocean) as revealed in the observed price of an associated, market-priced good (e.g. house near ocean)


Natural Resources

Explain the "Weak sustainability theory"

neoclassic approach

assumption: full convertibility between natural and human-made capital


--> the value of total capital stock (=natural+human-made) should not decline = non-declining well-being.

Natural Resources

Explain the concept of Strong Sustainability

Maintain the value of natural capital stock and only consume natural resources at the rate at which they regenerate. Acknowledges the non-use value of natural resources.


  • Criticizes weak sustainability because the conversion of natural capital to man-made capital is not always possible.
  • Natural and man-made capital are rather complementary: man-made capital can only substitute natural capital to a very limited extent.
  • External effects are not adequately covered by weak sustainability. Ecological economists demand non-declining natural stocks because artificial substitution of natural capital is often not possible.
  • The stock of natural capital should also be considered valuable because it results in many ecosystem services.

Natural Resources

Explain the concept of critical sustainability

  • It's a middle point between strong and weak sustainability. 
  • It allows us to deplete the natural stock but considering thresholds that can't be exceeded. 
  • It is a precautionary approach that emphasises uncertainity and risk assesment.


Natural Resources

What is system theory?

interdisciplinary approach 

about the nature of complex systems

to describe any group of objects that work together 

to produce some result

Natural Resources

What is system analysis?


the application of system theory, being a process to solve problems, involving the wider system, breaking apart the parts, and figuring how it works in order to achieve a particular goa

Natural Resources

What is system thinking?

discipline/approach of system theory, based on the belief that the component parts of a system will act differently when isolated from the system’s environment or other parts of the system. It explores interrelationships, perspectives and boundaries to address complex problem situations. It is a causality driven approach to describe the interrelations between parts and systems.

Natural Resources

What is system dynamics? 

discipline/approach of system theory, for understanding the nonlinear behaviour of complex systems over time using stocks, flows, internal feedback loops, table functions and time delays. It quantifies the impact on the interactions between parts and systems. Created by Jay Forrester in 1956.

Natural Resources

What is a system?

o   Old Greek word for: a collection of parts that interact to function as a unified whole, where the whole is more than the sum of its parts (emergent properties).

o   The blind men and the elephant analogy: blind men touching different particular elephant parts, without being able to figure out the whole picture. Each felt on part out of many, and therefore perceived the elephant wrongly.

o   Dictionary definition: a regularly interacting or interdependent group of items forming a unified whole (e.g. biological system, computer system, ecosystem, business system, social system, political system, regional system, etc.)

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