FOR 406 FOREST ECONOMICS / VALUATION COURSE SYLLABUS FALL 2010

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1 FOR 406 FOREST ECONOMICS / VALUATION COURSE SYLLABUS FALL 2010 INSTRUCTOR: OFFICE: Dr. A. Gordon Holley 221 Reese Hall TELEPHONE: OFFICE HOURS: TEXT: gholley@latech.edu I am generally in my office from 7:30 AM to 5:30 PM Monday through Friday. I am also available to meet with you at other times by appointment. Specific office hours are: 10:45-12:00 PM on M- W-F and 1:30-4:30 PM on Monday and Wednesday Klemperer, David W Forest Resource Economics and Finance. McGraw-Hill, NY. ISBN: PREREQUISITES: Economics 201, 202, or 215, Junior standing CLASS MEETINGS: Lecture: Monday, Wednesday, & Friday, 9:30 10:45am, 219 Reese Hall OBJECTIVES: This 3 credit course is designed for students to learn quantitative microeconomics and analysis techniques that may be applied to solving economic and business related problems in forestry. Specifically, the objectives are: - to provide students with an overview of the general theory of economics and finance as related to the field of forestry; - to understand how economics influences forestry decisions; - to develop the ability to evaluate the impacts of multiple-use forestry decisions using economic principles; - to apply economic theory to analyze and solve real-world forestry problems

2 ATTENDANCE: The class attendance regulations as stated in the Louisiana Tech University Bulletin (page 12) will be the policy of this class. In part, Class attendance is regarded as an obligation as well as a privilege, and all students are expected to attend regularly and punctually all classes in which they are enrolled. Failure to do so may lead to suspension from the college or university. You are expected to attend class and arrive on time. After the first three unexcused absences, you may expect your final grade to be reduced by one letter grade. Thereafter, every two classes missed will result in a deduction of another. Late work may not be accepted. Make-up exams will not be allowed without a valid excuse. Make-up exams will not be allowed without a valid excuse. Absences resulting from sickness must be excused with a note from a physician. Absences resulting from University related activities must be requested prior to the "missed class". GRADING POLICY: Exams 60% Assignments 30% Participation/Attitude/quizzes 10% Letter grades earned are submitted in accordance with the guidelines below: A B C D F less than The instructor reserves the right to change grading procedures with proper written notification. Students taking this course for graduate credit will additionally submit a term paper on an aspect of economic return to land from some perspective such as timber, wildlife, aesthetics, water, agriculture, commerce, etc. EQUIPMENT: ACADEMIC DISHONESTY: Calculator. You will need a calculator that, at a minimum, can perform universal power functions (y x key) and has at least one memory function. Bring your calculator to each lecture period. Academic dishonesty (e.g., cheating on an exam, copying between students on your written assignments, lending your paper or borrowing a paper from someone and copying in any way, and

3 plagiarism such as quoting and/or paraphrasing a text without citing the author and the text and page references, etc.) will automatically result in a grade of "F" for the assignment. By "copying between students..." I mean not only word-for-word copying, but also the copying of content, with or without copying the same words and/or the same progression of ideas. Although you are encouraged to work with other students, you should avoid the physical act of writing a paper or assignment directly with your classmates. This will help avoid academic dishonesty of this type. The act of academic dishonesty may also be reported to the Forestry Department Head and/or the Office of Student Conduct where more serious action (e.g., suspension / expulsion) may be taken by the University. SPECIAL ACCOMMODATIONS FOR STUDENTS: According to the Americans with Disabilities Act, each student with a disability is responsible for notifying the University of his/her disability and to request accommodations. If you think that you have a qualified disability and need special accommodations, you should notify me and request verification of eligibility for accommodations from the Office of Student Disabilities. Please advise me of your disability as soon as possible, and contact Student Disability Services, to ensure timely implementation of appropriate accommodations. As a faculty member of this institution I have an obligation to respond upon receiving official notice of a disability. However, I have no obligation to provide retroactive accommodations. EMERGENCY NOTIFICATION SYSTEM: All Louisiana Tech students are strongly encouraged to enroll and update their contact information in the Emergency Notification System. It takes just a few seconds to ensure youʼre able to receive important text and voice alerts in the event of a campus emergency. For more information on the Emergency Notification System, please visit: OTHER IMPORTANT INFORMATION: This course has very high levels of professional expectations. Therefore, only work that meets minimum professional standards will be accepted. This means that unless otherwise noted, all assignments will be either typed or word-processed and will follow the guidelines given in class. Neatness, grammar, spelling, and content are all important. You are preparing for a field that will offer many challenges and as your teacher I have a duty to you to make sure you go into that world prepared. This course will be demanding, but if you have come this far in college there is nothing in this course you cannot handle.

4 FOR 406 FOREST ECONOMICS / VALUATION FALL 2010 Weekly Reading Assignments: Week 1: Chapter 1. Introduction to Forest Economics Week 2: Chapter 2. Review of Microeconomics Week 3: Chapter 12. Timber Demand and Supply Chapter 3. Forestry and the Free Market Exam Week 4: Chapter 4. The Forest as Capitol Week 5: Chapter 4. The Forest as Capitol (Continued) Week 6: Chapter 5. Inflation and Forestry Investment Analysis Week 7: Chapter 6. Capital Budgeting in Forestry Exam Week 8: Chapter 7. Economics of Forestland Use Chapter 8. Optimal Stocking Week 9: Chapter 11. Valuation and Appraisal Week 10. Chapter 17. Forest Taxation Final Exam

5 Professionalism Statement School of Forestry Louisiana Tech University Students in the School of Forestry are pursuing courses of study that prepare them for careers as natural resources professionals. Professional education is much more than technical training and encompasses professional resource education as well as general education, social science, and humanities courses. Collectively, these subjects constitute a professional education. The School of Forestry is dedicated to professional education rather than technical training. Therefore, the faculty and staff have certain expectations of themselves and of their students with regard to professionalism and personal conduct in their preparation for their careers in the natural resource professions. School of Forestry students and faculty are expected to exhibit conduct and attitudes appropriate to professionals. Conduct and attitudes appropriate for professionals include, but are not restricted to; 1. Louisiana Tech University Student Rights and Responsibilities Governing Student Behavior as published in the University catalog. 2. Respect for others and their ideas. 3. Appreciation for ethnic and gender diversity in the workplace. 4. Sensitivity to environmental quality. 5. Adherence to professional ethics, e.g. the Society of American Foresters Code of Ethics. 6. Dedication to professional, high quality, school and work performance. Instructorʼs tips: 1. Come to class willing to learn and have fun. 2. Keep up with readings and lab/homework assignments. 3. Missing class habitually always results in lower grades. The first three unexcused absences will result in a loss of one letter grade. Thereafter, every two absences will result in another letter grade loss. 4. For courses involving outdoor labs, be aware of the weather forecast. Students should be prepared for inclement weather. 5. Be on time and get involved in class discussions and exercises. Instructorʼs rules: 1. Discussion of homework assignments between students is encouraged, however, all work (unless part of group projects or lab reports) must be done independently. 2. Cheating and/or plagiarism will result in a zero on that assignment to all parties involved. For more on academic dishonesty/misconduct see the section on Student Rights and Responsibilities Governing Student Behavior published in the University catalog. 3. Assignments are due at the beginning of class on the respective due date. Late assignments may not be accepted and will receive a grade of zero. 4. If you plan to miss an exam, you must notify your instructor ahead of time. Unexcused absences from exams will result in zeroes.

6 FOR 406 FOREST ECONOMICS AND VALUATION HONOR CODE AGREEMENT Fall, 2010 Excerpts from the Louisiana Tech University Student Handbook: Honor Code Academic integrity at Louisiana Tech University is based upon and encompasses the principles of honesty, fairness, respect, responsibility, and excellence. Through the active pursuit of academic integrity, the University strengthens the value of the education and degrees that students seek to earn. Conversely, misconduct tarnishes the reputation of Louisiana Tech University and discredits the accomplishments of current students as well as graduates. Consequently, the University expects that all members of its academic community will demonstrate honesty and integrity in all academic relationships. The purpose of the Honor Code is to articulate and support the interests of Louisiana Tech University in maintaining the highest standard of conduct in academic affairs. This policy has been developed to provide students and faculty with guidelines to determine what behaviors violate the Honor Code and procedures for dealing with behaviors alleged to be in violation of the Code. Honor code statement: Being a student of a higher standard, I pledge to embody the principles of academic integrity. I have read and understand the University Honor Code Statement. Name (print): Signature:

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