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AREC 202 - Agricultural and Resource Economics (GT-SS1)

  • 3 credits

Introduction to decision-making by consumers, firms, and government and the regulating allocation of resources through markets. Credit not allowed for both AREC 202 and ECON 202.

This course meets the All-University Core Curriculum (AUCC) requirements for Social/Behavioral Sciences (Category 3C) and is approved under gtPathways in the content area of Economic or Political Systems (GT-SS1).


MATH 117 (College Algebra in Context I) or concurrent registration or one of the following:; MATH 118 (College Algebra in Context II); MATH 124 (Logarithmic and Exponential Functions); MATH 125 (Numerical Trigonometry); MATH 126 (Analytic Trigonometry); MATH 141 (Calculus in Management Sciences); MATH 155 (Calculus for Biological Sciences I); MATH 160 (Calculus for Physical Scientists I)

Important Information

Credit not allowed for both AREC 202 and ECON 202.

Exam proctoring for this course is not online; rather, students must make arrangements with local proctoring places for both exams.


Stephan Kroll

9704910887 |

My research focuses on the institutional and behavioral components of decision-making, with emphasis on environmental, resource and agricultural topics. My primary tool to analyze such decision-making is the use of laboratory experiments, in which human subjects face an incentive system that resembles the incentives from the “real world.” Participants in these experiments earn money depending on their own decisions, on the decisions of other participants and, to a small extent, on luck.

Current research projects examine the acceptability and feasibility of incentive-based policies like Pigouvian taxes and congestion pricing, the functioning of water market institutions, and variations of public good games.

On the teaching side I cover, in addition to environmental economics classes, the bookends of microeconomics: Principles of Microeconomics, the first and often only economics class undergrads ever take, and Microeconomic Theory II, the second class in the micro sequence for Ph.D. students in the Departments of Economics and Agricultural and Resource Economics.