EC138: Introduction to Environmental Economics
Jo Turrall
Module Leader
Introduction
Environmental economics studies how economic activity and policy may affect the environment in which we live. This course provides students with theoretical and methodological tools that allow them to apply principles of economics to study how natural resources are (or should be) evaluated and managed. Contemporary environmental problems, such as climate change, sustainable development and transboundary pollution are discussed in light of the concepts introduced in the first part of the course.
Principal Aims
To provide students with theoretical and methodological tools that allow them to apply principles of economics to study how natural resources are (or should be) evaluated and managed.
Principal Learning Outcomes
Subject-Specific/Professional Skills:...demonstrate an ability to research relevant topics, including using the library and internet as information sources.
Subject knowledge and understanding:...demonstrate knowledge of the main tools used to value environmental goods and services.
Subject knowledge and understanding:...use economic arguments to discuss environmental policy proposals.
Subject-Specific/Professional Skills:...communicate their knowledge and understanding to others, verbally and in writing.
Subject-Specific/Professional Skills:...review the literature within environmental economics and be able to apply it accordingly.
Subject-Specific/Professional Skills:...understand the interdisciplinary nature of environmental economics.
Cognitive Skills:...demonstrate an understanding of the importance of critical thinking and problem solving when approaching environmental problems.
Cognitive Skills:...think creatively to develop policy solutions for the environment.
Subject knowledge and understanding:... apply fundamental concepts such as market failure, household behaviour, transaction costs and willingness to pay to the study of environmental economics.
Subject knowledge and understanding:...understand key concepts used by environmental economists and political scientists and how they can be applied to policy.
Syllabus
The core topics in the syllabus will typically include:
1. Introduction to the key concepts from environmental economics: markets; market failures; government regulation; Cost Benefit Analysis; the environment as a social asset
2. Strategic interactions: Coase Theorem; Tragedy of the Commons; Transactions costs and institutions
3. Valuing the environment: Welfare economics; efficiency and optimality in allocation; approaches to environmental evaluation; environmental ethics; sustainable development
4. Environmental policy instruments and implementation: common and control policies in different areas e.g. water; policy design and implementation; biodiversity; trade
5. Applications: deforestation; tropical deforestation and poverty; preservation and conservation; climate change; carbon trading; international co-operation; Kyoto Protocol
Context
- Optional Module
- L100 - Year 1, L116 - Year 1, LM1D (LLD2) - Year 1, V7ML - Year 1, LA99 - Year 1, R9L1 - Year 1, R3L4 - Year 1, R4L1 - Year 1, R2L4 - Year 1, R1L4 - Year 1, L1L8 - Year 1, R2L5 - Year 1, R4LA - Year 1, R1L5 - Year 1, L1CA - Year 1
Assessment
- Assessment Method
- Coursework (50%) + Centrally-timetabled examination (On-campus) (50%)
- Coursework Details
- Centrally-timetabled examination (On-campus) (50%) , Group Presentation (10%) , Policy brief (40%)
- Exam Timing
- Summer