Course Aims

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.

Learning Outcomes

Subject-Specific/Professional Skills:

• demonstrate an ability to research relevant topics, including using the library and internet as information sources.
• communicate their knowledge and understanding to others, verbally and in writing.
• review the literature within environmental economics and be able to apply it accordingly.
• understand the interdisciplinary nature of environmental economics.

Subject knowledge and understanding:

• demonstrate knowledge of the main tools used to value environmental goods and services.
• use economic arguments to discuss environmental policy proposals.
• apply fundamental concepts such as market failure, household behaviour, transaction costs and willingness to pay to the study of environmental economics.
• understand key concepts used by environmental economists and political scientists and how they can be applied to policy.

Cognitive Skills:

• demonstrate an understanding of the importance of critical thinking and problem solving when approaching environmental problems.
• think creatively to develop policy solutions for the environment.

Course Assessment

For this course, there will be 4 hours of teaching on most weekdays, comprised of lectures and small group seminars. The structure will be:

• 3 hours of lectures
• A 1 hour seminar in small groups

Students will also be given time each day for independent study. Towards the end of the third week, students will also be provided with time for revision.

Course Assessment

The module will be assessed a written piece of coursework submitted in Week 3. It should be noted that the assessment is not compulsory. Everyone who completes the course – whether or not they submit the assessment - will receive a certificate of attendance. However, by submitting the assessment you will also receive a grade/mark for the course which can be helpful to you.

Core texts:

• Teitenberg, Thomas H. and Lewis Lynne, Environmental and Natural Resource Economics, Rutledge, 2018.
• Keohane, Nathaniel O and Olmstead, Sheila M, Markets and the Environment, Island Press/Center for Resource Economics, 2016.
• Hanley, Nick, Shogren, Jason F, and White, Ben, Introduction to Environmental Economics, Oxford University Press, 2019.
• Perman, Roger, Dr; Ma, Yue Dr; Common, Michael Dr; Maddison, David Dr; Mcgilvray, James Dr, Natural Resource and Environmental Economics, Addidon-Wesley, 2011.