Department of Economics & International Development, Unit Catalogue 2006/07

EC50126 Environmental economics 1

Credits: 6

Level: Masters

Semester: 2

Assessment: EX80OT20

Requisites:

Aims: To provide a rigorous account of the modern economic analysis of the economics of environmental valuation and policy-design.
Learning Outcomes:
Students should:
* be able to critically appraise the theoretical models and empirical procedures used by economists to value environmental costs and benefits;
* have sufficient skills to begin to design and implement a valuation study;
* be able to critically appraise the procedures which economists use in the design and implementation of environmental policy instruments;
* have sufficient skills to begin to design a policy instrument.
Skills:
Ability to develop rigorous arguments through precise use of concepts and mathematical models (Taught/Facilitated/Assessed). Ability to select, summarise and synthesis written information from multiple sources (T/F/A). Ability to select and use appropriate ideas to produce a coherent response to a pre-set question (T/F/A). Comprehensive and scholarly written communication (T/F/A). Concise and effective written communication (e.g. briefings / written exams) (T/F/A). Effective oral communication (e.g. lecture question and answer) (F). Ability to apply theory to policy areas (T/F/A).
Content:
The economy-environment interaction. Valuation of environmental goods: total economic value, valuation techniques. Dealing with time and risk. Market failure and externalities. Introduction to instruments for environmental management: the role for economic instruments. More detailed study of valuation techniques: contingent, travel cost and hedonic techniques. Designing efficient instruments for more complex types of pollutant. Case studies will be introduced where appropriate.

University | Catalogues for 2006/07