EC242: Environmental and Resource Economics
Jo Turrall
Module Leader
Introduction
Building on the introductory environmental economics module, this module will provide a brief introduction to the meaning and scope of environmental economics. It will then outline key theoretical and methodological tools to study how to evaluate and manage natural resources in developing/developed countries. Key policy instruments to deal with contemporary environmental problems, such as climate change, sustainable development and pollution will be discussed offering an overview of the behavioural responses to environmental conservation and protection. The module will finally look at the linkage between environmental health and (in)justice to outline policy instruments and cutting-edge research that work towards improved justice and sustainability in the environmental health arena.
Principal Aims
The module aims to provide explanations of market failure in the environmental realm. It aims to give students an understanding of why some solutions to environmental problems may work better than others and to equip students with environmental valuation methods. It aims to make students appreciate how environmental issues may affect not only our economy (e.g., economic growth, market instability, stagnation and investments), but also health and social justice.
Principal Learning Outcomes
Understand the rationale for the study of environmental economics and its interdisciplinarity.
Evaluate the main controversies in mainstream economics in the environmental realm.
Understand the methods and tools available to value environmental resources.
Demonstrate knowledge and understanding of economic arguments to discuss environmental policy proposals and solutions.
Understand how agents (i.e. individuals, firms, government) decisions and market forces can affect the environment.
Syllabus
The syllabus may cover but is not limited to the following topics:
(1) Key concepts in Energy Economics: renewable and non-renewable resources, their market structure,
(2) The problem of energy security, potential solutions,
(3) The management of forests, deforestation and optimal harvesting,
(4) Allocative efficiency, consumption efficiency and the environment,
(5) Cost-Benefit Analysis (CBA) in practice, examples and challenges,
(6) Environmental valuation techniques - Contingent Valuation Method and Discrete Choice Experiments
(7) Sustainable development and Economic Growth – IPAT equation,
(8) Health and the environment, negative impact of the pollution,
(9) Agriculture and climate change, the problem of food security.
Context
- Optional Module
- L100 - Year 2, LM1D (LLD2) - Year 2, V7ML - Year 2, L1CA - Year 2, LA99 - Year 2, L1L8 - Year 2, R2L4 - Year 2, R9L1 - Year 2, R3L4 - Year 2, R1L4 - Year 2
- Pre or Co-requisites
EC107-30 Economics 1 AND EC139-15 or EC140-15 AND EC122-15 or EC124-15 OR
EC109-30 Microeconomics 1 AND EC139-15 or EC140-15 AND EC122-15 or EC124-15
This module is not available to year 3 students studying on L100
Summary:Modules: (EC107-30 or EC109-30) and (EC139-15 or EC140-15) and (EC122-15 or EC124-12)
Assessment
- Assessment Method
- Coursework (100%)
- Coursework Details
- Group Presentation (20%) , Group Project (40%) , In class test (40%)
- Exam Timing
- N/A