Environmental Economics

(3 Credit Hours) · Undergraduate

This course provides an introduction to the theory and evidence behind environmental pollution and the management of scare resources. We will discuss the sources of environmental problems, policy instruments to resolve environmental issues, and monetary valuation of the environment. Key theoretical concepts include externalities, market failure and government intervention, public goods, property rights, command and control policy, market-based policy instruments (taxes/charges, subsidies, cap-and-trade) and cost benefit analysis. The application of these tools in present-day environmental policies will be discussed. During the tutorial sessions students will work in groups to research and design a scientific poster on a real-life application of a market-based environmental policy. Attendance at tutorials is compulsory.