ENVIRONMENTAL ECONOMICS



Course Description

This course focuses on economic causes of environmental problems. In particular, economic principles are applied to environmental questions and their management through various economic institutions, economic incentives and other instruments and policies. Economic implications of environmental policy are also addressed as well as valuation of environmental quality, quantification of environmental damages, tools for evaluation of environmental projects such as cost-benefit analysis and environmental impact assessments. Selected topics on international environmental problems are also discussed.

Course Outline

1. Introduction
What is environmental economics; review of microeconomics and welfare economics.

2. The Theory of Externalities
Pareto optimality and market failure in the presence of externalities; property rights and the coase theorem.

3. The Design and Implementation of Environmental Policy
Overview; pigouvian taxes and effluent fees; tradable permits; choice between taxes and quotas under uncertainty; implementation of environmental policy.

4. International Environmental Problems
Trans-boundary environmental problems; economics of climate change; trade and
environment.

5. Measuring the Benefits of Environmental Improvements
Non-Market values and measurement methods; risk assessment and perception.

6. Sustainable Development
Concepts; measurement.



THIS SECTION COMPRISES LAST 10 YEAR PAPERS OF ENVIRONMENTAL ECONOMICS.


THIS SECTION COMPRISES STUDY MATERIAL OF ENVIRONMENTAL ECONOMICS.



Readings:

1. Charles Kolstad, Intermediate Environmental Economics, Oxford University Press,
2nd edition, 2010.

2. Robert N. Stavins (ed.), Economics of the Environment: Selected Readings, W.W. Norton, 5th edition, 2005.

3. Roger Perman, Yue Ma, James McGilvray and Michael Common, Natural Resource and Environmental Economics, Pearson Education/Addison Wesley, 3rd edition, 2003.

4. Maureen L. Cropper and Wallace E. Oates, 1992, ―Environmental Economics: A Survey,‖ Journal of Economic Literature, Volume 30:675-740.


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