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 f...