Environmental Economics (MSB350)

What is an appropriate level of pollution and how can it be achieved? What is the best management of renewable resources (e.g. fish, forests)? What is the optimal extraction rate for non-renewable resources (e.g. oil, natural gas)? How much is a nature experience worth? And what would be the economic cost of an oil spill in the Arctic? Environmental and resource economics is a branch of economics with explicit focus on the role of the environment and natural resources in the economy, and questions like those above are examples of questions that students will learn to address during this course.

Course description for study year 2023-2024. Please note that changes may occur.


Course code




Credits (ECTS)


Semester tution start


Number of semesters


Exam semester


Language of instruction



The contents relate to environmental and resource economics and may include topics such as:

1. Theory of environmental market failures

2. Valuing non-market environmental goods and services

3. Extraction and depletion of non-renewable natural resources

4. Management of renewable natural resources, among others.

Learning outcome


Upon completion of the course, students will:

  • Have a fundamental understanding of central environmental economics and/or natural resource economics concepts, theories, and models that form the basis of the course and the science of economics.
  • Have an understanding of the complexity and scope of the determinants of economic behavior of microeconomic agents, their interactions, and their dependencies on natural resources and/or the environment.
  • Know how to read and comprehend published research in the field of environmental and/or resource economics.
  • Know different ethical policy objectives such as equality and pareto-optimality.


Upon completion of the course, students will:

  • Have the ability to use different theories and models to analyze what drives economic agents in different situations as it relates to natural resources and/or environmental goods and services.
  • Be capable of implementing their own applied research in the field of environmental and/or resource economics.
  • Be able to apply tools from the field of environmental and/or resource economics as a basis for evaluating and developing economic decision-making strategies in both the private and public sectors of the economy.
  • Students will demonstrate the ability to evaluate the effectiveness of different sustainability policies based on economic theory.
  • Students will demonstrate the ability to present a scientific paper.

Required prerequisite knowledge


Recommended prerequisites

Microeconomics and econometrics at the master level.


Form of assessment Weight Duration Marks Aid
Folder evaluation 1/1 Letter grades

The evaluation may be based on problem sets, group work, individual work.It is not possible to resit the exam.

Coursework requirements

Attendance is necessary in order to participate in some of the components in the assessment.

Course teacher(s)

Course teacher:

Craig Andrew Bond

Course coordinator:

Dora Zsuzsanna Simon

Study Program Director:

Yuko Onozaka

Method of work

Lectures are delivered in English and correspond to a workload of 8 weeks of lectures at 3.5 hours per week. The total workload of the course is 270 hours and comprises lectures, seminars, independent study, or assignments.

Overlapping courses

Course Reduction (SP)
Environmental and Resource Economics (MØA350_1) 10

Open for

Industrial Economics - Master of Science Degree Programme Master of Science in Accounting and Auditing Business Administration - Master of Science Business Administration - Master of Science (5 years) Exchange programmes at UIS Business School

Course assessment

There must be an early dialogue between the course coordinator, the student representative and the students. The purpose is feedback from the students for changes and adjustments in the course for the current semester.In addition, a digital course evaluation must be carried out at least every three years. Its purpose is to gather the students experiences with the course.


The syllabus can be found in Leganto