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 2022-2023. Please note that changes may occur.
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.
Upon completion of the course, students will have:
A fundamental understanding of central environmental economics and natural resource economics concepts, theories, and models that form the basis of the course and the science of economics.
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 the environment.
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 environmental goods and services.
Know how to read and comprehend published research in the field of environmental and resource economics.
Be capable of implementing their own applied research in the field of environmental and resource economics.
Be able to apply tools from the field of environmental and resource economics as a basis for evaluating and developing economic decision-making strategies in both the private and public sectors of the economy.
Required prerequisite knowledge
Microeconomics and econometrics at the intermediate bachelor level or master level.
Form of assessment
The evaluation may be based on problem sets, group work, individual work, or presentations. It is not possible to resit the exam.
Attendance is necessary in order to participate in some of the components in the assessment.
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.