ENVIRONMENTAL ECONOMICS - 2021/2

Module code: ECO3060

Module Overview

Scarcity and allocation of resources form the basis of environmental issues around the world. Economic analysis is used to determine the efficient allocation of resources and guide public policy. This module investigates why there might be inefficient allocation of resources, how it creates the most serious environmental problems observed in the world today, examines the different remedial instruments available to correct these problems and analyzes different methods of valuing environmental amenities.

Module provider

Economics

Module Leader

SAHA Nirman (Economics)

Number of Credits: 15

ECTS Credits: 7.5

Framework: FHEQ Level 6

JACs code:

Module cap (Maximum number of students): N/A

Overall student workload

Workshop Hours: 11

Independent Learning Hours: 106

Guided Learning: 11

Captured Content: 22

Module Availability

Semester 1

Prerequisites / Co-requisites

n/a

Module content

Indicative content includes:
-Relationship between environment and the economy (growth and sustainable development)
-Preliminary concept of demand, supply, market equilibrium and economic efficiency
-Sources of market failure: presence of externality and public good
-Private Remedy
-Coase theorem and property rights
-Incentive-based Policies
-Pigouvian taxes and subsidies, Cap and trade
-Valuation of environmental amenities: revealed preference vs stated preference methods  
-Cost-benefit analysis
-Economics of non-renewable resources
-Natural resources
-Fisheries (bioeconomic model)
-Climate Change and sustainability

Assessment pattern

Assessment type Unit of assessment Weighting
School-timetabled exam/test MIDTERM TEST (TIMED) 40
Examination FINAL EXAMINATION (2 HOURS) 60

Alternative Assessment

n/a

Assessment Strategy

The assessment strategy is designed to provide students with the opportunity to demonstrate their knowledge of the course. The mix between in-semester test (typically scheduled around week 5 or 6), and the final examination (scheduled weeks 13-15) is instrumental to this. Assessments will combine essay-style questions, problem-style questions and multiple choice questions. Thus, the summative assessment for this module consists of:

Students are assessed by class test and final examination.
-The class mid-term test is worth 40% of final grade.
-The final examination offers a a choice of short and long answer questions, worth 60% of the final grade.

Formative assessment and feedback: Students will receive verbal and written feedback in the lectures based on homework (formative assignments) as well as on the in-semester test. Before the mid-test, some sample questions are made available for students to familiarise themselves with the style of the assessment.

Module aims

  • Familiarize with classic theoretical papers in environmental economics literature, supplemented with applications in current empirical studies

Learning outcomes

Attributes Developed
001 Understand the principle of economic efficiency and why markets fail with regards to environmental issues KCPT
002 Be able to evaluate policies addressing environmental issues in terms of choices, tradeoffs and scarcity KCPT
003 Acquire critical knowledge of valuation techniques used to measure benefits of policies or environmental damages KCPT
004 Familiarize with economic models concerning extraction of natural resources with sustainability KCPT

Attributes Developed

C - Cognitive/analytical

K - Subject knowledge

T - Transferable skills

P - Professional/Practical skills

Methods of Teaching / Learning

The learning and teaching strategy is designed to:
-Enhance students ability to analyse independently topics within economics of education.
-Enhance students skills in evaluating education policies and effectively communicate these evaluations in verbal and written form.

The learning and teaching methods include:
-1 hour lecture per week x 11 weeks
-1 hour seminar per week x 11 weeks

Indicated Lecture Hours (which may also include seminars, tutorials, workshops and other contact time) are approximate and may include in-class tests where one or more of these are an assessment on the module. In-class tests are scheduled/organised separately to taught content and will be published on to student personal timetables, where they apply to taken modules, as soon as they are finalised by central administration. This will usually be after the initial publication of the teaching timetable for the relevant semester.

Indicated Lecture Hours (which may also include seminars, tutorials, workshops and other contact time) are approximate and may include in-class tests where one or more of these are an assessment on the module. In-class tests are scheduled/organised separately to taught content and will be published on to student personal timetables, where they apply to taken modules, as soon as they are finalised by central administration. This will usually be after the initial publication of the teaching timetable for the relevant semester.

Reading list

https://readinglists.surrey.ac.uk
Upon accessing the reading list, please search for the module using the module code: ECO3060

Other information

n/a

Programmes this module appears in

Programme Semester Classification Qualifying conditions
Business Economics BSc (Hons) 1 Optional A weighted aggregate mark of 40% is required to pass the module
Economics and Finance BSc (Hons) 1 Optional A weighted aggregate mark of 40% is required to pass the module
Politics and Economics BSc (Hons) 1 Optional A weighted aggregate mark of 40% is required to pass the module
Economics and Mathematics BSc (Hons) 1 Optional A weighted aggregate mark of 40% is required to pass the module

Please note that the information detailed within this record is accurate at the time of publishing and may be subject to change. This record contains information for the most up to date version of the programme / module for the 2021/2 academic year.