ENVIRONMENTAL ECONOMICS - 2023/4

Module Overview

This module develops a theoretical and empirical framework to analyse the economics of the environment. Understanding sources of inefficient allocation of resources, and how it is linked to the most serious environmental problems observed in the contemporary world like climate change, examining the different remedial instruments available to correct these problems, evaluating different methods of valuing environmental amenities and understanding the basics of climate science and consequences are some of the key topics covered in this module. This will enable the students to have a well-rounded knowledge of theoretical models and a critical perspective which they can apply to analyse contemporary environmental issues and policies in place. This module will draw on students knowledge of Microeconomics from Level 5. 

Module provider

Economics

Module Leader

SAHA Nirman (Economics)

Number of Credits: 15

ECTS Credits: 7.5

Framework: FHEQ Level 6

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

Module Availability

Semester 1

Prerequisites / Co-requisites

n/a

Module content

Indicative content in this module includes:

Understanding the interactions between the environment and the economy with emphasis on sustainability and comparison between economies at different stages of development. This helps global and cultural capabilities among students by enabling them to understand the constraints to environmental improvement for developing economies and how this shape their growth path.

Investigation into the sources of market failure in the environmental context with reference to externalities and public goods problem. The evaluation of different policy instruments available to correct these problems and the implications of well-defined property rights to derive private solutions through bargaining. The students will learn these theoretical models with real-world applications where they acquire evaluation skills by analysing policies in the real world under different circumstance like uncertainty.

The fundamentals of Cost-benefit analysis and different empirical techniques to value environmental amenities. The methods taught in this section are widely transferrable to other fields in case of policy evaluation.

The economics of natural and renewable resources and an in-depth analysis of the climate change science, cause and consequences. This part of the module builds the fundamental knowledge of resource economics and provides students with the opportunity to analyse climate change policies in the global context.

Assessment pattern

Alternative Assessment

n/a

Assessment Strategy

The assessment strategy is designed to provide students with the opportunity to demonstrate that they have achieved the module’s learning outcomes.

Assessments will combine essay-style questions (linked to Learning outcomes 1 and 2), rigorous mathematical problems (linked to Learning outcome 4), multiple-choice questions (linked to learning outcomes 2, 3 and 4), policy design questions (linked to learning outcome 2 and 4) and research-design evaluation questions (linked to learning outcome 5) for empirical applications to test both quantitative skills as well as analytical abilities.

The assessments are designed to test student’s analytical skills, quantitative skills, evaluation skills though testing their ability to evaluate policies in a hypothetical scenario which enhances their professional skills and hence promotes employability.

The summative assessment for this module consists of:

- A midterm assessment worth 40% of the final grade

- A final examination worth 60% of the final grade.

Students receive formative feedback during workshops through direct questioning (in which multiple questions and real-world examples of the use of economics in environmental contexts are discussed). There are also problem sets throughout the course, where model solutions are provided so that students can compare them to their own results.  After the midterm assessment, detailed feedback will be provided to individual students along with guidelines on targets points to work on and improve. This feedback mechanism helps build resourcefulness and resilience among students by providing them more confidence in analysing environmental problems they observe around them, through reflection on their own performance and understanding scope for improvement.

Module aims

• Enable students to develop working knowledge of theoretical economic frameworks applied to the environmental context with appropriate illustrations using diagrams and mathematical models.
• Provide students with the opportunity to apply the theoretical concepts to analyse contemporary environmental issues such as climate change, sustainability, and emission trading.
• Familiarise students with the current research frontier and empirical literature and equip them with the ability to critically assess them and come up with extensions or improvements.

Learning outcomes

Methods of Teaching / Learning

The learning and teaching strategy combine various learning methods to:

Enable students to perceive environmental problems, examine different remedial instruments and explore their efficacy through online, pre-recorded lectures

Provide the students with the opportunity to explore the existing research frontier and empirical applications of various theoretical concepts and models through in-person workshops

Enhance students’ critical thinking and reasoning skills through solving weekly problem sets featuring scenario-based case studies and rigorous mathematical problems.

The learning and teaching methods include:

- 1-hour lecture per week x 11 weeks

- 1-hour workshop per week x 11 weeks (empirical applications and problem-set solving)

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

The School of Economics is committed to developing graduates with strengths in Employability, Digital Capabilities, Global and Cultural Capabilities, Sustainability, and Resourcefulness and Resilience. This module is designed to enhance students' knowledge, skills, and capabilities in the following areas

Resourcefulness and Resilience

Continuous feedback on problem sets and during empirical applications-based workshops, gives students ample opportunity to improve their performance.

Sustainability

Focus on the economics of contemporary issues of pollution, climate change and sustainable development

Global Capabilities

Real-world examples and case-studies that consider distributional effects on vulnerable groups in different parts of the world.

Programmes this module appears in

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 2023/4 academic year.