Module code: ECOM069

Module Overview

The module is divided into two parts: Part I: Environmental Economics, Part II: Energy Economics. Part I will concentrate on key topics in economic analysis of environmental issues. Key topics covered in this part of the module include externalities and implications of the Coase theorem, the economics of pollution control and instrument choice, valuation of non-marketed goods for measuring value of environmental amenities with focus on revealed preference methods, health effects of environmental regulation, and finally the economic impacts of climate change. the second part covers the economic analysis of international oil and gas markets, examining in detail the behaviour of key stakeholders, namely: consumers and producers (including industry, OPEC, host Governments). It also combines both a historic assessment of key developments that have affected the oil and gas industry, as well as an analysis of current energy policies.

Module provider


Module Leader

SAHA Nirman (Economics)

Number of Credits: 15

ECTS Credits: 7.5

Framework: FHEQ Level 7

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 2

Prerequisites / Co-requisites

Econometrics I (ECM042) and Microeconomics (ECM020)

Module content

Indicative content includes: 

  • Externalities, Intellectual Property Rights, and the Coase Theorem

    • Economics of pollution control and choice of policy instrument

    • Market-based policy instruments and applications

  • Uncertainty and instrument choice  

  • Environmental policy evaluation 

    • Hedonic models

    • Recreation demand models

    • Stated Preference Methods

  • Health effects of environmental policy

  • Economic impacts of climate change and policy options

  • Technical characteristics of oil and gas and their consequences

  • Evolution of the structure of the oil and gas industry

  • Oil demand and elasticities, fundamentals of the supply chain

  • Petroleum fiscal regimes

  • Resource base

  • The evolution of the industry and the economics of OPEC

  • Oil price forecasting, Developments in the international gas industry

  • Gas pricing, Issues shaping the future of oil and gas

Assessment pattern

Assessment type Unit of assessment Weighting
Coursework COURSEWORK 50

Alternative Assessment


Assessment Strategy

The assessment strategy is designed to provide students with the opportunity to demonstrate that they have at least a basic understanding of the oil and gas markets in terms of market fundamentals, energy policy, and the differences between oil and gas, as well as a broad grasp of the basic core components of energy economics.

Thus, the summative assessment for this module consists of:

  • One coursework that touches on a topical subject which complements the lectures. Coursework topic will typically be distributed in week 7 and submitted in week 9 (giving 6 calendar weeks to work on the assignment, given the Easter break). 2,000 words.

  • Two hour examination scheduled during weeks 13-1

Formative assessment and feedback is provided by detailed written comments on the submitted assignment.

Module aims

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

Learning outcomes

Attributes Developed
001 Understand of the role of externalities relating to environmental issues K
002 Be able to critically analyze policy instruments for pollution control in the presence of uncertainty and distortions K
003 Have an in-depth understanding of different valuation techniques used in valuation of environmental amenities and assessing benefits and costs of environmental regulations K
004 Have the ability to evaluate health and mortality effects of environmental policies K

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 ensure that all students are exposed to the basic core components of energy economics and international oil and gas, and that they are up to date with the latest developments in oil and gas markets.

The learning and teaching methods include:

  • 2 hours lecture per week x 11 weeks

  • Discussions during lectures

  • Captured content

  • Guided learning

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

Upon accessing the reading list, please search for the module using the module code: ECOM069

Other information


Programmes this module appears in

Programme Semester Classification Qualifying conditions
Economics MA 2 Optional A weighted aggregate mark of 50% is required to pass the module
Economics (Policy Evaluation and Data Analysis) MSc 2 Optional A weighted aggregate mark of 50% is required to pass the module
Economics (International Economics) MSc 2 Optional A weighted aggregate mark of 50% is required to pass the module
Economics MSc 2 Optional A weighted aggregate mark of 50% 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 2023/4 academic year.