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This course will apply microeconomic theory and welfare economics to the management and stewardship of the environment. We will begin by reviewing the ethical framework of welfare economics and its relation to concepts of sustainability. We will use welfare economics to frame the problems posed by public and common property goods, and by externalities more generally. We will see how welfare economics is applied to the problems posed by such goods using cost-benefit analysis. This framework will enable us to address diverse environmental problems. For example, how can we place a comparable value on environmental benefits? How much pollution of the air and water should we tolerate, and how can we reduce pollution to such levels in the least costly way? Can there be effective pollution control when individual contributions cannot be observed? What is economics contributing to the study of global warming, or the effects of trade liberalisation on the environment?
Through their work in this course, students are expected to be able to:- Identify and discuss central topics in environmental economics- Understand and apply concepts related to economic efficiency, market failure, externalities, andpublic goods.- critically evaluate the potential and limitations of various policy mechanisms for pollution control- critically evaluate the state and potential ways forward with regard to climate change damages andpolicy- communicate the findings of critical evaluation in written and oral form
Subject to approval of the Head of Department
Jamie Mullins (Visiting Erskine Fellow)
Keohane and Olmstead; Markets and the Environment ; 2nd Edition;
Tietenberg and Lewis; Environmental and Natural Resource Economics ; 10th Edition;
Domestic fee $1,037.00
International Postgraduate fees
* All fees are inclusive of NZ GST or any equivalent overseas tax, and do not include any programme level discount or additional course-related expenses.
For further information see Department of Economics and Finance .