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Module Catalogue

EC242-15 Environmental and Resource Economics

Department
Economics
Level
Undergraduate Level 2
Module leader
Andreas Markoulakis
Credit value
15
Module duration
10 weeks
Assessment
Multiple
Study location
University of Warwick main campus, Coventry

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Introductory description

Building on the introductory environmental economics module, this module will provide a brief introduction to the meaning and scope of environmental economics. It will then outline key theoretical and methodological tools to study how to evaluate and manage natural resources in developing/developed countries. Key policy instruments to deal with contemporary environmental problems, such as climate change, sustainable development and pollution will be discussed offering an overview of the behavioural responses to environmental conservation and protection. The module will finally look at the linkage between environmental health and (in)justice to outline policy instruments and cutting-edge research that work towards improved justice and sustainability in the environmental health arena.

Module aims

The module aims to provide explanations of market failure in the environmental realm. It aims to give students an understanding of why some solutions to environmental problems may work better than others and to equip students with environmental valuation methods. It aims to make students appreciate how environmental issues may affect not only our economy (e.g., economic growth, market instability, stagnation and investments), but also health and social justice.

Outline syllabus

This is an indicative module outline only to give an indication of the sort of topics that may be covered. Actual sessions held may differ.

The syllabus may cover but is not limited to the following topics:
(1) Key concepts in Environmental Economics: Welfare Economics and the Environment.
(2) The origins of the sustainability problem: ethics, economics and the environment.
(3) Environmental Pollution: Regulation.
(4) Environmental Pollution: Pricing Policies.
(5) International environmental problems: game theory analysis, international environmental cooperation, and climate change.
(6) Behavioural Economics of Climate Change.
(7) Trade and the environment.
(8) Project appraisal (e.g., cost-benefit analysis, irreversibility, risk and uncertainty, valuing the environment -i.e., contingent valuation, choice experiments, travel cost methods, and hedonic pricing).
(9) Natural Resource Exploitation: renewable vs non-renewable resources (e.g., optimal use of natural resources, optimal resource extraction, and renewable resources and renewable resources policy).
(10) Environmental health and environmental justice.
(11) Environmental impact of energy (e.g., different sources of energy, the role of energy in climate change, energy demand modelling, energy efficiency-carbon intensity, crude oil market, natural gas market, transition to green economy, and the role of nuclear energy).

Learning outcomes

By the end of the module, students should be able to:

  • Understand the rationale for the study of environmental economics and its interdisciplinarity. The teaching and learning methods that enable students to achieve this learning outcome are lectures, seminars, independent study and reading.
  • Evaluate the main controversies in mainstream economics in the environmental realm. The teaching and learning methods that enable students to achieve this learning outcome are lectures, seminars, independent study.
  • Understand the methods and tools available to value environmental resources. The teaching and learning methods that enable students to achieve this learning outcome are lectures, seminars, independent study and reading.
  • Demonstrate knowledge and understanding of economic arguments to discuss environmental policy proposals and solutions. The teaching and learning methods that enable students to achieve this learning outcome are lectures, seminars, independent study and reading.
  • Understand how agents (i.e. individuals, firms, government) decisions and market forces can affect the environment. The teaching and learning methods that enable students to achieve this learning outcome are lectures, seminars, independent study and reading.

Indicative reading list

Daly, H. & Farley, J. (2011). Ecological Economics: Principles and Applications. Island Press.

Markandya, A., Harou, P., Bellu, L. G., & Cistulli, V. (2002). Environmental economics for sustainable growth: A handbook for practitioners. Edward Elgar Publishing Ltd.

Perman, R., Ma, Y., McGilvray, J., & Common, M. (2003). Natural resource and environmental economics. Pearson Education.

Udalov, V. (2019). Behavioural Economics of Climate Change: New Empirical Perspectives. Springer.

Zweifel, P. Z., Praktiknjo, A. P., & Erdmann, G. E. (2017). Energy Economics: Theory and Applications. Springer.

Subject specific skills

Students will have the opportunity to develop skills in:
Analytical thinking and communication
Analytical reasoning
Critical thinking
Creative thinking
Strategic thinking
Problem-solving
Abstraction
Policy evaluation
Analysis of institutions
Analysis of incentives

Transferable skills

Students will have the opportunity to develop:
Research skills
Numeracy and quantitative skills
Data-based skills
IT skills
Written communication skills
Oral communication skills
Professional skills
Global Citizenship and Sustainability skills
Team work and working effectively with others skills
Mathematical, statistical and data-based research skills

Study time

Type Required
Lectures 10 sessions of 1 hour (7%)
Seminars 4 sessions of 1 hour (3%)
Online learning (scheduled sessions) 10 sessions of (0%)
Private study 136 hours (91%)
Total 150 hours

Private study description

The private study time will allow students time to prepare for their seminars, revise for class tests and develop their skills to become independent learners.
Through independent reading and discussion with others, students will be exposed to a variety of viewpoints, learn to choose among them, and you will be better prepared to develop your own distinctive ideas.

Costs

No further costs have been identified for this module.

You do not need to pass all assessment components to pass the module.

Assessment group A1
Weighting Study time Eligible for self-certification
Group Project 65% No
Group Presentation 20% No

Group Presentation - students will have to submit a video and a transcript of the video
Multiple choice question test 15% No
Assessment group R1
Weighting Study time Eligible for self-certification
Individual Project 100% No
Feedback on assessment

The Department of Economics is committed to providing high quality and timely feedback to students on their assessed work, to enable them to review and continuously improve their work. We are dedicated to ensuring feedback is returned to students within 20 University working days of their assessment deadline. Feedback is returned on a standardised assessment feedback cover sheet which gives information both by tick boxes and by directed comments. Students are informed how to access their feedback, either by collecting from the Undergraduate Office, from seminar tutors or within their seminar group sessions. Module leaders provide generic feedback for the cohort in addition to the individual-specific feedback on assessment performance.

Pre-requisites

EC107-30 Economics 1 AND EC139-15 or EC140-15 AND EC122-15 or EC124-15 OR

EC109-30 Microeconomics 1 AND EC139-15 or EC140-15 AND EC122-15 or EC124-15

To take this module, you must have passed:

Courses

This module is Optional for:

  • Year 2 of UECA-3 Undergraduate Economics 3 Year Variants
  • Year 2 of UECA-LM1D Undergraduate Economics, Politics and International Studies
  • UPHA-L1CA Undergraduate Economics, Psychology and Philosophy
    • Year 2 of L1CA Economics, Psychology and Philosophy
    • Year 2 of L1CC Economics, Psychology and Philosophy (Behavioural Economics Pathway)
    • Year 2 of L1CD Economics, Psychology and Philosophy (Economics with Philosophy Pathway)
    • Year 2 of L1CE Economics, Psychology and Philosophy (Philosophy and Psychology Pathway)
    • Year 3 of L1CA Economics, Psychology and Philosophy
    • Year 3 of L1CC Economics, Psychology and Philosophy (Behavioural Economics Pathway)
    • Year 3 of L1CD Economics, Psychology and Philosophy (Economics with Philosophy Pathway)
    • Year 3 of L1CE Economics, Psychology and Philosophy (Philosophy and Psychology Pathway)
  • UPHA-L1CB Undergraduate Economics, Psychology and Philosophy (with Intercalated Year)
    • Year 4 of L1CG Economics, Psychology and Philosophy (Behavioural Economics Pathway) (with Intercalated Year)
    • Year 4 of L1CH Economics, Psychology and Philosophy (Economics with Philosophy Pathway) (with Intercalated Year)
    • Year 4 of L1CJ Economics, Psychology and Philosophy (Philosophy and Psychology Pathway) (with Intercalated Year)
    • Year 4 of L1CB Economics, Psychology and Philosophy (with Intercalated Year)
  • UPHA-V7ML Undergraduate Philosophy, Politics and Economics
    • Year 2 of V7ML Philosophy, Politics and Economics (Tripartite)
    • Year 3 of V7ML Philosophy, Politics and Economics (Tripartite)

This module is Unusual option for:

  • UPHA-L1CA Undergraduate Economics, Psychology and Philosophy
    • Year 2 of L1CA Economics, Psychology and Philosophy
    • Year 3 of L1CA Economics, Psychology and Philosophy
  • UPHA-V7ML Undergraduate Philosophy, Politics and Economics
    • Year 2 of V7MR Philosophy, Politics and Economics (Bipartite with Economics Major)
    • Year 2 of V7MP Philosophy, Politics and Economics (Bipartite)
    • Year 2 of V7ML Philosophy, Politics and Economics (Tripartite)
    • Year 3 of V7MR Philosophy, Politics and Economics (Bipartite with Economics Major)
    • Year 3 of V7MP Philosophy, Politics and Economics (Bipartite)
  • UPHA-V7MM Undergraduate Philosophy, Politics and Economics (with Intercalated year)
    • Year 4 of V7MS Philosophy, Politics and Economics (Bipartite with Economics Major) (with Intercalated Year)
    • Year 4 of V7MQ Philosophy, Politics and Economics (Bipartite) with Intercalated Year
    • Year 4 of V7MM Philosophy, Politics and Economics (Tripartite) (with Intercalated year)

This module is Option list B for:

  • Year 2 of UPHA-V7ML Undergraduate Philosophy, Politics and Economics

This module is Option list C for:

  • UPHA-V7ML Undergraduate Philosophy, Politics and Economics
    • Year 3 of V7MP Philosophy, Politics and Economics (Bipartite)
    • Year 3 of V7ML Philosophy, Politics and Economics (Tripartite)
  • UPHA-V7MM Undergraduate Philosophy, Politics and Economics (with Intercalated year)
    • Year 4 of V7MS Philosophy, Politics and Economics (Bipartite with Economics Major) (with Intercalated Year)
    • Year 4 of V7MQ Philosophy, Politics and Economics (Bipartite) with Intercalated Year
    • Year 4 of V7MM Philosophy, Politics and Economics (Tripartite) (with Intercalated year)

This module is Option list D for:

  • UPHA-V7ML Undergraduate Philosophy, Politics and Economics
    • Year 2 of V7MR Philosophy, Politics and Economics (Bipartite with Economics Major)
    • Year 3 of V7MR Philosophy, Politics and Economics (Bipartite with Economics Major)