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Investigation of the relationship of markets and government regulation to environmental quality. Alternative public policies to improve efficiency and equity will be evaluated. Prerequisites: EC 011, EC 012.
Dates: May 22 - June 30, 2017; Prereqs: EC 11 and EC 12
Course Objectives At the conclusion of the course, students should be able to examine environmental policy issues using economic perspective. To achieve this, the course has the following specific goals: (1) To describe environment-economy interactions, specifically, to identify economic activities that lead to specific environmental impacts and discuss how environmental degradation can affect economic activity (2) To review and apply the basic concepts of demand, supply, market equilibrium, perfectly competitive markets, allocative efficiency, profit maximization and welfare. (3) To explain and differentiate among the theories of public goods, externalities and property rights and explain market failures arising from environmental problems by applying these three theories to current environmental policy topics. (4) To identify and differentiate between different types of Command and Control Instruments (CACs) and Market-Based Instruments (MBIs) (5) To examine how CACs and MBIs implemented in the US and in other countries to address environmental issues fare in achieving allocative efficiency and cost effectiveness (6) To use and apply the conditions necessary to achieve allocative efficient CACs to calculate for allocative efficient and cost-effective MBIs (7) To describe and apply the fundamentals of cost-benefit analysis as applied to environmental decision-making (8) To relate economic growth and trade- relate with environmental goals and describe how climate change is a transboundary pollution problem that requires international efforts and agreements The course is chunked into 5 Modules, with varying lengths and time frames (check the Course Calendar). I designed the course such that each Module is targeted toward addressing one or a number of the above objectives. These are explicitly stated in each Module in Bb. Required Textbook: Scott J. Callan and Janet M. Thomas, (CT) Environmental Economics and Management: Theory, Policy and Applications, 6th Edition. ISBN 13: 978-1-111-82667-3; ISBN 10: 1-111-82667-6. • Note that the pages indicated in the slides are from the 6th ed. I require the 6th ed to avoid any confusion regarding the content. • There is an electronic copy of this book: http://www.cengage.com/search/productOverview.do?Ntt=14884335071713326602077030672711927512&N=16+4294904682+45&Ntk=P_EPI COURSE OUTLINE Module 1A: Introduction Module 1B: Review of Market Model Module 2A: Economic Theory Module 2B: Economic Efficiency Concepts Module 3A: CAC Module 3B: MBI: Taxes and Pollution Permits Part 1: Types of Taxes Part 2: Product Taxes Part 3: Emission/Effluent Fees EXAM 1 (ESSAY) Part 4: Tradable Permits Part 5: Characterizing Tradable Permits Part 6: Comparing Policy Instruments Module 3C: MBI: Subsidy and Deposit-Refund Schemes Module 3D: Other Approaches Module 4: Cost Benefit Analysis Module 5: Environment, Development, Trade EXAM 2 (ESSAY)
Grading system 10 Multiple Choice Homeworks 6% each 60% (conceptual, calculation, graphical analysis) 2 Exams (Essays) 12% each 24% 2 Group Wikis 3.5% each 7% 2 Group Discussion Boards 3.5% each 7% 2 Bonus 1% each 2%
Letter Grades 90-100 A-/A 80-89 B-/B/B+ 70-79 C-/C/C+ 60-69 D-/D/D+ <60 F
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