EC304 Principles of Economics,
EC305/EC306 Mathematics for Economics,
EC309 Statistics for Economics
EC580 Introduction to Econometrics
OverviewThis module applies various aspects of environmental economic theory in combination with mathematical and statistical methods to provide students with an understanding of the link between economic theory and policy application. It introduces students to fundamental key skills used by environmental economists in the application of economics to real world environmental issues.
The main focus will be on how economic theory is applied to real world environmental issues and how this can be demonstrated using EXCEL. Therefore, it continues the development of students' use of information technology within a structured environment. This module will provide students with an enhanced understanding of how economic theory can be translated into practical policy advice.
The module introduces students to a variety of environmental economic practical issues. Alongside formal lectures, computer workshops and seminars are designed to develop academic research skills and the ability to communicate ideas both verbally and in writing.
Examples of topics the module may cover include:
• Pollution control instruments – will consider taxes and permits using market simulation and potentially the development of equilibrium displacement models;
• Non-market evaluation – will consider stated and revealed preference approaches to non-market valuation, consider experimental design, survey design and delivery and data analysis using linear regression and binary choice models;
• Renewable resource management – will consider fisheries and/or forestry management as a dynamic programming problem using the EXCEL solver; and
• Non-renewable resource management – will consider oil reserve management as a dynamic programming problem using the EXCEL solver.
This is an elective module for all Single Honours Economics Programmes and Joint Honours Programmes in Economics.
The module is not available to students across other degree programmes in the University.
Method of assessment
Four differentiated EXCEL based project reports (1000 words each) (Each report worth 25%)
• Hanley N, Shogren JF and White B (2013) Introduction to Environmental Economics, Oxford University Press
• Perman, Ma, Common, Maddison and McGilvray (2011) Natural Resource and Environmental Economics, 4th Edition, Pearson.
• Conrad, J. M. (2010) Resource Economics, Second Edition, Cambridge University Press, New York
On successfully completing the module students will be able to:
• Apply concepts and theories from environmental economics to the formulation and evaluation of environmental issues.
• Demonstrate the knowledge and analytical skills to critically evaluate environmental issues and policy questions.
• Utilise spreadsheets, in particular, Microsoft EXCEL to link theory and application to real world problems.
• Undertake graphical, numerical, simulation and statistical data analyses to further understanding of key theoretical principles.
• Practically address key policy issues within environmental economics.
• Retrieve information from a variety of sources.
• Analyse data to support their understanding of economic issues.
• Communicate economic arguments orally and in writing.
• Plan work and study independently.
• Reflect on their academic learning.