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ECN375 Natural Resource and Environmental Economics - Theory and Applications

Credits (ECTS):10

Course responsible:Eirik Romstad

Campus / Online:Taught campus Ås

Teaching language:Engelsk

Course frequency:Annually

Nominal workload:250 hours

Teaching and exam period:This course starts in Spring parallel. This course has teaching/evaluation in Spring parallel and June block.

About this course

Lectures and exercises will address the following issues: Economy - environment interactions, sustainable development, optimal management of renewable and non-renewable resources, pollution targets and pollution control, environmental policy instruments, international environmental agreements. Truth telling and asymmetric information is at the core of the course.

The theory part of the course, including evaluation of the theory part, is joint with ECN275 (arken.nmbu.no/~eiriro/ecn275/). A term paper in groups on own selected topic under the heading of natural resource and environmental economics closes the course. Group size 3-4 students. Further details on the course home page: arken.nmbu.no/~eiriro/ecn375/

Learning outcome

Knowledge

  • Welfare economics and environmental issues
  • Cost effectiveness and partial welfare maximization
  • Asymmetric information, principa-agent theory and resource allocation mechanisms, truthful revelation
  • Monitoring and enforcement/sanctions
  • Economic policy instruments in the management of the environment and natural resources

  • Models for state dependent management of the environment and natural resources

    • Accumulated pollution
    • Non-renewable resources
    • Renewable resources

Skills

  • Knowledge based choice of and discussion of economic policy instruments in the management of environmental issues and natural resource managment
  • Handle impacts of incomplete information on the choice of economic policy instruments
  • Modeling skills, static and dynamic models
  • Knowledge based choice and discussion of economic policy instruments in the mangament of the environment and natural resources
  • Handle impacts of incomplete information on the choice of economic policy instruments
  • Modeling skills, static and dynamic models

General competence

  • Simplify complex problems to enable economic analysis, and discuss the implications on the orginal problem caused by the chosen simplifications
  • Expanded economic modeling skills
  • Cooperation in informal groups, short presentations with little time for preparations
  • Work in a formal group on a larger academic term paper
  • Critical reflection on and constructive discussion of the work of peers
  • Learning activities

    Lectures and exercises. It is recommended that students form self organized groups, for example 3-4 persons, and work together on the theoretical materials and exercises. Working on exercises and active participation is important for meeting the learning objectives. This also contributes to giving students experience in relating to and discussing the results from economic analyses in a scientific manner.

    The course is rounded off with a mandatory term paper in groups of 2-3 students on a self elected topic under the heading natural resource and environmental economics. In their work with the term paper, students must present and discuss the choices they make. That gives the students additional training in seeing their work in a broader context.

  • Teaching support

    Excercise and discussion sessions (see ECN275 Natural Resource and Environmental Economics - theory for details). The course web pages contains pointers to background materials and news events that are related to the course contents, and make up an important source for student learning.

    Working on exercises and active participation is important for meeting the learning objectives. Councelling on the mandatory term paper.

  • Prerequisites
    ECN210 Intermediate Microeconomics - Consumers, Producers, Market and Welfare or equivalent courses from other universities.
  • Recommended prerequisites

    ECN102 Introduction to Mathematics for Economists or equivalent. Knowledge about differentiation, integration, and unconstrained/constrained optimization.

    ECN170 Environmental and Resource Economics or equivalent.

  • Assessment method
    Portfolio. Two thematic in-class tests (environmental economics and natural resource economics) are given at the end of the respective themes in the course (2x25%), and a term paper (50%).

    Portfolio Grading: Letter grades
  • Examiner scheme
    External examiner will control the quality of syllabus, questions for the to tests, and principles for the assessment of the examination answers.
  • Mandatory activity
    Oral presentation of the term paper and comments on the term papers presented by other students.
  • Notes

    The course is in English if there are one or more international students. Incoming students can contact student advisors at the School of Economics and Business (Studieveileder-hh@nmbu.no) for admission to the course.

    ECN275 Natural Resource and Environmental Economics - theory and ECN375 Natural Resource and Environmental Economics - theory and applications has joint theory part and exam.

  • Teaching hours

    6 hours per week combined lectures/discussion sessions (through March / a bit into April if early Easter) and advising on term papers.

    2 exercise hours per week until end of lectures/discussion sessions.

    Advicing on term papers

  • Reduction of credits
    ECN270 Natural Resource Economics - 2 ECTS, ECN371 Environmental Economics - 2 ECTS, ECN275 Natural Resource and Environmental Economics - theory - 10 ECTS. Students who have previously taken ECN275, can not take ECN375, but are adviced to take ECN376.
  • Admission requirements
    Minimum requirements for entrance to higher education in Norway (generell studiekompetanse)