Environmental and Natural Resource Economics, 7.5 credits

Contents

The course covers the basic economic analysis of natural resources and environmental policy instruments. Natural resources are considered in both renewable forms, such as forests, and non-renewable forms, such as oil. Resource use is analysed within a market framework, taking into account deviations arising from negative externalities (e.g. emissions) and uncertainty. The course also addresses the valuation of goods that are not traded in markets, such as environmental quality and biodiversity, and discusses the challenges associated with their economic valuation. In addition, issues related to sustainable development, economic growth, and socio-economic trade-offs over time are examined.

The theoretical framework is applied to a range of environmental policy problems. Some central questions addressed in the course include: (i) how environmental quality can be valued and related to economic growth; (ii) how emissions can be limited in a socio-economically efficient way; (iii) how long-term societal challenges, such as climate change, can be modelled; and (iv) what sustainable growth means from a socio-economic perspective.

Expected learning outcomes

After completing the module, the student is expected to be able to:

Knowledge and understanding

1. account for basic theories in environmental and natural resource economics

2. explain how environmental policy instruments (e.g. environmental taxes and emissions trading schemes) work from a socio-economic perspective

3. explain the socio-economic advantages and disadvantages of different policy instruments

4. explain the basic principles of valuing non-market-priced natural resources

Competence and skills

5. apply economic theory to the management of natural resources

6. analyse and evaluate environmental policy instruments using economic theory

7. exemplify and propose methods for valuing non-market priced goods and services

8. apply basic empirical methods in the field of environmental policy

Judgement and approach

9. discuss and critically review valuation methods for non-market-priced goods and services

10. discuss and critically review economic instruments for addressing environmental problems

11. discuss the prerequisites for sustainable development and long-term economic growth

Required Knowledge

22,5 credits in economics and Mathematics 3b/3c or Mathematics Further level 1b or 1c or Mathematics C or equivalent. Proficiency in English equivalent to the Swedish upper secondary course English 6/level 2.

Form of instruction

Learning is supported by classroom teaching and seminars.

Examination modes

The examination consists of an individual written assignment, seminars and an individual written hall exam.

The following grading scale will be used for the course: Pass with Distinction (Väl Godkänd, VG), Pass (Godkänd, G) and Fail (Underkänd, U).

The course grade is based on a summary assessment of the results of the included examinations and is set when the module has finished, and all examinations have been assessed. To receive the grade of Pass (G) for the module, it is required that all examinations are passed.

A student who does not pass the first examination will be offered an opportunity to sit a re-examination within two months. An additional examination opportunity is normally offered every academic year, one week prior to the start of the autumn term. If required by specific circumstances, other forms of examination may be used.

A student that has failed an examination on two occasions has a right to have another examiner or grading teacher appointed, unless there are special reasons against it. A written request addressed to the Director of Studies should be made no later than two weeks before the next examination opportunity.

Exceptions from examination form as stated in the syllabus can be made for a student who has a decision on pedagogical support for disabilities. Individual adaptations of the examination form should be considered based on the student's needs. The examination form shall be adapted within the framework of the expected learning outcomes stated in the course syllabus. At the request of the student, the course responsible teacher, in consultation with the examiner, must promptly decide on the adapted examination form. The decision must then be notified to the student.

Academic integrity and cheating

As a student, you are expected to act with academic integrity. This means writing and presenting within the limits of the academic rules and expectations as communicated in the university's regulations and what is otherwise specified by the responsible department. Disciplinary action may be taken against students who use unauthorized help aids or in some other way try to mislead on a test or on another type of task for examination. Rules and regulations concerning the production of academic texts and correct referencing will be applicable to written assignments. Submitted material may be subject to plagiarism control. In addition, Umeå University rules and regulations for education and research apply.