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This module is an introduction to the field of environmental economics, focusing on how economic activity and policy affect the environment in which we live. In particular, this module addresses the main contemporary environmental problems, such as climate change, sustainable development and pollution. This module will give you the tools to understand and discuss environmental and ecological issues from an economic perspective.

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We will start by introducing the key concepts from environmental economics: markets; market failures; government regulation; cost benefit analysis and the environment as a social asset. Next, we will focus on how strategic interactions can be analysed in this field: through the Coase theorem, the tragedy of the Commons, transactions costs and institutions. We also explore ecological economics as an interplay between ecosystems and the economy, and the problems associated with governing economic activity in a way that promotes human well-being and sustainability.

Including the following contents but not limited to

• Recognising how individual decisions, market forces and government forces can affect the natural environment
• Mathematics for economists; linear equations, inequalities, functions, derivatives, constrained optimisation
• Microeconomics for environmentalists; preferences, utility, welfare, profit maxmisation, market clearing
• Environmental policy instruments; command and control policies, taxes, trading systems, and liability
• Natural capital, ecosystem services, and social value