Environmental Economics

Paper Code: 
24ECO 424 B
Credits: 
4
Contact Hours: 
60.00
Max. Marks: 
100.00
Objective: 
  1. To examine the applications of economic concepts in the sphere of environmental economics
  2. To help students understand the environmental problems and their solution
  3. To analyze the benefits and costs of environmental issues
  4. To gain knowledge of efforts related to environmental problems and policies framed at national and international level.

 

Course Outcomes: 

Course

Learning outcome (at course level)

Learning and teaching strategies

Assessment Strategies 

Course Code

Course Title

24ECO 424(B)

Environmental Economics

(Theory)

Students will

CO157: examine the key issues related to environment.

CO158: evaluate the solutions to environmental problems.

CO159: analyze the methods of environmental valuationin terms of benefits.

CO160:analyze the methods of environmental valuationin terms of costs.

CO161: evaluate global environmental management.

CO162: contribute effectively in course-specific interaction. 

Approach in teaching: Interactive Lectures, Discussion, Case studies.

 

Learning activities for the students:

Presentations, Assignments and Group discussions.

Class activity, Assignments, Quiz and Semester end examinations.

 

12.00
Unit I: 
Introduction
  • Key environmental issues and problems, economic way of thinking about these problems, materials balance model
  • Pareto optimality and market failure in the presence of externalities and public good
  •   property rights and the Coasian Approach: bargain Solution.

 

12.00
Unit II: 
Solutions to Environmental Problem
  • Conventional solution to environmental problems: command and control approach, Economic solution to environmental problems: pollution charges, Pigouvian tax;
  • environmental subsidies, deposit/refund system
  •  pollution permit trading systems.

 

12.00
Unit III: 
Assessing Environmental Decisions-I
  • Valuing environmental benefits: total value of environmental quality-user vale and existence value
  • Direct estimation method-contingent valuation method
  • Indirect estimation method- averting expenditure method, travel cost method, hedonic price methods.

 

12.00
Unit IV: 
Assessing Environmental Decisions-II
  • Valuing environmental costs: Incremental costs, explicit costs, capital costs, operating costs, implicit costs, social costs, costs estimation.
  • Cost-benefit analysis in environmental decision making.

 

12.00
Unit V: 
Global Environmental Management
  • Sustainable development, environmental Kuznets curve
  • International agreements to control transboundary pollution, industrial ecology, pollution prevention
  •  disseminating information and technology at global scale for environmental protection.

 

Essential Readings: 
  • Callan, S. J., and Thomas, J. M. (2012).  Environmental Economics & Management:   Theory, Policy, and Applications (6thed.). South-Western College Publishing.

 

References: 

Suggested Readings:

  1. Eugine. T. (2005).  Environmental economics (1sted.). Vrinda Publications (P) Ltd.
  2. Bhattacharya, R. N. (2002). Environmental Economics- An Indian Perspective .  Oxford University Press.

E-Resources:

Journals:

  • Journal of Environmental Economics and Management (JEEM)

https://www.journals.elsevier.com/journal-of-environmental-economics-and-management

  • Environmental and Resource Economics (ERE)

https://www.springer.com/journal/10640

 

 

Academic Session: 
2024-25
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