Environmental Economics

Paper Code: 
24DECO 601B
Credits: 
6
Contact Hours: 
90.00
Max. Marks: 
100.00
Objective: 
  1. To explain the various methods of environmental valuation.
  2. To acquaint the students with the meaning, rules and indicators of sustainable development.
  3. To describe the issues relating to environmental protection, pollution control, climate change and global warming.

 

Course Outcomes: 

Course

Code

Course Title

Learning outcome (at course level)

Learning and teaching strategies

Assessment Strategies 
   

24DECO 601B

Environmental Economics

(Theory)

Students will:

CO49:comprehend the various aspects of environment and analyze environmental valuation

CO50:analyzemarket failure, externalities and public goods

CO51: comprehend various approaches of sustainable development

CO52: analyze the issues related to environmental protection

CO53: examine the different aspects  of climate change and global warming   CO54: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 and Semester end examinations

 

18.00
Unit I: 
Environment, Economy & Valuation of environment
  • Environmental Economics: Definition & Scope,
  • Environment- Economy Interaction,
  • Development & Environment,
  • Environmental Kuznets Curve,
  • Need for environmental valuation, Use Value and Non Use Value,
  • Methods of environmental valuation: Contingent Valuation method, Hedonic Pricing Approach, Travel Cost Method, Difficulties in measuring environmental value

 

18.00
Unit II: 
Market Failure, Externalities and Public Goods
  • Market Failure: Meaning,
  • Pareto Optimality and Market Failure,
  • Externalities: Meaning, Positive and Negative Externalities in production and consumption
  • Public Goods: Meaning and Characteristics,
  • Public Goods and Pareto Efficiency
  • Asymmetric information and market failure

 

 

18.00
Unit III: 
Sustainable Development
  • Sustainable Development –Meaning,
  • Rules -Hartwick Approach, London School Approach, Safe Minimum Approach, and Daly’s Operational Principles.
  • Indicators of Sustainable Development -Pressure Indicators, Impact Indicators and Sustainable Indicators
  • Weak Sustainability and Strong Sustainability

 

18.00
Unit IV: 
Conservation of Resources & Environment Protection
  • Conservation of Resources- Preservation & Conservation, 
  • Methods of Conservation-Material Conservation, Product Life Extension, Recycling, Pollution Tax, Waste Reduction,
  • Policy Instruments for Environmental Protection: The Polluter Pays Principle (PPP), The User Pays Principle (UPP) & The Precautionary Principle (PP),
  • Policy Measures to Control Environmental Pollution: Command and Control Approach, Pigouvian Tax, Environmental Subsidy, Tradable Permits, Deposit Refund System, Participatory and Voluntary Agreements, Property Rights  &Coase’s  Theorem, Bargain Solution.

 

 

18.00
Unit V: 
Climate Change & Global Warming
  • Effects of climate change - Impact of Green House Effect, Acid Rain, Ozone Layer Depletion,
  • Global Level Efforts: Montreal Protocol, Convention on Climate Change (1992 & 1995), GEF, Kyoto Protocol (1997),
  • International Policy Instruments to Tackle Environmental Externalities: International Carbon Tax, Tradable Quotas & Tradable Pollution Permits

 

 

Essential Readings: 

Callan, S. J., and Thomas, J. M.,Environmental Economics & Management:   Theory, Policy, and Applications, South-Western College Publishing, 6th Edition, 2012.

 

 

 

References: 

Suggested Readings: 

 

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

E- Resources:

1. https://epgp.inflibnet.ac.in/Home/ViewSubject?catid=NEp/xikgBgNtfa+sgFQAc

2. https://www.epa.gov/environmental-economics

Journals:

1. Journal of Environmental Economics and Management(JEEM)

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

2. Environmental and Resource Economics(ERE)

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

 

Academic Session: 
2024-25
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