ENVIRONMENTAL ECONOMICS

Paper Code: 
ECO 424 (B)
Credits: 
4
Contact Hours: 
60.00
Max. Marks: 
100.00
Objective: 

Course Objectives:

The objectives of this course are-

  1. To learn applications of economic concepts in the sphere of environmental economics
  2. To keep students understood the environmental problems and their solution
  3. Knowing about 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 (COs):

Course

Outcome (at course level)

Learning and teaching strategies

Assessment Strategies 

Paper Code

Paper Title

ECO 424(B)

Environmental Economics

CO69: Understand the solution of environmental problems.

CO70: Assess the environmental decisions in terms of benefits and costs and comprehend global environmental management. 

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 estimation 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: 
  1. Callan, Scott J.   and Janet M. Thomas, Environmental Economics & Management:   Theory, Policy, and Applications, South-Western College Publishing; 6th edition, 2012.
  2. Bhattacharya, Rabindra N., (Edited): Environmental Economics- An Indian Perspective, Oxford University Press, 2001.
  3. Prasad, Lallan and Aggarwal Rashmi: Economics of Environment and National Resource Management.
  4. Hemple, Lamont, C., Environmental Economics: The Global Challenge, First East West Press, and Edinburgh.
  5. Markandya and Richardson, The Earthscan Reader in Environmental Economics, Routledge; 1st edition, 1992.
Academic Session: 
2019-20
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