MA5700 – Environmental Economics

 

 

 

MA5700 – Environmental Economics
Course Information
Semester
7
Course Code
MA5700
Course Name
Environmental Economics for Engineers
Credit Value
3
Pre-requisites
None
Core/Optional
Optional

Hourly Breakdown

Theory
12
Small Group Activities
24
Practical
–
Assignment
18
Independent Learning
105

Course Aim

To provide an overview of integrating environmental management and economic theory within a sustainable development framework.

Intended Learning Outcomes

  • appreciate the environmental considerations in economic decision-making.
  • analyse the total economic value of engineering projects and products.
  • analyse investment and financing decisions of engineering projects and products.
  • appreciate the climate change mitigation efforts through engineering projects and products.
  • create a total economic value model for an engineering project.

Course Content (Only main topics & subtopics)

  • Integration of Environmental Management and Economic theory:National income and environmental accounting; Utility and consumer demand; Production, supply, and costs; Externalities and market failure; Policies. Applications in manufacturing, production, transportation, and energy.
  • Environmental valuation: Total economic value: Direct-use, indirect-use, and non-use values; Valuation methods: market-based, contingent valuation, travel cost, hedonic pricing, restoration and replacement cost, benefits transfer, off-trade. Applications in projects, products, ecosystem services, and conservation.
  • Investment Decisions: Identifying alternatives; environmental costs and benefits; Lifecycle assessment and costing; tax and tariff; accounting for long-term ecological damage. Applications in infrastructure projects, green technology decision making.
  • Climate change mitigation: Carbon abatement cost curves, emission taxes, cap and trade schemes, subsidies, carbon offsets and neutrality, feed-in tariff, carbon market and auditing. Applications in engineering projects and product development.
  • Group Project: Investigate the total economic value of an engineering product or project.

Teaching/Learning Methods

  • Lectures
  • Student Based Activities

Assessment Strategy

Continuous Assessment 50% Final Assessment 50%
Small Group Activities: 30%
Quizzes: 20%
Theory: 50%
Practical: –
Other: –

Recommended Reading

  • Daniel, P., Keen, M., McPherson, C. (2010). The Taxation of Petroleum and Minerals: Principles, Problems and Practice. Series: Routledge explorations in environmental economics. Routledge. ISBN: 0415569214,9780415569217,9780203851081,0203851080,0415781388,9780415781381
  • Mäler, K.G., Vincent, J.R. (2003). Handbook of Environmental Economics 1. North-Holland. ISBN: 978-0-444-50063-2Mäler, K.G., Vincent, J.R. (2003). Handbook of Environmental Economics 1. North-Holland. ISBN: 978-0-444-50063-2
  • Smith, J.B., Mendelsohn, R. O. (2007). New Horizons in Environmental Economics. Edward Elgar Publishing. ISBN: 9781845427474,1845427475