Introduction to Environmental Economics

We are going through so many issues and debates in the context of economy, development and the environment. In this respect, the course deals in understanding the complexity among the economy, economic activities and the environmental systems. Basic theories of environmental and collective goods; environment, economic growth and development linkage; welfare economics dealing with environmental valuation, environmental regulations policy highlighting the economics of pollution will be dealt at length.INTENDED AUDIENCE : BE/Btech/MScPRE- REQUISITES : NilSUPPORT INDUSTRY : NTPC/NALCO/Coal India/ONGC/SAIL/Green Industries

Week 1 : Meaning, Definition and Relevance of Environmental Economics; Basic Concepts and Tools from Microeconomics and Welfare economics; Comparison with Other Sub-disciplines like Ecological Economics and Natural Resource Economics; Major Problems and Key Concerns of Environmental Economics; Commons and Collective Actions Problem: Seminal Theories (Part-1)

Week 2 : Commons and Collective Actions Problem: Seminal Theories (Part-2 & 3); Mancur Olson's Theory of Collective Action; Collective Action and Prisoner's Dilemma Game; Governing the Commons: The Evolution of Institutions for Collective Action (Part-1)

Week 3 : Governing the Commons: The Evolution of Institutions for Collective Action (Part-2); Environmental Goods and Ecosystem Services; Ecological Footprints

Week 4 : Poverty, Environment and Economic Growth Linkages-Environmental Kuznets Curve

Week 5 : Environmental Sustainability; Environmental Performance Index; Benefit-cost Analysis

Week 6 : Consumer Demand of Environmental Goods and Welfare Effects of Price Change; Values, Environmental Values and Non-market Valuations: Revealed Preference Methods (Part-1)

Week 7 : Environmental Values and Non-market Valuations: Revealed Preference Methods (Part-2); Stated Preference Methods

Week 8 : Market-efficiency, Optimality, Consumers and Producers Surplus

Week 9 : Optimal Provision of public Goods and Bads; Externality and Market Failure; Pigouvian Fee

Week 10 :Property Rights and Coase Theorem; Environmental Regulation and Basic Regulatory Instruments: Introduction

Week 11 :Command and Control Approach; Environmental Regulations and Basic Regulatory Instruments-Market-based Instruments/Approaches (Part 1 & 2)

Week 12 :Environmental Regulations and Basic Regulatory Instruments-Market-based Instruments/Approaches (Part 3 & 4); Environmental Regulation and Basic Regulatory Instruments-Market Trading Systems