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Environmental Economics (3 Credits)

MBAC 626

This course covers ways in which economists approach and solve environmental and natural resource problems. Using economic concepts such as supply, demand, equilibrium, and welfare analysis, we explore the problems associated with externalities and market failure. We then study ways in which environmental economists approach and correct market failures. In particular, we study different policy instruments such as Pigouvian taxes, command and control policies, cap and trade, and tradable pollution permits. After exploring these policies, we study specific problems associated with public goods and common pool resources. Moreover, we examine the importance of ecosystem services and their valuations. In particular, we study both revealed and stated preference approaches to measure the values of environmental amenities. Through these variety of topics, we aim at understanding the way economists approach environmental and natural resource problems.