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Welcome to ESM 204: The Economics of Environmental Management

Welcome to ESM 204: The Economics of Environmental Management. If you hate economics and/or you don’t know what environmental economics is….this is the perfect course for you! Professor: Christopher Costello TA: Scott Lowe. Contact Information. Costello :

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Welcome to ESM 204: The Economics of Environmental Management

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  1. Welcome to ESM 204: The Economics of Environmental Management If you hate economics and/or you don’t know what environmental economics is….this is the perfect course for you! Professor: Christopher Costello TA: Scott Lowe

  2. Contact Information • Costello: • 4410 Bren Hall, 893-5802, costello@bren • Office Hours: Tuesday 3:00-4:00 and by appt. • Lowe: • 3514 Bren Hall, 893-8633, slowe@bren • Office Hours: First week by appt. • Plan to attend office hours! Scott and I want to get to know you, your experience, your interests.

  3. Course Vitals • 20 lectures, Tuesday & Thursday • 1 discussion section per week, run by Scott • No discussion section first week. • You are expected to attend all lectures and 1 discussion per week. • Workload: Above average. Expect 8 hours per week outside of class.

  4. Grading • Homework Assignments • 5 “mini-projects”, may work with a partner, submit 1 copy with both names….. 35%. • Midterm • Take-home exam distributed Feb 11, due Feb 18…15%. • Final Exam • Take-home (dist’d March 11, due March 19)….. 25% • In-class (March 19, 12:00-3:00)….. 25% • Cheating/plagiarism will not be tolerated!

  5. Readings & Preparation • Readings: most available on web, rest available in student lounge and on library reserve. (* = required) • Please come to class prepared. I will too. • I will call on you in class. Please help make this an interactive experience. • Questions??

  6. Lecture Style • Begin with brief overview from last time, answer questions. • Start new material. • Ask students questions about readings. • Open discussion throughout.

  7. What will we cover? • Course broken into 4 sections: • Evaluating public environmental projects (6) • Measuring benefits and costs (3) • Regulation (6) • Managing renewable and non-renewable resources (4)

  8. Section 1: Evaluating public environmental projects • Cost effectiveness vs. cost/benefit, public goods, externalities • Efficiency & surplus • Inflation & discounting • Risk & uncertainty • Benefit cost analysis: applications • Social justice & environmental racism

  9. Section 2: Measuring benefits and costs • Costs of regulation and the “benefits transfer” approach. • Revealed preference approaches • Stated preference approaches & constructed markets.

  10. Section 3: Regulation • Regulatory options and efficiency. • Incidence of environmental regulations. • Spatial and temporal dimensions of environmental regulations. • Regulatory experience in developed vs. developing countries. • Monitoring & enforcement. • Macroeconomic issues: green accounting.

  11. Section 4: Managing renewable & non-renewable resources • Rent, water, and common property. • Forest economics & management. • Fishery economics & management. • Non-renewable resources and energy.

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