Unit convenor and teaching staff |
Unit convenor and teaching staff
Instructor
Ram Ranjan
Contact via email
office #517, 12 Wally's Walk (E7A)
through appointment
Imogen da Silva
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Credit points |
Credit points
4
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Prerequisites |
Prerequisites
Admission to MEnv or MSc or MEnvEd or MEnvMgt or MEnvStud or MEnvPlan or MPlan or MSusDev or MWldMgt or MMarScMgt or MPPP or GradDipEnv or GradCertSusDev or GradDipSusDev or MConsBiol or GradDipConsBiol or MPH
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Corequisites |
Corequisites
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Co-badged status |
Co-badged status
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Unit description |
Unit description
This unit provides a comprehensive coverage of environmental economics and has been structured on the premise that course participants have little background in economics. The unit presents a different paradigm to conventional economics and illustrates how the study of mainstream economics needs to be reoriented in the light of the following premises: the natural environment is the core of any economy, and economic sustainability cannot be attained without environmental sustainability. The unit equips participants with an ability to engage in multi-disciplinary teams with environmental economists; analyse environmental and economic policy issues; and understand the nature of trade-off between environmental quality and economic growth. Examples of topics and methods covered include – cost-benefit analysis; environmental valuation methods; market failure, externalities and public goods; economics of climate change management including strategic behaviour using game theory; trade and the environment; hysteresis and resilience; taxes versus quotas; renewable and non-renewable resource management; economics of urban planning, transport, infrastructure and urban sprawl; managing irreversible and catastrophic events; risk, risk weighting and option value approach.
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Information about important academic dates including deadlines for withdrawing from units are available at https://www.mq.edu.au/study/calendar-of-dates
On successful completion of this unit, you will be able to:
Project reports are due by the deadline. Class participation is required for all sessions. You must make a presentation and submit a report to meet the minimum requirements for satisfactorily completing the course.
Name | Weighting | Hurdle | Due |
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Project Report | 50% | No | May 26 |
Presentation | 25% | No | May 26 |
Class Participation | 25% | No | throughout the course |
Due: May 26
Weighting: 50%
This is the main assignment in this unit and carries a weight of 50 percent. The assignment involves performing an empirical analysis of an environmental project. The project must address a contemporary environmental challenge in Australia or globally. Students are expected to apply methods from coursework (such as cost-benefit analysis, environmental valuation methods and survey techniques) in their projects.
The project exercise is to be performed in small groups of two to three students. Relevant details will be provided during the first block sessions.
An electronic copy of the report, which includes the data files and excel sheets showing detailed calculations, must be submitted through turnitin by the due date. Hard copy submission is not required.
Further details on the rules of group work and marking criteria will be provided on iLearn.
No late submissions will be allowed.
Due: May 26
Weighting: 25%
Involves presenting findings from the project report. Each student must make a presentation.
Further details on marking criteria will be provided on iLearn.
Due: throughout the course
Weighting: 25%
Class participation activities will involve: answering and asking questions during all block sessions including presentations. Students are required to meet with the instructor in small groups while working on the project. This is important for receiving crucial feedback.
Further details over marking criteria for this assessment task will be provided on iLearn
Technology used: Students will need access to a computer with internet in order to complete their projects.
A lab session will be organized during one of the block teaching days for hands-on training. Students may also use the University computer labs while working on their projects.
Attempt will be made to provide all reading materials (except journal articles and books) on iLearn. Journal articles may not be available on ilearn due to copyright protection, but students may obtain the same through the library or from the instructor.
Reading materials include:
Prescribed books
Lecture notes
Tutorial Examples
Excel Examples
Class handouts
Instructor's notes during one-on-one sessions
(Topics 1-6 will be covered in relatively greater detail)
Topic 1• Introduction to Basic Micro Economics • Need for Environmental Economics • Willingness to Pay (WTP) • Demand Function • Consumer Surplus • Cost-Benefit Analysis (CBA) • Discounting the Future • CBA under uncertainty • Case Study • Environmental Accounting/Green Accounting
Topic 2• Economic Efficiency • Externality • Market Failure • Property Rights • Insurance Markets for Natural Hazards • Case Study: Are you being Served? • Case Study: Elephants • Payment for Ecosystem Services
Topic 3• Valuation Methods – Contingent Valuation – Hedonic Valuation Method – Travel Cost Valuation Method • Value of Water
Topic 4• Environmental Kuznets Curve • Taxes Versus Quotas • Trade and the Environment • Hysteresis and Resilience • Measuring Health Impacts of Pollution
Topic 5• Economics of Climate Change Mitigation and Adaptation – Scientific Evidence and Understanding – Integrating with Economics – Estimation of Costs of Global Warming – Economic Management tools and Cost Benefit Analysis – Discounting and Time Preference – Catastrophes • Thermohaline Circulation Belt • Permafrost Emissions
Topic 6• Economics of Managing Renewable and Non-Renewable Resources – Economics of Non-renewable Resource Extraction – Economics of Oil – Economics of Renewable Resource Extraction – Fisheries, Forestry – Challenges in Fisheries Management
Topic 7• Economics of Urban Planning – Theory of Origin of Urban areas – What are the tools available to a city planner to maximize societal welfare in urban areas? Rent control and Property Taxation – Case Studies – Excel Example
Topic 8• Economics of Transport/Infrastructure: Sustainable Transport Options, • Fuel Efficiency and Rebound effect – Economics of Providing Transport Infrastructure – Use of Renewable Resources in Transportation – Rebound Effect – Global Warming, Energy Use and Transportation Linkage – Political Economy of Urban Transportation – Congestion Pricing
Topic 9• Economics of Urban Sprawl • Factors Causing Urban sprawl • Three Types of Market Failures • Costs and Benefits of Land Use Planning • Managing Sprawl • Agriculture and Urban Sprawl • Sprawl and the Environment
Recommended Books:
Environmental Economics: An Introduction (Mcgraw-Hill) by Barry C. Field and Martha K. Field (7th edition)
Environmental and Natural Resource Economics, 10/e, by T. Titenberg and L. Lewis (Pearson Global Edition)
Macquarie University policies and procedures are accessible from Policy Central (https://staff.mq.edu.au/work/strategy-planning-and-governance/university-policies-and-procedures/policy-central). Students should be aware of the following policies in particular with regard to Learning and Teaching:
Undergraduate students seeking more policy resources can visit the Student Policy Gateway (https://students.mq.edu.au/support/study/student-policy-gateway). It is your one-stop-shop for the key policies you need to know about throughout your undergraduate student journey.
If you would like to see all the policies relevant to Learning and Teaching visit Policy Central (https://staff.mq.edu.au/work/strategy-planning-and-governance/university-policies-and-procedures/policy-central).
Macquarie University students have a responsibility to be familiar with the Student Code of Conduct: https://students.mq.edu.au/study/getting-started/student-conduct
Results shown in iLearn, or released directly by your Unit Convenor, are not confirmed as they are subject to final approval by the University. Once approved, final results will be sent to your student email address and will be made available in eStudent. For more information visit ask.mq.edu.au.
Macquarie University provides a range of support services for students. For details, visit http://students.mq.edu.au/support/
Learning Skills (mq.edu.au/learningskills) provides academic writing resources and study strategies to improve your marks and take control of your study.
Students with a disability are encouraged to contact the Disability Service who can provide appropriate help with any issues that arise during their studies.
For all student enquiries, visit Student Connect at ask.mq.edu.au
For help with University computer systems and technology, visit http://www.mq.edu.au/about_us/offices_and_units/information_technology/help/.
When using the University's IT, you must adhere to the Acceptable Use of IT Resources Policy. The policy applies to all who connect to the MQ network including students.
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