Module overview
This module addresses the main economic problems arising in the management and allocation of natural resources, with a particular focus on energy and the constraints that the natural environment represents for economic growth. It combines economic theory, including a presentation of the most recent advancements in the field, a critical analysis of the existing empirical evidence, and a study of the effects of different policy interventions.
Aims and Objectives
Learning Outcomes
Subject Specific Intellectual and Research Skills
Having successfully completed this module you will be able to:
- Apply fundamental concepts such as market failure, environmental externality, and transaction costs to problems in energy, resource and environmental economics.
Transferable and Generic Skills
Having successfully completed this module you will be able to:
- to communicate knowledge about the functioning of complex dynamic systems in writing.
- analyse policies and outcomes from a sustainability persepctive using a rigorous logical framework
Knowledge and Understanding
Having successfully completed this module, you will be able to demonstrate knowledge and understanding of:
- the key issues relating to the use of natural resources in economic activities and the implications of environmental constraints for economic growth.
Syllabus
The module covers a set of topics related to: natural resource production (e.g. optimal resource extraction, the role of technology and market structure); energy markets (e.g. pricing mechanisms, elasticities, and expectations); energy efficiency measurement; climate change mitigation policies (e.g. carbon price, environmental standards); and the sustainability of economic growth. An indicative list of the topics covered in the lectures is the following.
- Introduction to the economics of exhaustible resources, scarcity, and rent
- Natural resource curse, green paradox, and property rights
- Energy supply: market structure and pricing
- Energy demand: price and income elasticities
- Oil and gas markets
- Energy and climate change
- Carbon pricing
Learning and Teaching
Teaching and learning methods
The module will be delivered through a set of lectures and connected seminars. In the seminars students will be asked to answer a problem set and discuss its solution in class, or prepare a presentation on a paper pre-assigned by the lecturer followed by a class discussion.
Type | Hours |
---|---|
Independent Study | 125 |
Teaching | 25 |
Total study time | 150 |
Assessment
Assessment strategy
Assessment in this module is thorugh group presentations (worth 30% of the final mark) and a final written exam (worth 70%). This is supported by continuous formative assessment. This is the same for internal repeat. Assessment for external repeat and referral is through final exam only.
Summative
This is how we’ll formally assess what you have learned in this module.
Method | Percentage contribution |
---|---|
Group presentation | 30% |
Final Exam | 70% |
Referral
This is how we’ll assess you if you don’t meet the criteria to pass this module.
Method | Percentage contribution |
---|---|
Final Exam | 100% |
Repeat
An internal repeat is where you take all of your modules again, including any you passed. An external repeat is where you only re-take the modules you failed.
Method | Percentage contribution |
---|---|
Final Exam | 100% |