{"ModuleCode":"EC3383","ModuleTitle":"Environmental Economics","Department":"Economics","ModuleDescription":"The economic causes of environmental and resource problems are a major theme of the module. Economic theory is applied to environmental questions associated with resource exploitation; the problem of externalities and their management through various economic institutions, economic incentives and other instruments and policies. Means of analysing the economic implications of environmental policy are also discussed as well as the valuation of environmental quality, assessment of environmental damages, and tools needed for the evaluation of projects such as cost-benefit analysis, and environmental impact assessments. 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Week","DayText":"Thursday","StartTime":"1400","EndTime":"1600","Venue":"LT12"},{"ClassNo":"W01","LessonType":"Tutorial","WeekText":"Every Week","DayText":"Monday","StartTime":"1000","EndTime":"1100","Venue":"AS3-0307"},{"ClassNo":"W02","LessonType":"Tutorial","WeekText":"Every Week","DayText":"Monday","StartTime":"1100","EndTime":"1200","Venue":"AS3-0307"},{"ClassNo":"W03","LessonType":"Tutorial","WeekText":"Every Week","DayText":"Wednesday","StartTime":"1000","EndTime":"1100","Venue":"AS3-0303"},{"ClassNo":"W04","LessonType":"Tutorial","WeekText":"Every Week","DayText":"Wednesday","StartTime":"1100","EndTime":"1200","Venue":"AS3-0303"},{"ClassNo":"W05","LessonType":"Tutorial","WeekText":"Every Week","DayText":"Friday","StartTime":"1400","EndTime":"1500","Venue":"AS2-0510"},{"ClassNo":"W06","LessonType":"Tutorial","WeekText":"Every Week","DayText":"Friday","StartTime":"1500","EndTime":"1600","Venue":"AS2-0510"}],"IVLE":[{"Announcements":null,"Forums":[],"Workbins":[],"Webcasts":[],"Gradebooks":[],"Polls":[],"Multimedia":[],"LessonPlan":[],"ID":"57e89d36-36e3-4ae3-a21f-8daae1d3cfd4","CourseLevel":"1","CourseCode":"EC3383","CourseName":"ENVIRONMENTAL ECONOMICS","CourseDepartment":"","CourseSemester":"Semester 1","CourseAcadYear":"2014/2015","CourseOpenDate":"/Date(1401379200000+0800)/","CourseOpenDate_js":"2014-05-30T00:00:00","CourseCloseDate":"/Date(1417881540000+0800)/","CourseCloseDate_js":"2014-12-06T23:59:00","CourseMC":"0","isActive":"N","Permission":"S","Creator":{"UserID":null,"Name":"Salvo, Alberto E 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The incentives facing consumers, households, firms, and regulators are a central ingredient to understanding how society interacts with nature’s scarce resources. We consider how environmental markets may (or may not) arise, how they may be “inefficient” or “fail,” and how economic policy or other institutions can hope to address such environmental market failures. The topics we study include the valuation of environmental amenities, the economics of pollution control, natural resource management, ambient air pollution and the public health burden, and global climate change. We examine policy instruments such as command-and-control, technology and performance standards, taxes and subsidies, and cap-and-trade. Common-access resource allocation problems that we will discuss in particular are local and global air pollution. Toward the end of the semester we may engage in some fieldwork.","Order":1},{"ID":"3e5f053b-8835-4692-be49-41f07234cfff","Title":"Teaching Modes","Description":"Teaching mode: 2-hour lecture, 1-hour tutorial","Order":3},{"ID":"6e5f053b-8835-4692-be49-41f07234cfff","Title":"Syllabus","Description":"Visit the following link on Google Drive to access course material:
\nhttps://drive.google.com/folderview?id=0B9o5r_FpA4LfRU5fUk9CM1dpaWM&usp=sharing
\n
\nBuilding blocks: Course topics and readings (tentative)
\n
\nBlock 1
\n
\nIntroduction
\nTheoretical framework for environmental economic analysis
\nValuing the environment: revealed preference and stated preference to derive demand
\nBenefit-cost analysis
\nDiscounting
\n
\nKO, chapters 1-3
\n
\nTom Tietenberg, “Valuing the Environment: Methods,” Environmental and Natural Resource
\nEconomics, 5th ed., Chapter 3
\n
\nKenneth J. Arrow, Maureen L. Cropper, George C. Eads, Robert W. Hahn, Lester B. Lave, Roger G. Noll, Paul R. Portney, Milton Russell, Richard Schmalensee, V. Kerry Smith, and Robert N. Stavins, “Is There a Role for Benefit-Cost Analysis in Environmental, Health and Safety Regulation?,” Science 272 (1996): 221-222
\n
\nTimothy J. Brennan, “Discounting the Future: Economics and Ethics,” RFF Reader, Chapter 5, 1999
\n
\nLawrence H. Goulder and Robert N. Stavins, “An Eye on the Future,” Nature 419 (6908) (October 2002): 673-674
\n
\nRobert M. Solow, “Sustainability: An Economist’s Perspective,” The 18th J. Seward Johnson Lecture, 1991, Woods Hole, MA: Woods Hole Oceanographic Institution.
\n
\nTo skim through
\n“Annual Report,” National Environment Agency, Singapore, 2013
\n“Singapore Energy Statistics,” Singapore Energy Market Authority, 2013
\n“International Energy Outlook,” U.S. Energy Information Administration, 2013
\n
\nMedia articles
\n“Valuing the long-beaked echidna. Setting a price on nature is a useful exercise, up to a point,” The Economist, February 22, 2014
\n
\nBlock 2
\n
\nMarket failure and the case for environmental economic policy
\nEnvironmental externalities, public goods, and the tragedy of the commons
\nThe Paper River game (by Hoyt-Ryan-Houston, revisited by Andrews, to motivate Block 3)
\n
\nKO, chapters 4-5
\n
\nGarrett Hardin, “The Tragedy of the Commons,” Science (December 1968): 1243-1248, in Stavins
\n(2005), Ch. 2
\n
\nElinor Ostrom, Governing the Commons (Cambridge U. Press, 1990), Chapter 1
\n
\nJonathan Gruber, Public Finance and Public Policy (Worth, 2005), Chapter 5 up to page 128
\n
\nMedia articles
\n “Governing the high seas. In deep water. Humans are damaging the high seas. Now the oceans are doing harm back” (including the leading article “Governing the oceans. The tragedy of the high seas”), The Economist, February 22, 2014
\n
\nBlock 3
\n
\nPolicy mechanisms:
\nOutput standards
\nPigouvian taxes
\nThe Coase theorem
\nAllocating property rights
\nEstablishing tradable permits
\nThe Permit Trading game (by Anderson-Stafford, with variations by Lynne Kiesling)
\n
\nKO, chapters 8-9
\n
\nJonathan Gruber, Public Finance and Public Policy (Worth, 2005), Chapter 5 page 129 on
\n
\nRonald H. Coase, “The Problem of Social Cost,” Journal of Law & Economics, 3 (1960): 1-44 (read Parts I to V only, pages 1 to 15)
\n
\nLawrence H. Goulder, “Markets for Pollution Allowances: What Are the (New) Lessons?,” Journal of Economic Perspectives, 27(1) (2013): 87-102
\n
\nRichard G. Newell, William A. Pizer, and Daniel Raimi, “Carbon Markets 15 Years after Kyoto: Lessons Learned, New Challenges,” Journal of Economic Perspectives, 27(1) (2013): 123-146
\n
\nOptional (further reading)
\nBruce Yandle, “Coase, Pigou, and Environmental Rights,” in Who Owns the Environment? Peter J.
\nHill and Roger E. Meiners, eds., 1998, pp. 119-152
\n
\nMedia articles
\n“Obama proposes biggest ever US push for carbon cuts,” The Financial Times, June 2, 2014
\n“Change in the weather for Obama legacy,” The Financial Times, June 3, 2014
\n“States feel unequal burden of carbon reduction targets,” The Financial Times, June 3, 2014
\n“US states consider carbon trading schemes,” The Financial Times, June 9, 2014
\n
\nBlock 4
\n
\nThe extraction of exhaustible resources
\nThe M&M Extraction game (by Soren Anderson)
\n
\nKO, chapter 6
\n
\nHarold Hotelling, “The Economics of Exhaustible Resources,” Journal of Political Economy, 39 (1931): 137-175 (read Introduction only, pages 137 to 140)
\n
\nMedia articles
\n“The global oil industry. The day of the huge integrated international oil company is drawing to a close,” The Economist, August 3, 2013
\n“Water and agriculture in Kansas. Sip it slowly. Farmers in Kansas are starting to adapt to declining stocks of groundwater,” The Economist, September 28, 2013
\n
\nBlock 5
\n
\nSocial choice
\nPublic choice
\nThe political economy of environmental regulation
\n
\nCharles D. Kolstad, “Social Choice: How Much Environmental Protection?” Environmental Economics, Chapter 3
\n
\nJeffrey C. Ely, video on the Arrow Impossibility Theorem, http://vimeo.com/user721932/welfare-economics
\n
\nWilliam F. Shugart II, “Public Choice,” Concise Encyclopedia of Economics,
\nhttp://www.econlib.org/library/Enc/PublicChoice.html
\n
\nErnesto Dal Bó, “Regulatory Capture: A Review,” Oxford Review of Economic Policy 22(2) (2006):
\n203-225
\n
\nMedia articles
\n“The politics of dam-building. Opening the floodgates. The great rivers of China are being dammed, regardless of the consequences,” The Economist, September 21, 2013
\n
\nBlock 6 (applications: local air)
\n
\nLocal air pollution:
\nThe case of SO2 emissions trading
\nAmbient air pollution and the public health burden: Studies on the United States and China
\nEconomic activity and air quality in Hong Kong (and the wider Pearl River Delta)
\nConsumer choice in the Brazilian motor fuels market and air pollution in São Paulo
\nTrans-boundary “haze” pollution and extraterritoriality in Southeast Asia
\n
\nTentative: Note that we may not cover all of these applications. Further, sometime during the semester, we may conduct fieldwork on a topic of relevance to the local community. Details to follow.
\n
\nKO, chapter 10
\n
\nRichard Schmalensee and Robert N. Stavins, “The SO2 Allowance Trading System: The Ironic History of a Grand Policy Experiment,” Journal of Economic Perspectives, 27(1) (2013): 103-122
\n
\nNeal Fann, Amy D. Lamson, Susan C. Anenberg, Karen Wesson, David Risley, and Bryan J. Hubbell, “Estimating the National Public Health Burden Associated with Exposure to Ambient PM2.5 and Ozone,” Risk Analysis, 32(1) (2012): 81-95
\n
\nYuyu Chena, Avraham Ebenstein, Michael Greenstone and Hongbin Lie, “Evidence on the impact of sustained exposure to air pollution on life expectancy from China’s Huai River policy,” Proceedings of the National Academy of Sciences, (2013): 10.1073/pnas.1300018110
\n
\nOptional (further reading)
\nRobert N. Stavins, “What Can We Learn from the Grand Policy Experiment? Lessons from SO2
\nAllowance Trading,” in Stavins (2005), Chapter 17
\n
\nKoh Chin Yong, “Air Quality Monitoring in Singapore,” Better Air Quality in Asian and Pacific Rim Cities, 2002
\n
\nScott J. Callan and Janet M. Thomas, “The Case of Air: Defining Air Quality: The Standard-Setting Process” Environmental Economics & Management, Chapter 10
\n
\nTom Tietenberg, “Economic Instruments for Environmental Regulation,” in Stavins (2005), Chapter
\n15
\n
\nMedia articles
\n(Opinion piece by Ivan Png) “Use the Law to Fight the Haze,” The Straits Times, June 21, 2013
\n “Anti-haze Bill 'to be tabled later this year'” Straits Times, May 6, 2014
\n
\nBlock 7 (applications continued: global air)
\n
\nGlobal air pollution:
\nStern report and critique
\nClimate change and business
\n
\nNicholas Stern, Stern Review of the Economics of Climate Change (2006) (read Executive Summary only)
\n
\nNicholas Stern and Chris Taylor, “Climate Change: Risk, Ethics, and the Stern Review,” Science 317 (13
\nJuly 2007)
\n
\nWilliam Nordhaus, “Critical Assumptions in the Stern Review on Climate Change,” Science 317 (13
\nJuly 2007)
\n
\nMichael R. Bloomberg, Henry M. Paulson, Jr. and Thomas F. Steyer, Risky Business: The Economic Risks of Climate Change in the United States (2014) (read Executive Summary only)
\n
\nOptional (further reading)
\nIan W. H. Parry & William A. Pizer, “Combating Global Warming,” Regulation (Fall 2007): 18-22
\n
\nJonathan Gruber, Public Finance and Public Policy (Worth, 2005), Chapter 6 pages 150 to 163 only (section 6.2 on global air, and 6.1 on local air)
\n
\nMedia articles
\n“The IPCC climate-change report: It’s still our fault,” The Economist, September 27, 2013
\n “Commission proposes to adjust aviation emission rules,” European Voice, October 16, 2013
\n“US climate change to hit south hardest,” The Financial Times, June 24, 2014
\n(Opinion piece by Donna Shalala and Olympia Snowe) “Reducing climate risks for coastal communities,” The Boston Globe, June 25, 2014","Order":6},{"ID":"8e5f053b-8835-4692-be49-41f07234cfff","Title":"Assessment","Description":"Your final course grade (out of 100%) will be determined as follows:
\n
\nIII × ( I + II ) / 2 (or III × II if the student missed the midterm with good reason, subject to the
\ninstructor’s approval)
\n
\nwhere: based on:
\n
\n0 ≤ I ≤ 100% Midterm exam (modeled on problem sets, to ensure “Continuous Assessment”)
\n
\n0 ≤ II ≤ 100% Final exam
\n
\n0.95 ≤ III ≤ 1.05 Class participation
\n
\n
\nThe “social norms” for effective class participation, including being considerate of others, are:
\n