SSST Subjects

EC 410 Natural Resource and Environmental Economics


Programme(s) where module is offered

  • BSc in Economics with International Business
  • BSc in Economics with Finance

Status (core, option, free choice)



FHEQ Level



Unit Value



Semester taught



Pre-Requisite Modules or Qualifications

Intermediate Microeconomics (EC240)


Module Code

EC 410


Module coordinator



Applicable From



Educational Aims of the Module

  • The aim of this module is to equip students with analytical tools such as cost-benefit analysis and the valuation methods for environmental economics, the concept of dynamic efficiency and to apply them in analysing an array of environmental and natural resource issues.
  • This module will allow students to explore an in depth analysis of the issues and approaches related to environmental quality, energy, sustainability, renewables, water, forests and pollution control.

Module Outline/Syllabus

  • The Economic Approach: Property Rights, Externalities and Environmental Problems

  • Evaluating Trade-Offs: Benefit-Cost Analysis and Other Decision-Making Metrics

  • Valuing the Environment: Methods

  • Dynamic Efficiency and Sustainable Development

  • Energy: The Transition from depleting to Renewable Resources

    1. European Energy Policy

    2. Capacity to produce trading vs. trading in actual energy

    3. Liberalisation of energy markets: Pro and Con Debate

    4. Solar, Wind, Bioenergy

  • Recyclable Resources: Minerals, paper, Bottles, and E-Waste

  • Replenishable but Depleting Resources: Water, Whose it is?

  • Location Fixed, Multipurpose Resource: Land

  • Reproducible Private Property Resources: Agriculture and Food Security

  • Storable, Renewable Resources: Forests

  • Economics of Pollution Control: An Overview

  • Climate Change


Student Engagement Hours

Type Number per Term Duration Total Time









Total Guided/Independent Learning Hours


Total Contact Hours


Total Engagement Hours 150

Assessment Method Summary

Type Number Required Duration / Length Weighting Timing / Submission Deadline

Final exam


3 hours


Week 17

Mid-semester exam


2 hours


Week 8

Individual project (Including presentation)


2000 words

20 minutes



Week 13


Module Outcomes

Intended Learning Outcomes:

  • Demonstrate in-depth knowledge of the major economic issues and the application of economics to natural resources and the environment

  • Critically analyse the distribution of usage of natural resources over time

  • Demonstrate sound understanding of optimum policy under the conditions of externalities to the environment

  • Critically evaluate possible government actions to correct for market failures which relate to environmental economics

  • Describe the importance of the role of economics in optimization of natural resource usage and energy production.

  • Demonstrate ability of practical application of theory learned in the class, recognising problems and applying learned methods and techniques for developing solutions

  • To obtain pieces of information (related to Natural Resource and Environmental Economics) from variety of sources with the aim of providing conclusions regarding solutions in unfamiliar context and to demonstrate ability to (at least theoretically) apply mentioned solutions in unfamiliar context.

Teaching and Learning Strategy:

  • This is an advanced course and will presume knowledge of basic principles of microeconomics principles. It will use a text book but also additional articles assigned by the instructor. (ILO:1-5)

  • Teaching will predominantly be lectures, with ample time built in for class discussion. (ILO:1-5)

  • Tutorials will be more interactive and enable group participation (ILO:1-6)

  • Individual project will require using cost-benefit analysis and the valuation methods for environmental economics, the concept of dynamic efficiency and applying those in analysing an array of environmental and natural resource issues. (ILO:6,7)

Assessment Strategy:

  • Midterm exam and Final exam (ILO:1-6)

  • Individual project (ILO:6,7)

Practical Skills:

  • Compare benefits and costs of natural resource and energy projects across the time in inter-temporal optimisation

  • Value the environment using nonmarket valuation methods such as choice experiments, contingent ranking

  • Apply calculus in order to find consumer and producer surplus under multiple scenarios of natural resource allocations and policy actions

  • Ability to understand environmental issues and reflect upon them using the economic concepts and models

  • Ability to notice and critically analyse problems in the field of Natural Resource and Environmental Economics and apply various solutions in practice

Teaching and Learning Strategy:

  • In-class exercises and demonstration of model applications with active student participation (PS:1-5)

  • Individual project (PS:5)

Assessment Strategy:

  • Written Exams (PS:1-5)

  • Individual project (PS:5)

Transferable Skills:

  • Presentation skills

  • Communication skills: written and oral

  • Cultural and environmental awareness

  • Ability to present a balanced argument

  • Ability to work independently

  • Meet deadlines

Teaching and Learning Strategy:

  • Teaching will be predominantly lectures, with ample use of examples and case studies. The tutorials and exercises will emphasize practical use of skills (TS:1-4)
  • Individual project (TS: 2, 5, 6)

Assessment Strategy:

  • Project assignment (TS:2, 5, 6)

  • Written examination (TS:1-5)


Key Texts and/or other learning materials

Set text

  • Tietenberg T., Lewis L. (2016). Environmental and Natural Resource Economics. 10 Edition. Pearson.

Supplementary Materials

Please note

This specification provides a concise summary of the main features of the module and the learning outcomes that a typical student might reasonably be expected to achieve and demonstrate if he/she takes full advantage of the learning opportunities that are provided.

More detailed information on the learning outcomes, content and teaching, learning and assessment methods of each module and programme can be found in the departmental or programme handbook.

The accuracy of the information contained in this document is reviewed annually by the University of Buckingham and may be checked by the Quality Assurance Agency.

Date of Production : April 2017

Date approved by School Learning and Teaching Committee

Date approved by School Board of Study

Date approved by University Learning and Teaching Committee

Date of Annual Review


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Bosna i Hercegovina

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