Makerere University Courses | University Course Catalogue ...



1. AEC 4201 RESOURCE AND ENVIRONMENTAL ECONOMICS

2. Course Instructors:

Dr. William Ekere. BSc Agric, MA (Econ), PhD

Ms. Rosemary Isoto Emegu. BSc. Agric, MSc (Agric & Applied Econ).

3. COURSE TYPE: CORE (BSc Agric IV)

4. COURSE STRUCTURE & LOCATION

This is a 3 credit unit course, 30 lecture hours (2 contact hour per week for 15 study weeks) and tutorial hours (3 contact hour per week for 15 study weeks). Lectures will be conducted in the Faculty of Agriculture Upper Lecture theatre.

5. COURSE DESCPRIPTION:

Students undertaking this course will be introduced to concepts and applications of environmental and resource economics. Areas to be covered include: What is environmental economics, Ecological economics, Why study environmental economics, A look at Environment and economy interactions Concepts of Efficiency and Optimality. Conditions necessary for resources to be allocated efficiently, Definition of pollution, pollution as an externality, Reasons for regulating pollution. Importance of valuing the environment, The fundamentals of valuation: Missing markets and market creation, Definition and meaning of sustainability, Concepts of sustainability conditions for sustainability. The conditions for sustainability: rising per capita stocks of capital (= rising per capita wealth), Types of capital, Weak and strong sustainability. Measuring sustainability, Sustainable development

6. Course Objectives

This course seeks to introduce students to the major concepts in resources and environmental economics.

Specific objectives include

To enable students

• Define and describe key resource and environmental economics concepts, ideas and terminologies

• Describe basic tools and techniques used by environmental economists

• Enhance their ability to think economically about resource and environment problems

7. RECOMMENDED REFERENCES FOR READING

1. Tietenberg Tom (2006): Environmental and Natural Resource Economics, 7th Edition Addison Wesley

2. Pearce D.W. and R.K. Turner (1989): Economics of Natural Resource and the Environment, John Hopkins University Press.

3. Perman R., Gilvray M.C and Common M. (2003): Natural Resource and Environmental Economics, 3rd Edition Addison Wesley.

8. COURSE CONTENT, METHODS OF INSTRUCTION AND TOOL REQUIRED

|No |TOPIC |CONTENT |METHOD OF DELIVERY/TIME ALLOWED |TEACHING MATERIALS |

|1 |Introduction |What is environmental economics, resource |Lectures (2 hours) |Chalkboard, LCD |

| | |Economics and Ecological economics, | |projector, |

| | |Why study environmental economics. | | |

| | |A look at Environment and economy interactions | | |

|2 |Welfare Economics and |Concepts of Efficiency and Optimality. |Lectures (2 hours) |Chalkboard, LCD |

| |the Environment |Conditions necessary for resources to be | |projector, Computers & |

| | |allocated efficiently | |software |

|3 |Welfare Economics and |Welfare economics as the basis for valuation |Lectures (2 hours) |Chalkboard, LCD |

| |the Environment |Consumer and producer surplus as measures of | |projector, Computers & |

| |continued... |welfare change | |software |

|4 |Welfare Economics and |Equivalent and compensating variation |Lectures (2 hours) |Chalkboard, LCD |

| |the Environment |Equivalent and compensating surplus | |projector, Computers & |

| |continued... | | |software |

| | | | | |

| | |Tutorial on Producer /Consumer surplus, | | |

| | |compensating and equivalent variation | | |

| | | | | |

| | | |Tutorial (3 hours) | |

|5 |Property rights and |Definitions of Property, rights and Property |Lectures (2hours) |Chalkboard, LCD |

| |resources allocation |rights | |projector, Computers & |

| | |Conditions for efficient structure of property | |software |

| | |rights | | |

| | | | | |

| | | | | |

| | |Tutorial on resource allocation |Tutorial (3 hours) | |

|6 | |Property regimes |Lectures (2hours | |

| | |Property rights and the Coase theorem | | |

| | | | | |

| | |Tutorial on property rights | | |

| | | |Tutorial (3 hours) | |

|7 |Externalities and |Definition of externalities, Positive and |Lectures (2 hours) |Chalkboard, LCD |

| |Market Failures |negative externalities. | |projector, Computers & |

| | |Types of externalities | |software |

| | | | | |

| | |Causes of market failure | | |

| | |Consequencesunregulated externalities have in a | | |

| | |market economy. | | |

| | |Tutorials on Externalities | | |

| | | |Tutorial (3 hour) | |

|8 |Economics of Pollution|Definition of pollution, |Lectures (2 hours) |Chalkboard, LCD |

| | |pollution as an externality, | |projector, |

| | |Pollution regulation | | |

| | | | | |

| | |Tutorial on the quantitative examples of economic| | |

| | |analysis of alternative ways of controlling |Tutorial (3 hour) | |

| | |pollution | | |

|9 |Valuing the |Valuation and welfare economics, |Lectures (2hours) |Chalkboard, LCD |

| |Environment |Importance of valuing the environment. | |projector, |

|10 |Valuing the |The fundamentals of valuation: preference, |Lectures (2 hours) |Chalkboard, LCD |

| |Environment |willingness to pay. | |projector, |

| |continued... |The notion of Total Economic Value. | | |

| | | | | |

| | |Tutorial on Stated and revealed preference | | |

| | |methods |Tutorial (3 hours) | |

|11 |Valuing the |Techniques for finding money values – revealed |Lectures (2 hours) |Chalkboard, LCD |

| |Environment |and stated preference methods and their | |projector, |

| |continued.... |limitations. | | |

| | |Missing markets and market creation | |Computers and software |

| | | | | |

| | |Tutorial on techniques of valuing the environment| | |

| | | | | |

| | | |Tutorial (3 hrs) | |

|12 |Cost -benefit analysis|Emphasis is on appraisal conducted from a social | |Chalkboard, LCD |

| |and the environment |and economic rather than financial perspective. |Lectures (2 hours) |projector, |

| | |Valuation of costs and benefits. | | |

| | |Use of cost benefit analysis to consider projects| | |

| | |which damage, or are intended to protect, the | | |

| | |natural environment are dealt with. | | |

| | | | | |

| | |Practical on cost benefit analysis techniques | | |

| | | | | |

| | | | | |

| | | | | |

| | | | |Computers & software |

| | | |Practical (3 hours) | |

| | | |Computer practical | |

|13 |Economics of Natural |Definition of renewable resources. |Lectures (2 hours) |Chalkboard, LCD |

| |resources |Use of Renewable resources ( forests, fish stocks| |projector, |

| | |etc) and Non renewable resources (oil , minerals)| | |

| | | | | |

| | | | | |

| | | | | |

| | | | | |

|14 |Economics of Natural |Concepts of maximum sustainable yield |Lectures (2 hours) |Chalkboard |

| |resources |Optimal rate of harvest | | |

| |continued.... |Open access solutions | | |

| | |Open access and Resource extinction | | |

| | | | | |

| | |Computer Practical on renewable resource | | |

| | |extraction | | |

| | | |Computer practical (3hours) |Computers & Calculators |

|15 |Economics of |Definition and meaning of sustainability, |Lectures 2 hours |Chalkboard |

| |sustainability |Concepts of sustainability | | |

| | |The conditions for sustainability: Types of | | |

| | |capital. | | |

| | |Weak and strong sustainability | | |

| | | | | |

| | |Tutorial on Measuring sustainability. Models for | | |

| | |Sustainable development | | |

| | | | | |

| | | |Tutorial (3 hours) |Computers |

9. SUMMARY OF TIME NEEDED

Lectures 30 hrs

Tutorials 24 hrs

Practicals 06 hrs

10. COURSE ASSESSMENT:

|Continuous assessment (Quizzes): |There will be 2 Quizzes arising from tutorials and assignments during week 5, 10 |10% |

| |and 15 of the semester | |

|Mid-semester test |Students will do 1 test in the middle of the semester |20% |

|Continuous assessment (Practicals): |Students will write 2 computer based practical reports |10% |

|University Examination: |Final examination during week 16-17 of the semester |60% |

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