Resource and Energy Economics

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.

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.

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

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

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.

Summative

This is how we’ll formally assess what you have learned in this module.

Referral

This is how we’ll assess you if you don’t meet the criteria to pass this module.

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.