|
|
2. The class on May 13 will start at 9:30am (30 minutes later than usual). |
This course is intended as a first course in environmental economics
and policy for undergraduates. 14.01, Introductory Microeconomics,
is a prerequisite. The course covers basic topics in welfare economics
as applied to natural resources and the environment. These topics
include externality theory, the theory of public goods, benefit-cost analysis,
valuation of natural resources, and strategies for promoting environmental
quality (e.g., taxes, standards, marketable rights, liability rules, etc.)
The first half of the course is devoted to theory; the second half to applications.
Topics covered in the second half include risk assessment, management of
municipal solid waste, facility siting, utility pricing, management of
congestion, global warming, trade and the environment, and the distributional
consequences of environmental policy. In considering applications,
we will devote considerable time to thinking about how non-economic considerations
influence the choice of policy instruments. For example, in trying
to address the problem of overfishing of George’s Bank, it may be easier
to tax or place restrictions on the number of people fishing George’s Bank
than it is to tax or restrict the catch. Considerations of monitoring
and enforcement turn out to be very important in developing effective environmental
policies.
|
| Prof Lawrence S. Bacow
Lee and Geraldine Martin Professor of Environmental Studies 9-320, x- 32004, (bacow@mit.edu) TA Chi-Jen Yang (cjyang@mit.edu) |