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Environmental and Resource Economics
The Prerequisite for this course is Microeconomic Theory. The total lecture hour for this course is 60. Apart from the prescribed textbooks the students are also are encouraged to read the annual reports, News Letters and other relevant journal articles. 

  • Basic Concepts  5[L]
    An introduction to Environmental Economics; Economy - Environment interaction; The Material Balance principle, Entropy law. 

  • Environment vs. Development  5[L]
    Relation between development and environment stress; Environmental Kuznet's curve. 

  • Economics of Exhaustible Resources   10[L]
    Hotelling's rule; Solow-Harwick's Rule; Market structure and optimal extraction policy; Uncertainty and the rate of resource extraction; Resource scarcity. 

  • Economics of Renewable Resources   10[L]
    Economic models of forestry and fisheries; Extinction of species; Economics of Biodiversity.

  • The Theory of Externality and Public Goods   10[L]
    Concepts; Market Failure; Pigouvian Solution; Buchanan's Theory; Coase's theorem and its critique; Pigouvian vs. Coasian solution; Detrimental externality and non-convexities in the production set; Property rights; Collective action. 

  • Techniques of Valuation   20[L]
    Market and non-market valuation; Physical linkage methods; Abatement cost methods; Behavior linkage methods - Revealed and stated preference; Social cost benefit analysis; Environmental impact assessment. 

L: 60 [L: Lectures] 


  • Hanley, N, J.F. Shogren and B. White. Environmental Economics in Theory and Practice.New York: MacMillan, 1997 

  • Arrow, K. J. and Scitovsky, T. Readings in Welfare Economics - Part III. Richard Irwin Inc, 1969. 

  • Bromely, D. W. (ed.). Handbook of Environmental Economics. Blackwell, 1995 

  • Jempa, C. and Munasinghe, M. Climate Change Policy: Facts, Issues and Analyses. Cambridge: Cambridge University Press, 1998 

  • Kolstad, Charles, Environmental Economics, OUP, 2000 

  • Sankar, U. (ed.). Environmental Economics (Readers in Economics), OUP, 2000 


  • Coase, R. H. "The Problem of Social Cost", in Breit, W. and Hochman, H.M. (eds.) Readings in microeconomics. Rinehart and Winston Inc., 1968

  • Cropper, M. L. and Oates, W. E. "Environment economics: A survey". Journal of Economic Literature, June 1992

  • Dasgupta, P and Heal, G. M. Economic Theory and Exhaustible Resources. Cambridge: Cambridge University Press, 1979. 

  • Field, B. C. Environmental economics: an introduction. New York: McGraw Hill, 1994.

  • Fisher, A. C. "Environment and resource economics", in Oates, W.E. (ed.) New horizons in environmental economics: selected readings. Cheltenham, U.K.: Edward Elgar, 1995. 

  • Hardin, G. "The tragedy of commons", in Markandya, A. and Richardson, J. (eds.) Earthscan reader in environmental economics. London: Earthscan Publications, 1993.

  • Oates, W. E. Economics of the environment. Cheltenham, U.K.: Edward Elgar, 1992. 

  • Perrings, Charles. "Ecological resilience in the sustainability of economic development", in Sylvie, F., Pearce, D., and Proops, J. (eds.) New horizons in environmental economics: model of sustainable development. Cheltenham, U.K.: Edward Elgar, 1996. 

  • World Bank. Development and the environment. World Development Report series. Washington, D. C.: World Bank, 1992.


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