Foundational concepts in welfare economics, such as economic efficiency, criteria for assessing social welfare improvements, and economic surplus measures, are analysed in detail and applied to project evaluation and policy assessment. Procedures of conducting a benefit-cost analysis are presented, and tools of non-market valuation for public goods and environmental assets are covered in detail. These techniques include both stated and revealed preference techniques, including contingent valuation, choice modeling, hedonic pricing and travel cost methods.
1x2hr lecture/week, 1x1hr tutorial/week
1x200wd benefit-cost presentation (5%), 1x1000wd group work essay (20%), 1x1000wd report (25%), 1x2hr final exam (50%)
ECON1001 or AGEC1006 or AGEC1102