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.
1x2 hour lecture/week; 1x1 hour tutorial/week
1x500wd benefit-cost analysis (10%), 1x1000wd group work essay (20%), 1x1000wd report (20%), 1x2hr final exam (50%)
ECOS2001 or ECOS2901 or AREC2005 or AREC2003Prohibitions
(AREC2004 and RSEC4131)