In this unit of study emphasis is exclusively concerned with market failures that impact on the natural environment. Attention is given to why these market failures occur and what role there is for regulation and government policy. Topics covered include efficiency and markets, market failure, externalities (e.g. pollution), various methods of regulating pollution, and measuring the demand for environmental quality.
1xSeminar paper and presentation equivalent to 1000wd (25%), 1x1.5hr Mid-semester test (25%), 1x2hr Final exam (50%),
ECON5001 or ECON5040