1. Markets, the environment and externalities. 

2. First-best theoretical solutions to environmental externalities. Pigouvian taxes. Coasian solutions.

3. Policy instruments in a second-best world. Environmental taxes. Scale and sustainability solutions. Transferable permits.

4. Economic valuation of ecosystem services and natural capital.

5. Applied topics: climate change economics; biodiversity policy; natural capital neutrality; payment for Ecosystem Services; EU taxonomy for sustainable activities.

CB1. Students will to show that they have acquired and understood knowledge in the field of study built on general secondary education and usually at a level that, while being based on advanced textbooks, also includes some aspects that come from the forefront of its field of study.

CB2. Students will apply their knowledge to their job or career in a professional way and will possess the skills that are usually evidenced through the development and defense of arguments and problem solving within their field of study.

CB3. Students will be able to gather and interpret relevant data (usually within their field of study) to express opinions based on careful thoughts about relevant topics from a social, scientific or ethic perspective.

CB4. Students will be able to convey information, ideas, problems and solutions to both specialized and non-specialized audiences.

CB5. Students will develop those learning skills required to undertake further study with a high degree of autonomy

CE1. Students will be able to contribute to the proper management of resources allocation both in the private and public spheres.

CE2. Students will identify and anticipate relevant economic problems in relation to the allocation of resources in general, and the distribution of the product, both in the private and public spheres.

CE3. Students will provide rationality to the analysis and the description of any aspect of economic reality.

CE8. Students will identify relevant sources of economic information, its content and limitations.

CE9. Students will understand the origin and operation of the institutions and their impacts on the economy.

CE10. Students will draw relevant and non-spurious information from data.

CE11. Students will be able to build formal models to represent how the economy works.

CE14. Students will be able to read and communicate in the professional field in more than one language, especially in English.

CE15. Students will apply professional criteria based on technical instruments to problem solving.

CE16. Students will be able to communicate fluently in their professional environment and carry out teamwork.

CE17. Students will be able to differentiate the impacts of various economic policies on the different social agents.

CE18. Students will identify opportunities for economic efficiency gains

CE20. Students will develop skills for abstract thinking.

TIETENBERG, T. and L. LEWIS: Environmental and Natural Resources Economics, 11 ed, Routledge, 2018.

HANLEY, N, J. SHOGREN and B. WHITE: Environmental Economics, 2 ed., Palgrave, 2006.

PERMAN, R, Y. MA, M. COMMON, D. MADDISON and J. MCGILVRAY: Natural Resource and Environmental Economics, 4 ed, Addison-Wesley, 2011.

The grade will be based on the final exam, which will be completed (with a weight of up to 50%) by the work carried out by the student and by their active participation at both theoretical and practical classes.

The evaluation will value the student's understanding of the subject, their ability to relate it to the context of reality, and the rigor and depth in their defense of claims and ideas.

The exam may combine essay-type with specific questions, which may refer to both the theoretical and practical parts of the course. In addition to the knowledge of the program, the ability to develop arguments based on the issues addressed in the course, the ability to relate concepts, and the clarity in the presentation of ideas will be assessed in the evaluation.

Second-call evaluation will be based on the same criteria as the first call.