Course Description
This six-week course which meets Fall-1 provides an introduction to microeconomic analysis and its application to environmental policy. Students study how markets work to allocate scarce resources. This includes consideration of how individuals and firms make decisions, and how policy analysts seek to quantify the benefits and costs of consumption and production. We consider the conditions under which markets are beneficial to society and when they fail. We see that market failure arises frequently in the context of environmental and natural resource management. The last part of the course focuses on the design of environmental and natural resource policies to address such market failures. The course is designed to cover basic knowledge of economics analysis and prepare students for ENV 834 and other more advanced offerings.