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DRPS : Course Catalogue : School of Economics : Economics

Undergraduate Course: Issues in Climate Change Economics (ECNM10077)

Course Outline
SchoolSchool of Economics CollegeCollege of Arts, Humanities and Social Sciences
Credit level (Normal year taken)SCQF Level 10 (Year 3 Undergraduate) AvailabilityNot available to visiting students
SCQF Credits20 ECTS Credits10
SummaryIssues in Climate Change Economics (ICCE) intends to cover various and contemporary topics related to the economics of climate change. We will first begin with a necessary but brief introduction to climate change science. Then we will move to address in details a wide range of topics in the literature. Given the nature of the course and the varying research stages of each topic, the course will mix economic theory, empirical analysis and practical applications. We will also attempt to discuss some of the new and emerging issues in the literature and policy arena.
The course will not only provide insights into recent research and policy in this topical and important field, but also encourage students to think more deeply about applying standard economic analyses in complex and practical settings.
Course description Broad Aims
To provide students with:
- a brief introduction to climate change science
- an in-depth understanding of a number of emerging and recent issues in the literature of the economics of climate change

Topics Covered
The topics covered, which may vary from year to year, are likely to be drawn from:
1. Overview of Climate Change Science
2. Welfare economics and the environment, public goods and externalities
3. Environmental regulations and policy instruments
4. Uncertainty, Irreversibility and Investment
5. Climate Change Agreements and Stability of the Coalitions Modelling
6. Technological Transfers and Direct Technical Change
7. Climate Change Discounting: The Stern Review and its critiques
8. Climate Change and Non-markets Impacts
9. The Economics of Catastrophes, Fat Tails and the Dismal Theorem
10. The Economics of Emission Removal Technologies and Geoengineering
11. The Economics of Limiting Global Warming to 1.5C
12. Climate Change Modelling: Computable General Equilibrium Models (CGM), Integrated Assessment Models (IAMs), etc.
13. Climate and Energy Policy Interaction
14. The Economics of Market Stability Reserve in the EU ETS
15. Integrating Carbon Markets
16. Regulating Risk with Liability
17. Enforcement Mechanisms
18. Experimental Economics and Climate Change Policy
19. Behavioural Economics and Climate Change Policy

The exact topics covered each year will be published at the beginning of the course with the possibility of some changes during the course.
Entry Requirements (not applicable to Visiting Students)
Pre-requisites Students MUST have passed: Economics 2 (ECNM08006)
Prohibited Combinations Other requirements None
Course Delivery Information
Not being delivered
Learning Outcomes
On completion of this course, the student will be able to:
  1. Have a knowledge and understanding of the basics of climate change science
  2. Have a strong knowledge and understanding of recent and ongoing research contributions to the climate change economics literature
  3. Be able to think independently and coherently about climate change policies as well as judge and advise on their implications
Reading List
An extensive draft reading list is available on the designated ICCE Resource Lists webpage:

Note that while all efforts are being made to finalise the list as soon as possible, the final reading list for each week will be available in the last slide of the updated lecture notes as well as reflected on the Resource Lists webpage after the lecture. Despite the potential changes during the course, variation from the draft list are going to be minimal.
Additional Information
Graduate Attributes and Skills Research and Inquiry
- B1. The ability to identify, define and analyse theoretical and applied economic problems and identify or devise approaches to investigate and solve these problems.
- B3. The ability to critically assess existing understanding of economic and social issues, the limitations of that understanding and the limitations of their own knowledge and understanding of those issues.
- B4. The ability to question the principles, methods, standards and boundaries of economic knowledge

Personal and Intellectual Autonomy
- C1. The ability to be independent learners who take responsibility for their own learning, and are committed to continuous reflection, self-evaluation and self-improvement.
- C4. The ability to collaborate and debate effectively to test, modify and strengthen their own views.

- D1. The ability to make effective use of oral, written and visual means to critique, create and communicate understanding.
- D2. The ability to further their own learning through effective use of feedback.
- D3. The ability to use communication as a tool for collaborating and relating to others.

Personal Effectiveness
- E1. The ability to manage tasks and also skills in time-management.
- E4. The ability to work effectively with others, capitalising on their different thinking.
Additional Class Delivery Information 1 x 2:00 hour lecture per week for 10 weeks
Course organiserDr Alaa Al Khourdajie
Course secretaryMr Daniel Harrington
Tel: (0131 6)51 5936
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