290010 Economic Valuation Methods and Cost Benefit Analysis

Details
Institute of Food and Resource Economics
Earliest Possible YearMSc. 1 year
DurationOne block
 
Credits15 (ECTS)
Course LevelMSc
 
ExaminationFinal Examination

written examination


Written Exam in Lecturehall

All aids allowed

Description of Examination: Evaluation of project report plus 4-hours written examination in curriculum.

Weight: Project report 50% Written examination 50%



13-point scale, external examiner

Dates of Exam:
28 January 2006
 
Organisation of TeachingLectures and practicals
 
Block PlacementBlock 2
Week Structure: A

Block 2
Week Structure: C
 
Teaching LanguageEnglish
 
Optional PrerequisitesWelfare Economics and Policy Analysis Environmental and Natural Resource Economics
 
Areas of Competence the Course Will Address
Competences obtained within basic science:
In-depth knowledge of the welfare economics foundation for economic valuation methods and environmental cost-benefit analysis. Understanding of other economic theories relevant for project and policy appraisal. Ability to evaluate the validity and limitations of the economic theories addressed.

Competences obtained within applied science:
Application of statistical methods and other analytical techniques to economic valuation and project appraisal problems.

Competences obtained within Ethics & Values:
Awareness of the value and weighing concepts of neoclassical welfare economics compared to other ethical theories of value.
 
Course Objectives
It is the aim to provide the participants with the theoretical and methodological instruments required to conduct policy and project appraisals - within the sphere of environmental protection and natural resource conservation.
 
Course Contents
Core components of the course are: (a) Value concepts and welfare measures; (b) Ethical theory of value and weighing (the nature and structure of good); (c) Markets, general equilibrium and Pareto optimality; (d) Social welfare functions; (e) Revealed and stated preference methods for valuation, including: Production Function Approaches, Travel Cost and Random Utility Methods, Hedonic Value Methods, Contingent Valuation Method, and Choice Experiments; (f) Aggregation of values across time (discounting); (g) Application of cost-benefit analysis; (h) Survey of other project appraisal methods.
 
Teaching And Learning Methods
Teaching is in the form of lectures and tutoring in relation to project work and exercises. Project work is conducted in groups of up to 4 participants. Projects are based on the analysis of subjects/cases chosen by students in collaboration with the teacher. Each group will present its findings during the course.
 
Course Litterature
Freeman, A. M.: The Measurement of Environmental and Resource Values.2nd Edition, Resources for the Future, 2003.

Broome, J. (1999): Ethics Out of Economics, Cambridge University Press.

Garrod, G. & Willis, K.G.: Economic Valuation of the Environment: Methods and Case Studies, Edward Elgar Publishing, 1999.

Hanley, N. Mourato, S. and R. E. Wright (2001): Choice Modelling Approaches: A Superior Alternative for Environmental Valuation?, Journal of Economic Surveys, Vol. 15 (3), pp 435-462.

Ben-Akiva, M. and S. R. Lerman: Discrete Choice Analysis, The Massachusetts Institute of Technology, 1985.

Palmquist, R.B.: Hedonic Models, in J. C.J.M. van den Bergh (Ed.): Handbook of Environmental and Resource Economics, Edward Elgar Publishing, 1999.

Johansson, P.-O.: Cost-benefit analysis of environmental change, Cambridge University Press, 1993.

Layard, R. & Glaister, S. (Eds.): Cost-Benefit Analysis, Cambridge University Press, 1994.
 
Course Coordinator
Alex Dubgaard, adu@life.ku.dk, Institute of Food and Resource Economics/Environmental Economics and Rural Development Div., Phone: 35332280
 
Study Board
Study Committee NSN
 
Course Scope
lectures42
theoretical exercises28
preparation132
project work178
examination4
Colloquia28

412