Markets and Environment

Universidad Carlos III de Madrid

Course Description

  • Course Name

    Markets and Environment

  • Host University

    Universidad Carlos III de Madrid

  • Location

    Madrid, Spain

  • Area of Study

    Business Administration, Economics, International Economics, Peace and Conflict Studies

  • Language Level

    Taught In English

  • Course Level Recommendations


    ISA offers course level recommendations in an effort to facilitate the determination of course levels by credential evaluators.We advice each institution to have their own credentials evaluator make the final decision regrading course levels.

    Hours & Credits

  • ECTS Credits

  • Recommended U.S. Semester Credits
  • Recommended U.S. Quarter Units
  • Overview

    knowledge skills
    - capacity to understand and analyze problems in environmental economics
    - capacity to evaluate the environmental consequences of economic activity
    - capacity to interpret environmental taxes and market-based instruments of environmental regulation
    - capacity to apply theoretical models from environmental and natural resource economics to real-world problems
    technical skills
    - effective problem-solving
    - solve problems using spreadsheet or econometric software
    - ability to work in groups
    - critical reasoning
    - written and oral communication
    The course begins with an introduction to the field of environmental and natural resource economics. It presents the theory of optimal management of renewable and non-renewable resources and introduces the students to different forms of environmental regulation, giving particular regard to market based instruments such as tradeable pollution rights. Different concepts for the valuation of non-market amenities such as environmental quality are presented, including hedonic pricing, travel cost methods and contingent valuation. Their use is exemplified with an introduction to environmental cost-benefit analysis. Finally, the course touches on issues associated with the regulation of transboundary pollution and introduces basic concepts of environmental national accounting.
    Students will acquire the knowledge and technical skills set out above by following the lectures ("magistrales"), by solving problems that will be turned in to the professor and corrected jointly in class, and by attending review sessions ("reducidas") in which problems are solved at the black board. Likewise, part of the skills will be acquired by the students through individual research.
    The educational activities are aimed at enabling the students to use the tools of economic analysis acquired in previous classes and to apply them to the regulation of environmental problems. The teaching method is interactive and based on the use of computer software (spreadsheet and/or econometric applications) for the analysis of case studies related to environmental protection and to natural resources management.
    Evaluation of the student will be based on class participation (10%, including preparation and presentation of homework), a midterm exam (30%) and a final exam (60%).
    • Charles Kolstad. Intermediate Environmental Economics. Oxford University Press . 2011 (International 2nd Edition)
    • Tom Tietenberg. Environmental and Natural Resource Economics. Addison Wesley. 2003 or later
    • Pere Riera, Dolores García, Bengt Kriström, Runar Brännlund. Manual de Economía Ambiental y de los Recursos Naturales. Thomson Editores, Madrid. 2005

Course Disclaimer

Please note that there are no beginning level Spanish courses offered in this program.

Courses and course hours of instruction are subject to change.

Eligibility for courses may be subject to a placement exam and/or pre-requisites.

Credits earned vary according to the policies of the students' home institutions. According to ISA policy and possible visa requirements, students must maintain full-time enrollment status, as determined by their home institutions, for the duration of the program.

ECTS (European Credit Transfer and Accumulation System) credits are converted to semester credits/quarter units differently among U.S. universities. Students should confirm the conversion scale used at their home university when determining credit transfer.

Please reference fall and spring course lists as not all courses are taught during both semesters.

Availability of courses is based on enrollment numbers. All students should seek pre-approval for alternate courses in the event of last minute class cancellations

Please note that some courses with locals have recommended prerequisite courses. It is the student's responsibility to consult any recommended prerequisites prior to enrolling in their course.


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