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Natural Resource Economics and Policy (MEconSc)

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Mohit Agrawal - Economics Graduate Dr. Stephen Hynes - Programme Director Mohit Agrawal - Economics Graduate Mohit Agrawal - Economics Graduate Mohit Agrawal - Economics Graduate Mohit Agrawal - Economics Graduate Mohit Agrawal - Economics Graduate

Course Overview

 

 ** NOT RUNNING IN 2018 - SEE NEW PROGRAMME MSc (GLOBAL ENVIRONMENTAL ECONOMICS) **

This course is for students with an interest in the environment who want to influence how natural resources will be used in the future. During the course, students acquire analytical skills to address major environmental challenges such as sustainable development of natural resources, environmental governance or climate change.

Within this innovative programme, students achieve rigorous training in economics applied to natural resources and they can focus on their specific interests by choosing one optional module in semester 2.

Students can specialise in the fields of Environmental Economics, Marine Economics, Renewable Energy Economics and Agricultural Economics.

 

 

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Applications and Selections

Applications are made online via The Postgraduate Applications Centre (PAC). Relevant PAC application code(s) above.

Who Teaches this Course

The programme is taught by a team of highly-respected lecturers and researchers in the area of Natural Resource Economics, with particular expertise in the fields of Environmental Economics, Marine Economics, Renewable Energy Economics and Agricultural Economics.

In addition, a number of industry experts from Teagasc, the Marine Institute, the Sustainable Energy Authority of Ireland (SEAI) and the Economic and Social Research Institute (ESRI) are actively involved in the programme by delivering seminars and supervising projects.

The combination of theory and industry involvement equips students with important skills for future employment.

Requirements and Assessment

Semester One: December. Semester Two: May. Exams and assignments are completed within each module. Students submit the dissertation before a date in the summer determined by the Programme Board.

Key Facts

Entry Requirements

Students admitted to the course will normally hold a primary degree with Second Class Honours Grade 1 or equivalent, which will have included the study of economics to intermediate level. Students who hold a Higher Diploma in Economics with Second Class Honours Grade 1, or equivalent, may also apply.

Additional Requirements

Duration

1 year, full-time

Next start date

NOT ON OFFER (FOR ENTRY 2018)

A Level Grades ()

Average intake

25 (20 E.U.; 5 non-E.U.)

Closing Date

Please refer to the offer rounds/closing date webpage.

Next start date

NOT ON OFFER (FOR ENTRY 2018)

NFQ level

Mode of study

Taught

ECTS weighting

Award

CAO

PAC code

GYC09

Course Outline

 

Semester 1

 

  • Microeconomic Theory
  • Natural Resource Governance
  • Data Management and Survey Techniques Econometrics

Semester 2

 

  • Public Sector Economics
  • Cost-Benefit Analysis and Evaluation
  • Economic Modelling

 

Options to Specialise in Renewable Energy Economics and Policy Marine Economics and Policy Agriculture Economics and Policy

A number of internships in environmental, agricultural, energy or marine research institutes and/or development agencies, will also be offered. These will be competitive placements, which will allow the student to apply the skills learned on the programme in a real-world environment.

 

Modules for 2016-17

Curriculum information relates to the current academic year (in most cases).
Course and module offerings and details may be subject to change.

Glossary of Terms

Credits
You must earn a defined number of credits (aka ECTS) to complete each year of your course. You do this by taking all of its required modules as well as the correct number of optional modules to obtain that year's total number of credits.
Optional
A module you may choose to study.
Required
A module that you must study if you choose this course (or subject).
Semester
Most courses have 2 semesters (aka terms) per year.

Year 1 (90 Credits)

Required EC501: Microeconomic Theory


Semester 1 | Credits: 10


(Language of instruction: English)

Learning Outcomes
  1. Understand the properties of binary relations
  2. Understand how to derive Marshallian and Hicksian demands using the method of Lagrange multipliers
  3. Derive the Slutsky Equation and understand the principle of duality in consumer theory
  4. Understand the central tenets of producer theory; Debreu's representation of production, profit maximisation, Hotelling's Lemma
  5. Understand partial equilibrium analysis, including the Courtnot-Nash model
  6. Understand general equilibrium theory and prove existence of equilibrium using Brouwer's fixed point theorem
  7. Understand the principles of social choice and prove Arrow's Impossibility Theorem
  8. Understand the principles of non-cooperative game theory and Nash's proof of the existence of equilibrium in these games
Assessments
  • Written Assessment (70%)
  • Continuous Assessment (30%)
Teachers
Reading List
  1. "Advanced Microeconomic Theory" by Geoffrey A. Jehle & Philip J. Reny
    Publisher: F.T. Prentice-Hall
  2. "Microeconomic Analysis" by Hal R. Varian
    Publisher: W. W. Norton and Co.
  3. "Microeconomic Theory" by A. Mass-Colell, M.D. Whinston & J. R. Green
    Publisher: Oxford University Press
  4. "A Course in Microeconomic Theory" by D. Kreps
    Publisher: FT Prentice Hall
  5. "Mathematics for Economists" by C.P. simon & L. E. Blume
    Publisher: WW Norton
The above information outlines module EC501: "Microeconomic Theory" and is valid from 2015 onwards.
Note: Module offerings and details may be subject to change.

Required EC515: Data Management & Survey Techniques


Semester 1 | Credits: 10

The objective of this course is to familiarise students with fundamental knowledge of statistics and data management. The course offers a mix of theory and practice so that students are familiar with statistical methods and how to apply the methods to real world data. Quantitative skills that will be developed as part of this module are an important part of applied economics work. The course will complement your Econometrics module and together these modules will cover the fundamentals of basic and more advanced statistical analysis. A key part of this course is the computer lab sessions in which you will learn how to conduct statistical tests using SPSS, a widely used statistical package in business and academia.
(Language of instruction: English)

Learning Outcomes
  1. Upon completion of this course you are expected to: Understand basic statistical measures such as mean median, variance etc.
  2. Understand probability distributions and be familiar with those that are commonly applied in econometrics.
  3. Conduct one and two-tailed tests of hypotheses
  4. Conduct hypotheses tests in paired samples and independent samples
  5. Apply non-parametric approaches to hypothesis testing
  6. Conduct statistical analyses using SPSS.
Assessments
  • Written Assessment (60%)
  • Continuous Assessment (40%)
Teachers
Reading List
  1. "Statistical Techniques in Business and Economics" by Lind, Marchal and Wathan
    Publisher: McGraw HIll (International Edition)
  2. "Introductory Econometrics: A Modern Approach" by Woolridge
    Publisher: South Western C-Engage Learning
  3. "Discovering Statistics Using IBM SPSS Statistics" by Field
    Publisher: Sage Publications
The above information outlines module EC515: "Data Management & Survey Techniques" and is valid from 2015 onwards.
Note: Module offerings and details may be subject to change.

Required EC506: Econometrics


Semester 1 | Credits: 10


(Language of instruction: English)

Learning Outcomes
  1. understand the core techniques of econometrics and their application
  2. develop the skills that will provide a foundation for subsequent study of quantitative topics in economics
  3. test economic theories and measure magnitudes relevant for economic policy and other decisions
Assessments
  • Written Assessment (70%)
  • Continuous Assessment (30%)
Teachers
Reading List
  1. "Introductory Econometrics: A Modern Approach (International Student Edition)" by Jeffrey Wooldridge
    Publisher: Cengage Learning (JW)
  2. "Basic Econometrics" by Damodar Gujarati
    Publisher: McGraw-Hill
  3. "Econometrics by Example" by Damodar Gujarati
  4. "Introduction to Econometrics" by James Stock & Mark Watson
    Publisher: Prentice Hall
  5. "Introduction to Econometrics" by Christopher Dougherty
    Publisher: Oxford University Press
  6. "Learning and Practicing Econometrics" by Carter Hill, William Griffits & George Judge
    Publisher: Wiley and Sons
  7. "A Guide to Modern Econometrics" by Marno Verbeek
  8. "Econometric Analysis of Cross Section and Panel Data" by Jeffrey Wooldridge
    Publisher: MIT Press
  9. "Microeconmetrics: Methods and Applications" by Colin Cameron and Pravin Trivedi
    Publisher: Cambridge University Press
  10. "Econometric Methods" by Jack Johnston and John DiNardo
    Publisher: McGraw Hill
  11. "Econometric Analysis" by William H. Greene
    Publisher: Prentice Hall
  12. "Getting Started with State for Windows" by n/a
    Publisher: Stata Press
  13. "Microeconometrics Using Stata" by Colin Cameron and Pravin Trivedi
    Publisher: Stata Press
  14. "A Gentle Introduction to Stata" by Alan Alcock
    Publisher: Stata Press
The above information outlines module EC506: "Econometrics" and is valid from 2016 onwards.
Note: Module offerings and details may be subject to change.

Required EC5103: Natural Resource Governanace


Semester 1 | Credits: 10

The term “environmental governance” has been widely used in relation to the concept of sustainable development. The module takes a capital based approach to the study of sustainability. In this regard particular attention will be given to the relationship between social capital, natural capital and physical capital and institutions and regimes that govern these forms of capital in the context of natural resource management.
(Language of instruction: English)

Learning Outcomes
  1. The module is designed to equip students with a strong grasp of economic behaviour and regime analysis to critically analyse natural resource management and policy that are fundamentally linked to the research activities of faculty and research staff. The programme has the following objectives: The course will introduce students to the different meanings and theoretical approaches of the governance concept;
  2. The course will critically evaluate the relationship between different forms of capital and economic sustainability, environmental governance and natural resource regimes;
  3. To provide a theoretical framework for understanding the behaviour of agents and decision makers with respect to strategic interactions and the environment
  4. To provide students with the necessary analytical skills to undertake a rigorous evaluation of natural resource projects governed by regimes including common property regimes
  5. To provide students with generic modelling and policy analysis skills
  6. To discuss the capital approach to sustainability and link this to regime analysis
Assessments
  • Written Assessment (50%)
  • Continuous Assessment (50%)
Teachers
Reading List
  1. "The theory of externalities, public goods and club goods." by Cornes R. and Sandler, T.
    Publisher: New York
  2. "Social capital: a multifaceted perspective." by Dasgupta, P. and Serageldin, I
    Publisher: World Bank, Washington
  3. "Games of strategy" by Dixit, A.K., Skeath, S. and Reilly, D.H.
    Publisher: New York, WWW Norton
  4. "Governing the commons." by Ostrom, E.
    Publisher: Cabridge CUP
  5. "Foundations of social capital" by Ostrom, E. and Ahn, T.K. 2003. Foundations of social capital.
    Publisher: Edward Elgar. Cheltenham
  6. "Institutional change and economic performance" by North, D.C.
    Publisher: CUP Cambridge
  7. "Managing the global commons; the economics of climate change" by Nordhaus, W.D.
    Publisher: Cambridge, Mass. MIT Press
The above information outlines module EC5103: "Natural Resource Governanace" and is valid from 2015 onwards.
Note: Module offerings and details may be subject to change.

Required EC526: Public Sector Economics


Semester 2 | Credits: 10

This is a one semester course in Public Sector Economics. The major issues addressed in the course will be economic efficiency, theories of the public sector, public goods, externalities, social choice, poverty and income distribution, and climate change. The course will cover both the standard neo-classical approach to public economics and behavioural public economics.
(Language of instruction: English)

Learning Outcomes
  1. Demonstrate the first and second welfare theorems in the context of a general equilibrium model of a competitive economy
  2. Understand the rationale, meaning and implications of the Arrow Impossibility Theorem
  3. Analyse time series and cross sectional data on public expenditure and relate the data to various theories of the public sector
  4. Compare and contrast behavioural public economics and neoclassical public economics
  5. Explain the characteristics of public goods and externalities and the various policy mechanisms for dealing with these concepts
  6. Outline how poverty and inequality are measured and show how these measures have evolved over time
  7. Understand the main economic issues and perspectives that arise from climate change
  8. Analyse a current public policy issue from a theoretical and empirical perspective
Assessments
  • Written Assessment (70%)
  • Continuous Assessment (30%)
Teachers
Reading List
  1. "Intermediate Public Economics" by Jean Hindriks & Gareth Myles
    Publisher: MIT Press
  2. "Behavioural Public Policy" by Adam Oliver
    Publisher: Cambridge University Press
The above information outlines module EC526: "Public Sector Economics" and is valid from 2015 onwards.
Note: Module offerings and details may be subject to change.

Required EC517: Cost Benefit Analysis & Evaluation


Semester 2 | Credits: 10

Evaluation of public sector projects or programmes is important and is required to ensure that resources are used in the best possible way and also to ensure that the government is getting value for money. The objective of this module is to introduce students to evaluation procedures and to Cost Benefit Analysis, the most commonly employed method for the evaluation of public sector projects or programmes.
(Language of instruction: English)

Learning Outcomes
  1. Demonstrate, explain and apply the basic principles of Cost-Benefit Analysis
  2. Discount future costs and benefits and solve cost-benefit analysis problems
  3. Outline a blueprint for a Cost-Benefit Analysis study
  4. Outline and explain the different methods of valuing impacts of government policies or programmes
  5. Analyse and evaluate relevant case studies, journal articles and reports
Assessments
  • Written Assessment (60%)
  • Continuous Assessment (40%)
Teachers
Reading List
  1. "Cost Benefit Analysis Concepts and Practice" by Boardman, A.E., D.H. Greenberg, A.R. Vining and D.L. Weimer, 2010
    Publisher: Pearson Education
  2. "A Primer for Benefit-Cost Analysis" by Zerbe, R,O. & Allen, S.B. 2006
    Publisher: Edward Elgar
The above information outlines module EC517: "Cost Benefit Analysis & Evaluation" and is valid from 2016 onwards.
Note: Module offerings and details may be subject to change.

Required EC561: Economic Modelling


Semester 2 | Credits: 10

This course covers the following topics: Introduction and Review, Traditional Environmental Solutions, Hedonic Land Valuation, Survey of Forestry Modelling, Optimization and agent based approaches, spatial econometrics, international trade and the environment.
(Language of instruction: English)

Learning Outcomes
  1. To be completed.
Assessments
  • Written Assessment (100%)
Teachers
Reading List
  1. "Environmental Economics: Theory and Practice" by Hanley, Shogren, White
    Publisher: Palgrave Macmillan
The above information outlines module EC561: "Economic Modelling" and is valid from 2015 onwards.
Note: Module offerings and details may be subject to change.

Required EC505: Dissertation


Semester 2 | Credits: 10

Assessments
  • Department-based Assessment (100%)
Teachers
The above information outlines module EC505: "Dissertation" and is valid from 2014 onwards.
Note: Module offerings and details may be subject to change.

Optional EC374: Advanced Econometrics


Semester 2 | Credits: 10

Assessments
  • Continuous Assessment (100%)
Teachers
The above information outlines module EC374: "Advanced Econometrics" and is valid from 2014 onwards.
Note: Module offerings and details may be subject to change.

Optional EC5100: Agricultural Economics and Policy


Semester 2 | Credits: 10

This module explores the major economic topics and issues facing agricultural input industries, agricultural producers, retailers and agricultural policymakers. There will be particular focus on public policy analysis related to the development of the agricultural sector, the price of agricultural commodities produced and the distribution of farm incomes.
(Language of instruction: English)

Learning Outcomes
  1. To understand the relevance of economic concepts and models to agricultural issues and policies.
  2. Integrate knowledge obtained from previous economic courses with new knowledge about agricultural production economics and apply this knowledge in solving different problems in the field of agriculture-agribusiness and rural economic development
  3. Understand the global role of agriculture in economic systems
  4. Communicate with stakeholders working in the agriculture sector of the economy
  5. Estimate non-market values associated with agricultural landscapes.
  6. Use critical thinking skills, have proficiency and skills of oral and written presentation of ideas and concepts.
Assessments
  • Written Assessment (75%)
  • Continuous Assessment (25%)
Teachers
Reading List
  1. "The Economics of Production" by Beattie, Taylor and Watts
    Publisher: Malabar FL. Krieger Publishing
  2. "Introduction to Agricultural Economics" by Penson, J.B., Capps, O., Rosson, C.P. and Woodward, R.T.
    Publisher: Pearson Prentice Hall,
  3. "Economics of Agricultural Markets" by A. Schrimper
    Publisher: Prentice Hall
  4. "Environmental and Natural Resource Economics" by Tom Tietenberg and Lynne Lewis
The above information outlines module EC5100: "Agricultural Economics and Policy" and is valid from 2015 onwards.
Note: Module offerings and details may be subject to change.

Optional EC5102: Renewable Energy Economics and Policy


Semester 2 | Credits: 10

A key focus of the module is the optimal provision of renewable energy resources and on problems that arise due to the incomplete nature of markets for these resources. The course will address the theory of externalities, missing markets and property rights; the theory of public goods and Nash-Cournot equilibria. Attention is given to energy externalities, public goods, Pigovian taxes in the energy sector, emission standards, tradable permits and tradable energy certificates.
(Language of instruction: English)

Learning Outcomes
  1. The module is designed to equip students with strong quantitative applied modelling skills to critically analyse energy economics and policy that are fundamentally linked to the research activities of faculty and research staff. The programme has four objectives: • To provde a theoretical framework for the evaluation of energy economics and renewable energy economics
  2. To provide students with the necessary analytical skills to undertake a rigorous evaluation of renewable energy economic projects and programmes.
  3. To provide students with the interdisciplinary skills necessary to develop renewable energy-economic models and apply these to real life environmental problems.
  4. To provide students with generic modelling and policy analysis skills.
  5. To provide students with the skills to estimate non-market values associated with renewable energy projects
Assessments
  • Written Assessment (50%)
  • Continuous Assessment (50%)
Teachers
Reading List
  1. "Energy Economics" by Bhattacharyya, S.C.
    Publisher: Springer-Verlag, London
  2. "Natural resource and environmental economics" by Perman, R., M.A. Y., McFilvary, J. and Common, M.
    Publisher: Pearson Education
  3. "Environmental economics: in theory and practice" by Hanley, N., Shogren, J.F. and White, B. 2007
    Publisher: Palgrave-Macmillan,
  4. "The theory of externalities, public goods and club goods" by Cornes, R. and Sandler, T.
    Publisher: CUP. New York
  5. "Resource economics" by Conrad, J.M.
    Publisher: CUP, New York
The above information outlines module EC5102: "Renewable Energy Economics and Policy" and is valid from 2015 onwards.
Note: Module offerings and details may be subject to change.

Why Choose This Course?

Career Opportunities

There are opportunities in environmental economics, development economics and agricultural economics, and graduates have gone on to do PhDs or have found employment in government departments, international environmental and development agencies, in land and coastal area-management, and in renewable energy sectors.

"The natural resource sectors have proven to be quite resilient in the downturn with the Agriculture sector regaining all lost output that occurred at the time by 2011. Both the Agri-Food and the Marine sectors have in recent times have prepared extensive development strategies as part of the Food Harvest 2020 and the Ocean Wealth strategies.
 
As a sector it differs from other sectors given both the dependence upon natural resources and degree to which outcomes within the sectors depend upon regulation. Given the disciplines historic strengths in environmental economics and public economics, a focus on the economics of the natural resource sectors seems a natural fit."

-Prof. Cathal O’Donoghue, Head, Rural Economy and Development Programme, Teagasc

"The Marine Institute would like to express its support for the new Masters being proposed ...... The marine sector in Ireland has received increased attention in recent years.  Its development as an economically active, commercially viable, environmentally and socially sustainable sector is in keeping with some of the most important European and Irish economic, social and environment policies."

-Caroline Bocquel, Director Corporate Services, Marine Institute

NREP Annual Fieldtrip

The seagoing training for the M. Econ Sc. Natural Resource Economics and Policy programme is held in Cork, Ireland each year on board the RV Celtic Voyager. This training is collaboration between the Strategic Marine Alliance for Research and Training and the Social and Economic Marine Research Unit (SEMRU) at NUIG. This is a unique opportunity for students of natural resource economics to experience the multidisciplinary scientific research methods used to survey the marine environment through the core disciplines of oceanography, fisheries biology, benthic ecology and geosciences.

The sea going field trip focuses specifically on economic activities taking place in Cork Harbour and a hands-on examination of the methods by which marine scientists collect data that can be used by economists for modelling and analysing the impacts of economic activities on the marine environment. This data used include wave, swell and weather readings from an offshore marine monitoring platform, acoustic mapping of the seabed, the variety and size of commercial fish species in Cork Harbour and its approaches and data on pollutants in water column and seabed. On completing the trip the students complete an assignment as part of their Cost Benefit Analysis module where they are invited to respond to a request for proposal (RFP), issued by Providence Resources Ltd, to scope out a CBA for a proposed pipeline from a newly developed oil and gas field south of Cork Harbour. The case study CBA is intended to provide information that will allow for the economic assessment component of a final Project Impact Statement (IS).

Work Placement

The three month internships that form part of the 12-month programme also allows students to apply the skills learned during the course in a real-world environment.

Who’s Suited to This Course

Learning Outcomes

 

Work Placement

The three month internships that form part of the 12 month programme also allows students to apply the skills learned during the course in a real-world environment.  Host organisations have inlcuded the Economic and Social Research Institute (ESRI) and Sustainable Energy Authority of Ireland.

Study Abroad

Related Student Organisations

Course Fees

Fees: EU

€6,200 p.a. 2018/19

Fees: Tuition

€5,976 p.a. 2018/19

Fees: Student levy

€224 p.a. 2018/19

Fees: Non EU

€14,250 p.a. 2018/19
Postgraduate students in receipt of a SUSI grant – please note an F4 grant is where SUSI will pay €2,000 towards your tuition.  You will be liable for the remainder of the total fee.  An F5 grant is where SUSI will pay TUITION up to a maximum of €6,270.  SUSI will not cover the student levy of €224.

Find out More

Dr Thomas van Rensburg
T: +353 91 493 858
E: thomas.vanrensburg@nuigalway.ie

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