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Lecture_topics_Notes

Lecture_topics_Notes - AEM 451 Econ 409 Spring 2008 Lecture...

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AEM 451 / Econ 409, Spring 2008 Lecture topics through February 28 1/22  Review of principles of microeconomics *Definitions of environmental, resource, and ecological economics Fundamental fields of economics upon which environmental economics draws Characteristics of public goods 1/24   Research presentation:  “Public goods, market power, and environmental regulation in the  electric power sector”  (We will not test you on material from this presentation unless it also  appears elsewhere in the course.) 1/29   Utilitarianism/social welfare function Paretian ethics *Pareto preferred Potential Pareto improvement *The compensation principle [Compensation principle exercise with money] *Pareto optimality/efficiency 1/31 *Circumstances for a system of free markets to lead to an efficient allocation of resources [Consumer surplus/producer surplus/pricing mechanism/demand measurement exercise] Consumer surplus, producer surplus The efficiency/Pareto optimality of allocating by means of a price mechanism such as our Diet  Coke pricing mechanism Government revenue *Total surplus Deadweight loss 2/5 Effect of tax on social surplus when allocation was efficient before tax Relationship between social surplus and compensation principle Social surplus is like a social welfare function *The social welfare assumptions behind using social surplus comparisons Example of uniform-price auction (for textbooks)
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  • Spring '08
  • SHAWHAN,D.
  • marginal abatement cost, social surplus, Lagrange multiplier method, Battle of Belleau Wood, principle Social surplus

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