Upon successful completion of the course, students will have proven knowledge and understanding of issues related to:

• the economic function of natural resources
• the impact of economic activity on environmental resources
• the economic impacts of climate change
• the management of water and soil resources
• ecosystem services and their integration into national accounts

This knowledge is supported by advanced scientific textbooks and includes views arising from modern developments at the cutting edge of their cognitive field such as climate change and ecosystem services.

Based on acquired knowledge and skills, students will be able to:

• approach issues of management and exploitation of natural resources and the environment in the private and public sectors by supporting arguments for solving environmental problems.
• gather and interpret elements of environmental policy and environmental and economic indicators from the European and National databases and, in particular, the European Environment Agency and the European Statistical Office (Eurostat). Use these data to shape judgements that include reflection on sustainable development, corporate responsibility, and environmental awareness.
• communicate information, ideas, problems and solutions of environmental issues to expert audiences but also to express the complex concepts of economic environmental management and valuation to the general public
• acquire knowledge that they need to continue in further studies with a high degree of autonomy.

Introductory Concepts: The environment and natural resources in economic thinking. Environmental issues today. Examples of predictions of the environmental situation and the economy.

Theoretical Framework: Economic concept of natural resources, classifications of natural resources. Static and dynamic efficiency. Property rights, external economies. Purchasing structures. Information and uncertainty. Cost-Benefit Analysis. Contingent valuation and travel costs.

Economics of Natural Resources: Exhaustible non – renewable natural resources. Energy resources. The energy market in Greece. Recyclable natural resources. Recycling in Greece and the European Union. Renewable natural resources: Forests, fishing and other renewable resources.

Environmental Economics: Pollution and contamination. Theoretical microeconomic models of external and pollution. Taxes and subsidies for anti-pollution and de-pollution. Tradable pollution permits. Environmental policy in the European Union and Greece.

Special Topics: Climate change. Impacts and projections. Climate change economy. The Kyoto mechanisms. Greenhouse Gas Emissions (GHGE) and global allocation mechanisms. Ecosystem services, physical capital and habitats. Mapping and Economic Evaluation of Ecosystem Services. Physical Capital and National Accounts – Main Framework-2012. Water policy in the European Union. Valuation and pricing of water services. Surface and groundwater, coastal natural resources.

Lectures (3 hours per week) and webinars using the Open course https://eclass.upatras.gr/courses/ECON1322/

1. End of semester final written exam and optional participation in mid-term written exams.
2. Mid-term exams (two written exams) count for 40% of the final grade.

Webinars, and use of asynchronous educational platform e-class for storing education material and communicating with students.