• ... apply the acquired knowledge and skills independently and responsibly when analyzing complex environmental problems.
• ... develop well-founded recommendations for environmental policy strategies, taking into account different stakeholder perspectives.
• ... critically scrutinize environmental policy instruments and approaches, taking into account uncertainty and conflicting objectives, and apply them in political decision-making processes.
• ... recognize interdisciplinary approaches in environmental economics and integrate them with other disciplines in order to promote sustainable solutions.
• ... independently develop scientifically sound arguments and models in order to contribute to the discussion on sustainability and resource use.

• ... analyze paradigms and concepts of environmental economics and critically evaluate their applicability and effectiveness in environmental policy.
• ... identify and analyze market and policy failures in real environmental economic contexts.
• ... evaluate different environmental policy instruments and propose appropriate measures depending on the situation.
• ... carry out cost-benefit analyses, including the application of methods for the monetary evaluation of environmental benefits and costs.
• ... apply models of resource economics to develop sustainable strategies for the use of exhaustible and renewable resources

• ... understand the paradigmatic foundations of environmental economics, including the neoclassical and ecological perspectives, and their implications for environmental policy and sustainability.
• ... know the basic concepts of market and policy failure, such as external effects, commons problems and the political economy of environmental problems.
• ... master the various instruments of environmental policy, including negotiated solutions (e.g. Coase theorem), liability regimes, regulations (command and control), environmental taxes, subsidies and environmental certificates, including their application under uncertainty (e.g. Weitzman theorem).
• ... understand the theoretical foundations of cost-benefit analysis and the methods for evaluating environmental benefits (direct and indirect approaches).
• ... have a basic understanding of resource economics and its principles for exhaustible and renewable resources.

Subject The course discusses the basics of environmental economics, which are divided into the following sections:

• Paradigmatic foundations of environmental economics: neoclassical environmental economics, ecological environmental economics, contradictions, consequences for environmental policy, sustainability, safe minimum standard
• Market and policy failures as the cause of environmental problems: externalities, the commons problem (non-excludability, non-rivalry and collective goods), the political economy of the environmental problem
• Instruments of environmental policy: negotiated solutions (Coase theorem), liability regulations, command and control, environmental taxes, subsidies, environmental certificates, environmental policy under uncertainty (Weitzmann theorem)
• Cost/benefit analysis as an environmental policy instrument: welfare theory basics (welfare measures, use and non-use values), indirect methods for evaluating environmental benefits (expenditure method, hedonic prices, travel cost approach, ...), direct methods for evaluation (contingent valuation), benefit transfer
• Introduction to resource economics: exhaustible resources, renewable resources