Programme And Module Handbook
 
Course Details in


If you find any data displayed on this website that should be amended, please contact the Curriculum Management Team.

Module Title LM Econometrics for Environmental Valuation
SchoolBirmingham Business School
Department Birmingham Business School
Module Code 08 19958
Module Lead Prof. David Maddison
Level Masters Level
Credits 30
Semester Full Term
Pre-requisites
Co-requisites
Restrictions MSc Environmental and Natural Resource Economics - compulsory
Contact Hours Lecture-0 hours
Seminar-0 hours
Tutorial-0 hours
Project supervision-0 hours
Demonstration-0 hours
Practical Classes and workshops-0 hours
Supervised time in studio/workshop-0 hours
Fieldwork-0 hours
External Visits-0 hours
Work based learning-0 hours
Guided independent study-0 hours
Placement-0 hours
Year Abroad-0 hours
Exclusions
Description

This module will provide students with an understanding of modern advanced econometric procedures, with emphasis placed on interpreting econometric results and critically evaluating the techniques employed.  In the first semester there will be a technical review of the classical linear model, examining the implications when the key assumptions are violated.  This will be followed by a general survey of the main techniques in the applied literature.  Both computer and econometric classes will support the lectures, providing examples of specific practical problems.

In the second semester, the module will provide an in-depth examination of the applied econometrics literature, focusing on the recent developments.  The lectures will cover the estimation techniques using real-world data and appropriate parametric and non-parametric statistical techniques. The methodological controversies surrounding the use of these techniques will be discussed, including the discrepancy between Willingness to Pay and Willingness to Accept as well as the debate about existence values.

Learning Outcomes

By the end of the module the student should be able to:

  • demonstrate a comprehensive knowledge of traditional econometric techniques and an understanding of recent developments in time-series analysis;
  • analyse economic data and interpret econometric results;
  • demonstrate a comprehensive understanding of alternative non-market valuation techniques and critically evaluate their strengths and weaknesses;
  • critically appraise studies employing such techniques and demonstrate a critical awareness of the methodological controversies surrounding the use of some of these techniques;
  • conduct a non-market valuation experiment and econometrically analyse the results.
Assessment 19958-01 : Computer exercises : Coursework (20%)
19958-02 : Multiple Choice Test : Class Test (20%)
19958-03 : Exam : Exam (Centrally Timetabled) - Written Unseen (60%)
Assessment Methods & Exceptions One 3hr written examination (60%); One essay (20%); One 1.5hr multiple choice test (20%) Reassessment: 3 hr examination (100%)
Other
Reading List Freeman, M. 1994. The Measurement of Environmental and Resource Values. Washington DC: Resources for the Future.
Haab, T & McConnell, K. 2002. Valuing Environmental and Natural Resource Economics. Cheltenham: Edward Elgar.