Master of Commerce (M.Com.) Environmental Economics Syllabus - Mumbai University 2026

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Syllabus for Environmental Economics

Mandatory course · Semester 4 · M.Com. Business Economics · 4 credits

Module I: Fundamentals of Environmental Economics (2 Credits)

Unit 1 Introduction to Environmental Economics
Environmental economics: Meaning, importance, scope and inter-linkages between the economy and the environment.
Concepts related to environmental economics: Production Possibility Curve, Demand and Supply and Marginal Benefits and Marginal Costs.
Establishing environmental objectives: Environmental Quality, Sustainable Development
and Biodiversity.
Unit 2 Market Failures and Environmental Valuation
Market failures: Meaning, identification and their environmental consequences.
The tragedy of the commons: Meaning, features, consequences and measures to prevent.
Techniques for valuing environmental goods and services: Cost-Benefit Analysis (CBA), Contingent Valuation Method (CVM) and Hedonic Pricing Method.

Module II: Environmental Policy and Economic Impacts (2 Credits)

Unit 3 Environmental Policy Instruments and their Economic Impacts
Non-market instruments: Regulator instruments like emission standards, bans and economic incentives like taxes, subsidies and financial incentives.
Market-based instruments: Tradable permits, cap-and-trade systems, and pollution credits.
Economic implications of regulations: Direct and indirect effects on industries, employment, compliance costs and consumer prices.
Unit 4 Economics of Climate Change: International Agreements and India's Environmental Initiatives
Economic impacts of climate change: Physical damages, on agricultural productivity, on workers productivity, on health and environmental induced migration
Overview of major international agreements: the Kyoto Protocol, the Paris Agreement and the United Nations Framework Convention on Climate Change (UNFCC) and the Conference
of the Parties negotiations.
India’s environmental initiatives: The National Action Plan on Climate Change, Energy
composition and efficiency, Voluntary Carbon Market, and Finance for sustainable
development.

Suggested References

1 Aldy, J. E., & Stavins, R. (2012). The Promise and Problems of Pricing Carbon: Theory and Experience. Journal of Environment and Development, 21 (2), 152-180. experience.
2 Champ, P. A., Boyle, K. J., & Brown, T. C. (Eds.). (2017). A primer on nonmarket valuation (2nd ed.). Springer.
3 Freeman, A. M., Herriges, J. A., & Kling, C. L. (2014). The measurement of environmental and resource values: Theory and methods (3rd ed.). RFF Press.
4 Fullerton, D., & Ta, C. (2019). Costs of alternative environmental policy instruments in the presence of industry compensation requirements. Journal of Public Economics, 92, 1236-1253.
5 Government of India: Climate Change and Energy Transition, pg.179-208,Economic Survey, 2023-2024, Ministry of Finance.
6 Goulder, Lawrence H. and Parry, Ian W. H., Instrument Choice in Environmental Policy (April 1, 2008). RFF Discussion Paper No. 08-07, Available at SSRN:
7 Hanley, N., Shogren, J. F., & White, B. (2019). Introduction to environmental economics (3rd ed.). Oxford University Press.
8 Newell, Richard G., William A. Pizer, and Daniel Raimi. 2013. "Carbon Markets 15 Years after Kyoto: Lessons Learned, New Challenges." Journal of Economic Perspectives, 27 (1): 123–46.
9 Perman, R., Ma, Y., McGilvray, J., & Common, M. (2012). Natural resource and environmental economics (4th ed.). Pearson Education Limited.
10 Stavins, R. N. (Ed.). (2019). Economics of the environment: Selected readings (7th ed.). Edward Elgar Publishing Ltd.
11 Stern, Nicholas, 2018. "Public economics as if time matters: Climate change and the dynamics of policy," Journal of Public Economics, Elsevier, vol. 162(C), pages 4-17.
12 Sterner, T., & Coria, J. (2011). Policy instruments for environmental and natural resource management (2nd ed.). RFF Press.
13 Tietenberg, T., & Lewis, L. (2018). Environmental and natural resource economics (11th ed.). Routledge.
14 United Nations Environment Programme. (2019). Global environment outlook – GEO-6: Healthy planet, healthy people. Cambridge University Press. sAllowed=y

Reproduced from the University of Mumbai syllabus for M.Com. (Business Economics) under NEP 2020, in force from the academic year 2023-24. Wording is as printed in that syllabus. Module numbering is as printed there too.

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