Environmental Economics

CMM05 Core Course 6 ECTS
Period 3 weeks 16.11.2020 - 27.11.2020
Instructor Dr. David Cook


The course provides an overview of environmental and resource economics as well as public policy tools and instruments in the context of management of coastal and marine environments and sustainable development (SD). The course introduces elements of standard economic analysis (neo-classical economics) as well as other approaches such as ecological economics. A focus is placed on how to manage resources in such a way that the health of ecosystems as well as the economy is taken into consideration. The course aims to provide students with the necessary tools to make informed choices with regard to environmental and resource management in coastal and marine communities.


On completion of the course, a student:

  • understands the various ways in which markets fail and consider these issues in relation to coastal and marine areas.
  • can apply theories of environmental economics and various policy instruments.
  • understands the practice and implications of cost-benefit analysis, including in connection to climate change.
  • can demonstrate knowledge and practical expertise in non-market valuation techniques for valuing environmental impacts, and communicate this through surveys, reports and presentations.
  • can develop/plan, draft, revise and complete a research writing project.
  • comprehends the implications of environmental and resource economics with respect to marine spatial planning and sustainable development.


David Cook is a Post-Doctoral Researcher at the University of Iceland, linked to the ARCPATH project (Arctic Climate Predictions - Pathways to Resilient, Sustainable Societies). His research focus concerns Arctic ecosystem services associated with cetaceans. In his recent PhD, he researched ecosystem services deriving from geothermal landscapes and used the contingent valuation method to estimate willingness to pay for the preservation of such areas in Iceland. Other recent research has focused on the topics of environmental sustainability, indicators of environmental performance, and risk management in the Arctic involving hydrocarbon developments. David Cook also lectures in Environmental Economics at the University of Iceland.