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Instructors: Prof. Dr. Hermann Held
Event type:
Interactive class
Displayed in timetable as:
Hours per week:
3
Credits:
6,0
Language of instruction:
English
Min. | Max. participants:
- | 45
Comments/contents:
The lecture delivers an introduction to the coupled energy-climate problem. It focusses on the economics of transforming our energy system, given climate targets. Hereby the lecture is designed for Master of Economics students who would not have some university training on natural science at their disposal. Hence the lecture will also introduce climate dynamics in a condensed way such that it can be utilized for integrated assessment, together with energy economics.
Learning objectives:
At the conclusion of the course the students will have the knowledge and the analytical skills to closer examine specialized future climate economical problems. In particular the students will have acquainted the fundamental concepts of modelling for climate dynamics as well as (constrained) welfare optimization for climate economics. In order to achieve this, the students will need to work through the slides in the aftermath of each lecture and also to deepen their insights with the literature indicated in the beginning of the course. Finally, students are given the chance to further test their level of understanding by giving a short presentation on a specialised subject.
Didactic concept:
This course is planned as an interactive course.
The set of slides of the first lecture will define the assessment scheme in detail. It complies a written exam, options for grade upgrades, and 4 iterations of homework to be admitted for the exam.
Outline
- Overview on climate economics: cost benefit vs. cost effectiveness analysis; further dimensions of complexity of the climate problem, in particular risk & uncertainty aspects
- Taylor-expansion climate model; budget approach
- Climate Dynamics: foundations from classical mechanics; definition of climate; qualitative discussion of atmospheric circulation patterns; ocean, biosphere, cryosphere, Keeling curve; Greenhouse gas effect
- Energy economics
- Ramsey model & economic growth
- Overview on integrated assessment modelling of the climate problem with an emphasize on climate economics
- Macro-economics of carbon capture & storage
Literature:
• IPCC-AR6-WGIII (2022). Availability expected under http://www.ipcc.ch
• R. Perman, Y. Ma, J. McGilvray and M. Common (2003), Natural Resource and Environmental Economics.
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