ECON44015: NONMARKET VALUATION AND PREFERENCE ANALYSIS

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• To develop advanced knowledge and analytical skills in the theory and practice of the techniques used for the economic valuation of nonmarkets goods.

• Topics may include:
• Concepts of value and its application to goods without markets
• Revealed Preferences Techniques (e.g. Hedonic Pricing Method, Travel Costs Method, etc.)
• Stated Preferences Techniques (e.g. Contingent Valuation Method, etc.)
• Behavioural Economic Models of Preferences (e.g Attitude to Risk, Discounting Behaviour, etc.)
• Sources of Preference Data
• Cost-benefit analysis

Subject-specific Knowledge:

• be able to interpret scholarly literature at the frontier of research in nonmarket valuation;
• have explored, understood and appreciated the complexity and contradictions of the current academic literature and its implications for professional practice
• be able to identify open questions for their own research in nonmarket valuation;
• have a critical understanding of the contribution of economic concepts and techniques to the valuation of goods without proper markets, such as public goods (e.g. environmental quality), and novel goods (goods potentially marketable but without a proper market yet).

Subject-specific Skills:

• be able to apply economic concepts and techniques for valuation of nonmarket goods;
• be able to apply techniques of nonmarket valuation to current issues in policy-making;
• be able to offer policy recommendations informed by the knowledge and technical skills acquired in the module.

Key Skills:

• Written Communication;
• Planning, Organising and Time Management;
• Problem Solving and Data Analysis;
• Using Initiative;
• Numeracy;
• Computer Literacy.

• Lectures will present the topics in detail, give suggestions for further reading, give guidance for the problems for the seminars, and give students the necessary knowledge to read and understand the scholarly literature.
• In the seminars students will be encouraged to actively participate and solve the problems. The seminars will train the students to solve analytical problems in the theory underlining nonmarket valuation, identify and critically discuss its applications as well as giving students opportunity to identify research questions.
• The summative written assignment will test students' knowledge and critical understanding of the material covered in the module, their analytical and problem-solving skills.

Students will receive formative feedback in a number of forms such as oral feedback on work prepared by students for seminars; answers to questions either discussed during a seminar, or posted on the module website.

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