Economics of Natural Resources and the Environment

Course Information
TitleΟικονομική των Φυσικών Πόρων και Περιβάλλοντος / Economics of Natural Resources and the Environment
FacultyAgriculture, Forestry and Natural Environment
SchoolForestry and Natural Environment
Cycle / Level1st / Undergraduate
Teaching PeriodSpring
Course ID600019457

Programme of Study: PPS Tmīmatos Dasologías kai Fysikoý Perivállontos (2020-sīmera)

Registered students: 5
OrientationAttendance TypeSemesterYearECTS
Elective CoursesElective Course belonging to the selected specialization (Elective Specialization Course)632
Elective CoursesElective Course belonging to the selected specialization (Elective Specialization Course)632
Elective CoursesElective Course belonging to the selected specialization (Elective Specialization Course)632
Elective CoursesCompulsory Course belonging to the selected specialization (Compulsory Specialization Course)632
Elective CoursesElective Course belonging to the selected specialization (Elective Specialization Course)632
Elective CoursesElective Course belonging to the selected specialization (Elective Specialization Course)632

Class Information
Academic Year2023 – 2024
Class PeriodSpring
Faculty Instructors
Weekly Hours2
Class ID
Course Type 2021
Specialization / Direction
Course Type 2011-2015
Knowledge Deepening / Consolidation
Mode of Delivery
  • Face to face
The course is also offered to exchange programme students.
Language of Instruction
  • Greek (Instruction, Examination)
General Prerequisites
No prerequisites for attending the course
Learning Outcomes
Upon successful completion of the course students will be able to: ● Understand the services and goods produced by forest ecosystems and natural resources ● Separate the way in which natural resource economics and environmental economics treat these services ● Develop the ability to clarify payments for ecosystem services ● Evaluate in financial terms tangible and intangible goods from the services of forest ecosystems and other natural resources ● Easily use the appropriate statistical and econometric methods and the corresponding software to model these services ● Create projects that will concern the industry and other productive bodies for the exploitation of the ecosystem services as a means for environmental protection but also for creating value in the economic unit. ● Gain the ability to create a strategic model of the economic unit for the sustainable management of resources and tackling climate change through forest products, green energy and green construction. ● Gain the opportunity to be informed about international developments, trends and perspectives regarding the implemented international policies around natural resources and the environment ● Understand the concept of discounting on environmental resources, costing and invoicing ecosystem service payments ● Contribute to the optimal allocation of financial resources for better environmental management of organizations and companies.
General Competences
  • Apply knowledge in practice
  • Retrieve, analyse and synthesise data and information, with the use of necessary technologies
  • Adapt to new situations
  • Make decisions
  • Work autonomously
  • Work in teams
  • Work in an international context
  • Work in an interdisciplinary team
  • Generate new research ideas
  • Design and manage projects
  • Appreciate diversity and multiculturality
  • Respect natural environment
  • Demonstrate social, professional and ethical commitment and sensitivity to gender issues
  • Be critical and self-critical
  • Advance free, creative and causative thinking
Course Content (Syllabus)
Introduction to natural resource economics, definitions, key concepts, natural resource economics and environmental economics, total economic value of forests and natural resources. Use values ​​and non-use values. Direct use values, indirect use values, selection value, bequest value, existence value. Forest ecosystem services and the economics of climate change. Forest ecosystem services to tackle climate change, climate change economics, afforestation, reforestation and improved forest management economics, timber and green building economics (replacement of building materials and wood furniture). Reduction of natural resources and limits to development, political implications, sustainable development. Ecosystem environmental services, rules and standards for natural resources, environmental taxes. Categories of environmental values, methods of economic valuation of environmental goods and services (declared preference, derivative preference and purchase prices, etc.), Economic valuation of forest ecosystem services. Methods of economic valuation of ecosystem services. Willingness to Pay, Willingness to Accept, Contingent Valuation Method, Travel Cost Method, Hedonic Pricing. opportunity cost, Cost Benefit Analysis. Excellent natural resource management, resource efficiency. Climate change economics, greenhouse gas emissions compensation, carbon markets, adaptation, response and resilience to climate change. Environmental and natural resource economics in international economic relations.
economic valuation, forest economic services
Educational Material Types
  • Slide presentations
  • Multimedia
  • Interactive excersises
  • Book
Use of Information and Communication Technologies
Use of ICT
  • Use of ICT in Course Teaching
  • Use of ICT in Laboratory Teaching
  • Use of ICT in Communication with Students
  • Use of ICT in Student Assessment
Powerpoint presentations, special videos and web pages Educational material and communication in elearning - email exchange Use of electronic secretariat and submission of grades
Course Organization
Laboratory Work60.2
Reading Assigment260.9
Student Assessment
The achievement of the learning objectives will be evaluated based on the written examination of the course. In order to obtain a passable grade (at least 5) it is required to achieve a passable grade of the final exam which includes: -Short answer questions from all the course material -Solving exercises related to the subject of the course
Student Assessment methods
  • Written Exam with Multiple Choice Questions (Summative)
  • Written Exam with Short Answer Questions (Summative)
  • Written Exam with Extended Answer Questions (Summative)
  • Written Assignment (Summative)
  • Oral Exams (Summative)
  • Performance / Staging (Summative)
  • Written Exam with Problem Solving (Summative)
  • Report (Summative)
  • Labortatory Assignment (Summative)
Course Bibliography (Eudoxus)
«Οικονομική Περιβάλλοντος και Φυσικών Πόρων». Μπίθας Κωνσταντίνος. Ερευνητικό Πανεπιστημιακό Ινστιτούτο Αστικού Περιβάλλοντος και Ανθρώπινου Δυναμικού Παντείου Πανεπιστημίου
Additional bibliography for study
Χάλκος Γ. Εμ. (2016). Οικονομική Φυσικών Πόρων και Περιβάλλοντος. Εκδόσεις Δίσιγμα. Tietenberg, T. &LewisL. (2009). Οικονομική του περιβάλλοντος και των φυσικών πόρων. Εκδόσεις Gutenberg. Kumar, P. (Ed.). (2010). The economics of ecosystems and biodiversity: ecological and economic foundations. UNEP/Earthprint. Bauhus, J., van der Meer, P., &Kanninen, M. (Eds.). (2010). Ecosystem goods and services from plantation forests. Routledge. Daly, H. E., & Farley, J. (2011). Ecological economics: principles and applications. Island press. Aizaki, H., Nakatani, T., & Sato, K. (2014). Stated preference methods using R. CRC Press. Haab, T. C. & McConnell K.E., (2002): Valuing Environmental and Natural Resources: The Econometrics of Non-Market Valuation. Edward Elgar Publishing. Sikor, T. (Ed.). (2013). The justices and injustices of ecosystem services. Routledge. FAO (2016). Forestry for a Low-Carbon Future: Integrating Forests and Wood Products in Climate Change Strategies (FAO Forestry Paper 177) Flichman, G. (Ed.). (2011). Bio-economic models applied to agricultural systems. SpringerScience&BusinessMedia.
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