OVERVIEW

The course is structured around three fundamental theoretical problems in resource economics: (I) market failures that result from the extraction of exhaustible resources (II) those that affect markets on which these resources are traded and, finally, (III) the footprint determined by the use of these resources. For all these issues, energy is a key example and, as a result, electricity and gas will be used as the leitmotif of the learning path.

AIMS AND CONTENT

LEARNING OUTCOMES

The Teaching focuses on the application of the economic approach to the analysis of the consumption, provision and allocation of natural resources and environmental policy. The management of natural resources poses a wide range of questions for economists, as environmental resources and assets are so pervasively involved in human economic activities. The allocation and intensity of economic activities, income generation and societal well-being, depend to an important extent on the availability and quality of natural resources for production, remediation and assimilation of waste, aesthetic and recreational benefits.

AIMS AND LEARNING OUTCOMES

The learning objective is to develop knowledge and understanding of the tools for the analysis of phenomena related to the management of natural resources and the functioning of energy markets.

Expected Learning Outcomes to be ascertained are:

-  Knowledge and understanding of the main problems associated with the exploitation of resources: the market failures that result from the extraction of exhaustible resources; those affecting the markets on which these resources are traded; the footprint that is left by the use of these resources. For all these issues, energy (electricity and gas) is a case in point

- Ability to apply knowledge and understanding: ability to evaluate, critically and autonomously, issues of natural resource economics

- Autonomy of judgment: ability to apply knowledge and evaluate independently and with skill in different application contexts

- Communication skills: command of the technical language typical of the discipline in order to communicate clearly and unambiguously with specialist and non-specialist interlocutors: companies and institutions that deal with the use of resources and energy markets in formulating their decisions

- Learning skills: development of adequate learning skills that will enable students to continue to explore the main topics of the discipline independently, especially in the working contexts in which they will operate.

TEACHING METHODS

The teaching methodology includes lectures, seminars, case studies, exercises to be carried out at home and/or in the classroom, and group work.

SYLLABUS/CONTENT

Teaching will proceed through a series of thematic units.

1) The illustration, in analytical terms, of the underlined problems, keeping the discussion at a general level but constantly referring to electricity and gas as main examples, in order to highlight their common points, their many differences and the way they affect the problem of correcting market distortions

2a) An in-depth description of the regulatory intervention that has been implemented in the electricity and gas markets in Italy, describing the structure of the regulated market, rules, actors and roles, with the contribution of

2b) the energy authority (ARERA), which will intervene directly, describing its activities and the problems that arise from the regulator's point of view at the various stages, from extraction to consumption

3) An empirical exercise concerning the general coordination and temporal and spatial balancing role played by public intervention which, in this sector, due to market failures, cannot rely solely on the market price mechanism to achieve a desirable balance in the level of trade and needs accurate estimates of future demand, both in its temporal and spatial evolution.

RECOMMENDED READING/BIBLIOGRAPHY

The reference texts and materials supporting the lectures will be made available on the Aulaweb at the beginning of the lessons.

All students are invited to periodically consult the page for this course on the AulaWeb e-learning portal (accessible from the University website or at http://www.aulaweb.unige.it/). All further information and materials relating to this teaching are published exclusively on that site.

TEACHERS AND EXAM BOARD

LESSONS

Class schedule

The timetable for this course is available here: Portale EasyAcademy

EXAMS

EXAM DESCRIPTION

The examination consists of a written test.

Practical exercises and group activities may be proposed during the course of the lectures to consolidate the knowledge acquired.

The lecturer reserves all types of further assessment in the event that he has doubts or reservations regarding the student's overall assessment.

There is no limit to the number of sessions the student may attend.

ASSESSMENT METHODS

The following parameters will also be taken into account when assessing learning outcomes: quality of exposition; ability to formalize exposition also in graphic or analytical terms; use of appropriate technical language; autonomy of thought and ability to make critical judgements.