Course Code & Number
ECON 471
Course Title
Economics of Energy
Credit Hours/ ECTS Credits
(3+0+0) 3 TEDU Credits, 6 ECTS Credits
Mode of Delivery:
Face-to-face
Language of Instruction:
English
Pre-requisite / Co-requisite::
Pre-requisites: NONE
Co-requisites: NONE
Catalog Description
Economics of markets for various energy sources and their interactions with each other and with the rest of the economy. Government intervention in energy markets. Effects of price controls and regulation. Policy issues related to energy use, economic growth, and the environment.
Course Objectives
This course introduces a variety of theoretical and empirical topics related to energy demand, energy supply, energy prices, environmental consequences of energy consumption and production, and various public policies affecting energy demand, supply, prices, and environmental effects. The aim is to convey an understanding of the breadth and functioning of energy markets, pricing and regulation, and their interactions, thus preparing students for further energy studies and potentially career opportunities as well.
Software Usage
Students will use MS Office applications (Word, Excel, Access, Powerpoint) to work on their weekly assignments about 4 hours a week.
Course Learning Outcomes
Upon succesful completion of this course, a student will be able to
1. Describe current energy market trends and relate current conditions to historical market performance.
2. Explain basic electricity market, oil market and gas market dynamics, focusing on consumer and producer responses to prices.
3. Evaluate projects for an oil or gas resource.
4. Identify uncertain factors in long-term forecasts (especially as relate to project evaluation) and employ analytical tools to guide decision making under uncertainty.
5. Explain concepts fundamental to the economics of natural resources.
6. Identify economic concepts relevant to understanding peak oil, resource growth and exhaustion.
7. Communicate their knowledge and understanding to others verbally during class and in written assigned coursework.
Learning Activities and Teaching Methods:
Telling/Explaining
Discussion/Debate
Questioning
Reading
Demonstrating
Problem Solving
Collaborating
Case Study/Scenarion Analysis
Video Presentations
Oral Presentations/Reports
Guest Speakers
Hands-on Activities
Web Searching
Assessment Methods and Criteria:
Test / Exam
Quiz
Case Studies / Homework
Presentation (Oral/Poster)
Assessment Methods and Criteria Others:
Recommended Reading
1. Banks. F. E., Energy Economics: A Modern Introduction. Springer, New York, 1999.
Required Reading
1. Pierce. W. S., Economics of the Energy Industries. 2nd edition, Praeger, Westport, Connecticut, 1996.
Learning Activities and Teaching Methods Others:
Course Coordinator:
Tekin Köse
Student Workload:
| Workload |
Hrs |
| Course Readings |
36 |
| Hands-on Work |
12 |
| Exams/Quizzes |
24 |
| Report on a Topic |
15 |
| Oral Presentation |
15 |
Course & Program Learning Outcome Matching:
