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FACULTY OF ECONOMICS AND SOCIAL SCIENCES
ECONOMICS PROGRAM
ENVIRONMENTAL ECONOMICS
HOMEWORK Nº 1 – ECONOMIC FUNDAMENTALS OF ENVIRONMENTAL ECONOMICS HOMEWORK GUIDELINES 
Individual Homework Assignments and Concept‐In‐Action Oral Presentation   
Please read through this whole page before you send anything: 1. If you have a reading assignment, read it. Do not go looking for answers only. 2. Please, inside the file, write at the top of the page the following information of your homework: date, your class, your group, your name and the homework in question. By the way, you should not call your file "Homework.docx" because if everyone did that, I would soon have dozens of files with the same name.

3. Please scan your work for viruses before giving it to me. 4. Just as you would for any homework, clearly mark the number of the questions you are answering. 5. The deadline is the 12th of February.

6. Send your work as an attached file. Document must be attached onto course website page http://uvirtual.lasalle.edu.co/ 7. Homework done neatly and turned in on time. Late homework receives a zero. I will NOT accept late homework. 8. If you copy your homework or any other work from someone else, and you have not been given permission by me to work together, you will receive a zero as well as possibly other consequences. Do not be lazy. 9. All members of the academic community are responsible for the academic integrity of the La Salle University. Existing policies forbid cheating on examinations, plagiarism and other forms of academic dishonesty. Academic dishonesty is contrary to the purposes of the University and is not to be tolerated. When using the words or ideas of another, even if paraphrased in your own words, you must cite your source. Know the rules - ignorance is no defense. Those who violate campus rules regarding academic misconduct are subject to disciplinary sanctions, including suspension and dismissal.

10. Lying, cheating, plagiarism, and failing to report such behavior will result in a failing course grade and reports filed with the Dean of Faculty of Economics and Social Sciences.

Homework consists of questions requiring short, specific answers. These questions may, for example, ask to you define or explain a particular concept, explain a diagram or equation, interpret some data, or give a brief answer in response to a specific question. You will be expected to demonstrate your ability to set out a logical, well-organised answer, drawing as appropriate on both economic theory and practical "real-world" knowledge. The questions relate closely to the lecture material, and if you have attended the lectures, and read the textbook readings covering the lecture material, you should be in a position to answer all of the questions on this part of the paper. You should not expect the questions simply to ask you to reproduce material from the lectures. You need to be able to contribute your own "added value" over and above the lecture material, in the form of your independent reading and thinking about the issues raised in the course. 1.

Draw and explain diagrams to show how uncertainty about the marginal abatement cost schedule leads to different outcomes, depending on whether quantity-based or price-based regulation is employed. Using your diagrams, illustrate and explain the circumstances under which quantity-based regulation (such as a system of tradeable permits) would lead to higher economic welfare than price-based regulation, and vice versa.

2.

Coase discusses the case of Sturges v. Bridgman (English Chancery Division Court, 1987). This case concerns a confectioner who had a long-established business in premises in Wigmore Street, which used noisy machinery (mortars and pestles). A doctor moved into neighbouring premises, and then, sometime later, constructed a consulting room at the bottom of his garden, next to the confectioner's premises. He found that the noise and vibration from the confectioner's...
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