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2019/20 Taught Postgraduate Module Catalogue

TRAN5060M Welfare Economics and Cost-Benefit Analysis

15 creditsClass Size: 50

Module manager: Dr Thijs Dekker

Taught: Semester 1 View Timetable

Year running 2019/20

This module is not approved as an Elective


- To ensure that students understand the basic principles of welfare economics, can apply them to the solution of problems of resource allocation and can appraise critically their practical value.
- Particular attention is given to the ability to determine appropriate methodology for the conduct of cost-benefit analyses.


- Introduction to welfare economics: revision of the conditions for Pareto optimality
- Compensation tests
- Public goods and externalities
- Shadow pricing and market imperfections
- Discounting for time and choice of discount rate
- Alternative approaches to consumer surplus
- Indirect utility and expenditure functions
- Aggregation and distributional issues; social welfare functions
- Valuation of intangibles
- Risk, uncertainty and option values

Teaching methods

Delivery typeNumberLength hoursStudent hours
Private study hours128.00
Total Contact hours22.00
Total hours (100hr per 10 credits)150.00

Opportunities for Formative Feedback

Through performance in coursework, and informal interaction in class.

Methods of assessment

Assessment typeNotes% of formal assessment
ReportWritten Report33.30
Total percentage (Assessment Coursework)33.30

Normally resits will be assessed by the same methodology as the first attempt, unless otherwise stated

Exam typeExam duration% of formal assessment
Standard exam (closed essays, MCQs etc)2 hr 00 mins66.70
Total percentage (Assessment Exams)66.70

Normally resits will be assessed by the same methodology as the first attempt, unless otherwise stated

Reading list

The reading list is available from the Library website

Last updated: 12/12/2018 16:33:10


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