ACE 410: Energy Economics
In this course, students use economics tools to understand and evaluate public policy issues surrounding energy markets and the environmental markets to which they are closely tied. Students will focus on the economic drivers of energy production and use, transportation and storage of energy commodities, regulation of energy markets, and policies designed to mitigate the impact of energy production and consumption on the environment.
Prerequisites (Must be complete BEFORE taking this course):
ECON 302 (One semester of Calculus is recommended)
Instructor Teaching the Course:
This course is taught by the instructor below. You may click on their name to learn more about them. Teaching schedules vary by semester. Please check the Course Explorer for the most up-to-date information about the sections they will teach.
Past Course Syllabi:
The following syllabus is from a past semester and should be used solely as a guide for the information covered in the course and to observe the general structure of the course. Instructors have the right to change the course for future terms. Please refer to the course syllabus distributed on the first day of class.
ACE 410 Syllabus Fall 2016
View the Course Explorer:
See when the course is offered as well as section details here: https://courses.illinois.edu/schedule/terms/ACE/410
Fall 2017 Restrictions
There is a section for graduate students (GR) and a section for undergraduate students (UG). Students should register for the appropriate section.
Additional Course Information
Read more about what Dr. Myers has to say about ACE 410!
Is this class discussion-based or lecture-based?
Class time is mostly lecture with some time almost every meeting for group work and discussion.
How are students evaluated (e.g. multiple choice or essay tests, papers, etc.)?
Students are evaluated based on their performance in two strategy based games, 2 mid-terms and final, class participation, and a policy brief (grad only). The first strategy game is designed to simulate OPEC countries’ oil extraction decisions where students learn about dynamic natural resource decision-making, discounting and finance, market power, and collective action problems. The second strategy game simulates electric utilities’ bidding decisions in electricity markets. Students learn about how to construct marginal cost curves for real-world electricity auctions, the exercise of market power, auction design, and the effects of environmental regulation. The mid-terms and finals consist of short answer questions, sometimes paragraph form, sometimes requiring calculations.
What careers does this course help prepare students to pursue?
This material helps students to pursue careers in energy and environmental policy, environmental law and economics, energy production and distribution, finance, and other related fields.
What is your background in Agricultural and Consumer Economics?
Erica Myers is an Assistant Professor of Agricultural and Consumer Economics at the University of Illinois. She received her PhD in Environmental and Resource Economics from UC Berkeley in 2014. Prior to her doctoral studies, she received a MS in Environmental Economics from the University of Rhode Island in 2007 and worked as a research assistant at Resources for the Future from 2007 to 2009. Her primary area of interest is in environmental and energy economics. She has done work on the design and implementation of carbon allowance markets and testing for the presence of market failures that may lead to under-investment in energy efficiency. Recently, her work has focused on the salience of energy costs in home rental and purchase decisions and its implications for investment in energy efficiency.
What is your attendance policy?
Participation grade is based on in class group work, which is almost every class.