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Energy is a basic necessity of daily life and a vital input to industry in any society around the world. New technologies, especially renewable power generators such as wind and solar are changing the industry. Also, new climate policies have a growing influence on the economics and practical functioning of the energy systems. , especially the electricity industry. Firstly, the course aims to give a deeper theoretical insight regarding economic externalities (such as global warming). A number of the classical economic instruments are presented, such as Pigovean taxes, cap-and-trade programs, subsidies and mandates. The theory addressed has broad applications, also in the field of public finance and public policy. Secondly, the course gives an overview of the economics of new potential decarbonization technologies, such as hydrogen, heat pumps, electric cars and gas as a transition fuel. Thirdly the most recent decarbonization developments will be discussed.


Microeconomics, specifically the topics of consumption, production, supply and demand, to at least at the level of any of the following books (any editions):

  • Besanko, D., and Braeutigam, R. 2020. “Microeconomics.” Wiley Global Education.
  • Krugman, P., Wells, R., Ray, M., and Anderson, D. A. 2013. “Microeconomics in Modules.” Macmillan Higher Education.
  • Perloff, J. M. 2018. “Microeconomics, Global Edition.” Pearson Education Canada.
  • Pindyck, R. S., Rubinfeld, D. L., &, F. E. 2001. “Microeconomics.” Prentice-Hall Madrid.
  • Varian, H. R. 2014. “Intermediate Microeconomics With Calculus: A Modern Approach.” WW Norton & Company.

Main instructor of the course is Silvester van Koten, Ph.D. is an economist specializing in Economics Experiments and Energy Economics with a special interest in the economics of regulation, market design and energy markets. He holds a Ph.D. in economics (from CERGE-EI) and a MA in Psychology (Utrecht University). Presently, Silvester is a senior researcher at the Department of Economics at the Jan Evangelista Purkyně University, and a research associate at CERGE-EI in Prague. Silvester’s current research appraises the effect of the structure of spot market prices on the forward premium in electricity markets and the effectiveness of selfregulating organizations using theory, computer simulations and economics experiments. In previous research, Silvester analyzed the effects of more transparent financial markets on competition and prices in the EU electricity markets. His work was published in journals such as Energy Economics, Energy Policy, European Economic Review and the Journal of Regulatory Economics.

Classes will start on March 4 until April 12, 2024.

Detailed syllabus of the course is available here!

Tentative schedule of the course is available here!

To take part at this course please fill in the electronic application (opens in new window)!

Application deadline: February 12th, 2024 by 12:00 h (noon).

For additional information contact us at dcoppola@efst.hr or call +385 21 430 706.