Course Syllabus

 

Sustainable Business Strategy and Consumption: Economic Foundations and Scandinavian Case Studies.

 

Semester & Location:	Summer Session 2 - DIS Copenhagen
Major Disciplines	Business and Economics
Type & Credits:	Core Course  - 3 Credits
Study Tours:	Stockholm
Faculty Members:	Jimmy Martínez-Correa
Time & Place:	Mondays, Wednesdays and Fridays,  F24 306 Classroom

Course Description

Humanity faces the historical and dire intersection of climate change risks, energy crisis, resource scarcity, and the reconsideration of how the economy functions. However, there is a growing consensus that something needs to be done before it is too late for humanity. For example, companies have developed more socially and environmentally responsible ways of conducting business, many consumers are becoming more responsible (towards the environment and society in general) in their consumption choices, and policy-makers are more conscious of their responsibility to act not only on behalf of the current generations but on behalf of future generations.

In this course, we will explore the issue of sustainability through the lens of economics, focusing on the decisions of businesses, consumers, and policymakers. We’ll analyze how consumer preferences for sustainable goods and services are shaped by trade-offs between price, quality, and environmental impact. In this vein, we will analyze how firms adapt to increased demand for sustainable products in a competitive marketplace. The course will also address the complexities of making policies that can affect positively or negatively future generations, the distinction between risk and uncertainty in environmental outcomes, and the unique challenges of managing the public good that humanity shares: the environment.

The issue of sustainability is complex, and it requires the use of various tools available to economics. We will use ideas and concepts coming from classical economics, behavioral approaches to economics, management, finance and psychology, decision theory, probability theory and more. Using a variety of academic articles and literature as background, including case studies and applied theory, this course introduces these tools at an intuitive level, facilitating students’ comprehensive understanding. Students will then be able to assess and implement strategies to promote sustainable economic policies, business practices and consumption choices across various sectors and actors, and apply the concepts learned in the course to practical, real-world cases. This practical side of the course will be focused on Scandinavia, in particular, Denmark and Sweden, considered by many the top two countries in sustainability rankings.

 

Learning Objectives

With the successful completion of this course, the student will have mastered the following objectives: 

• Differentiate between risk and uncertainty in the context of sustainability, and understand the concepts of the known, the unknown, and the unknowable applied to sustainability risk, and learn decision rules that can help navigate these complex scenarios.

• Understand “the tragedy of the commons”, a framework that can facilitate explaining and further explore the (un)sustainability of a public good (i.e.,the environment), and how human collectives can cooperate to manage sustainably public goods in the face of competing business and consumer interests.
• Understand the necessary economic foundations to study sustainability from three different angles: 1) Sustainable business, 2) Sustainable consumption and investing and 3) Sustainable policy-making.

Within each of these three angles of sustainability, the student will have mastered the following learning objectives: 

Module 1: Sustainable Business

• Understand and examine the trade-offs that producers face when developing sustainable products.
  • Understand how business can invest in sustainable practices and remain profitable in response to market competition, demand for sustainable products, and regulatory pressure (i.e., what are the challenges and opportunities for sustainable production in large global industries (i.e., fashion)?

Module 2: Sustainable Consumption and Investment

• Understand the trade-offs consumers face between price, quality, and sustainability; to what extent are consumers willing to pay a price premium for products produced in a sustainable matter?
• Understand how investors balance ethical considerations in green portfolios against potentially higher returns from traditional or even “brown” portfolio options.

Module 3: Sustainable Policy-Making

• Analyze how individuals’ time-discounting affects support for sustainability policies with long-term benefits but short-term costs. Explore alternatives to traditional methods of cost-benefit analysis for policy-making.
• Examine the role of policymakers in promoting sustainability using, for example, subsidies, taxes, and regulation to work with negative externalities (i.e., industry pollution) or promote activities with positive externalities (i.e. investment in clean energy).

Faculty

Jimmy Martínez-Correa, PhD in Risk Management and Insurance, Associate Professor in Applied Economics. With DIS since 2013. Worked as financial economist at the Central Bank of Colombia, and as the chief economist and the Trade Association of Colombian Insurers. His research is focused on  decision-making under risk and uncertainty of individuals, households and firms. Expertise in the field of behavioral economics and finance, applied economics, risk management and insurance. Broad interest in econometrics and machine learning for causal identification and language analysis.

Readings

Selected parts of the Economics and Climate Change: The Stern Review, supporting academic articles, cases, and background literature for each class that will be available on the DIS Canvas system.

 

Field Studies

• Field Studies - We will make Copenhagen our classroom and use visits to companies and other relevant actors working with sustainability to speak in further depth about the topics covered in the courses’ modules.
• Study Tour - We will travel on study tour to Stockholm, Sweden to gain real-life perspectives from experts in the field, from a Swedish perspective. The study tour will provide space for additional reflection outside of the classroom on the topics and theories studied in class.

Guest Lecturers

We will have various guest lecturers with expertise in various aspects of sustainability and business. 

Approach to Teaching

In this course, I aim to create an intellectually stimulating and applied learning environment where students engage deeply with the complex challenges of sustainability from multiple perspectives — economic, behavioral, managerial, and policy-oriented. My teaching integrates theory, empirical evidence, and real-world experiences, combining lectures, discussions, case studies, field visits, and interactive exercises.

Throughout the course, I emphasize the economic intuition behind sustainability dilemmas, while encouraging critical thinking about trade-offs, incentives, and ethical considerations. Students are challenged to analyze decisions faced by firms, consumers, and policymakers, applying both classical and behavioral economic frameworks to real-world sustainability cases from Scandinavia. I encourage active participation, dialogue, and reflection — both in the classroom and through immersive field experiences.

My goal is for students to leave the course with a solid conceptual foundation and practical insights into how businesses, consumers, and governments can promote sustainability, and with the analytical tools to navigate the tensions that often arise between profitability, environmental stewardship, and social responsibility. Students are always encouraged to engage actively, ask questions, and make connections between theory and practice, your learning and intellectual growth are my priority.

DIS Accommodations Statement

Your learning experience in this class is important to me.  If you have approved academic accommodations with DIS, please make sure I receive your DIS accommodations letter on the first days of class. If you can think of other ways I can support your learning, please don't hesitate to talk to me. If you have any further questions about your academic accommodations, contact Academic Support academicsupport@dis.dk

Evaluation

1. Final Exam (20% of the course grade)

• Take home format, 1.5 hours to finish it within a time window of 48 hours
• 3 to 4 questions (essay type questions)

2. Sustainable Business Idea Project (40% of the course grade)

In groups, students will complete a business startup/continuity plan for a business of their choosing (instructor approval required). The business plan provides students with the opportunity to develop an idea for a business concept that has a sustainable dimension that can potentially address a sustainability problem in a profitable manner.  

The final body of your business plan will be 8-12 pages in length. This does not include title pages, exhibits, reference pages, appendices, etc.).

Components of the Business plan:

• • Cover sheet/ table of contents (with page numbers)
  • Executive Summary: summarizes business plan, provides an overview of the practice, motivates and excites the reader, describes business purpose, asks for specific funding
  • General business description/ Mission Statement: An overview of the company is provided which includes information regarding the reason for starting, mission statement, primary activity, company focus, goods and/or services provided, primary customers, and location.
  • Industry Analysis: Provides complete information regarding industry size and maturity, opportunities & threats in the industry, overall outlook for the industry, major competitors. Explains how proposed product/service is distinct from others.
  • Management Plan: Form of business ownership was chosen, defined, and reasoning was given for the choice of ownership. Thorough explanation of how things will be accomplished.
  • Marketing Plan: Who are your customers, where are they, what do they want? Marketing of the business was thoroughly discussed including the identification of the target market and how they will be reached, customer needs and product characteristics, pricing, distribution, promotion.
  • Operating plan: describes daily operation; general office layout; facilities and equipment; fee schedule; financial policies.
  • Financial Management: Start-up costs, financing strategies and concepts were discussed.
  • Other: Resume, references, supporting documents, etc.

Sustainable Business Idea: Final Pitch Presentation (20 min)

In this final presentation, each student group will present their sustainable business proposal developed throughout the course. The pitch should demonstrate the integration of economic principles, sustainability trade-offs, and practical feasibility in Scandinavian and U.S. contexts. The presentation should include:

• • The business concept and its sustainability value proposition
  • Market analysis and expected demand
  • Cost structure and production considerations
  • Regulatory environment and policy considerations in Denmark and the U.S.
  • Anticipated environmental and social impact
  • Challenges, trade-offs, and potential risks
  • Financial viability and scalability

Presentation Format

• • Length: 20 minutes per group
  • Visuals: Use PowerPoint, Google Slides, or similar.
  • Structure: Follow the content expectations outlined above.
  • Style: Professional, clear, and engaging — you will be presenting to a panel of experts.

The goal is to present a coherent, well-argued, and practically grounded sustainable business model that reflects both theoretical insights and empirical research gathered during the course.

3. Reflection on sustainable consumption report  (15% of the course grade)

In this individual assignment, you will write a journal-style reflection documenting your experience and observations on sustainable consumption during your time in Scandinavia. This is not a purely academic paper — it is a personal, applied reflection that combines your experiences, your own consumption behavior, and the economic concepts learned in class.

Purpose of the assignment

• • Encourage personal reflection on your own consumption patterns.
  • Observe and analyze sustainable consumption practices in Denmark and Sweden.
  • Apply key course concepts to real-world experiences.
  • Compare and contrast the Scandinavian context with your home experience (United States).
  • Develop your ability to communicate ideas to a public audience.

Your blog should address the following elements:

Personal Reflection

• • How has your time in Scandinavia affected your thinking about your own consumption?
  • Are there areas where you feel inspired to change your habits? Why or why not?

Observations from Scandinavia

• • Discuss specific examples you observed or learned during field visits, study tour, local experiences (e.g., sustainable businesses, policies, or cultural practices).
  • How do these practices reflect sustainable consumption principles?

Comparison with the U.S.

• • How do Scandinavian consumption patterns differ from what you observe at home?
  • What cultural, economic, or policy factors may explain these differences?

Application of Course Concepts

Use relevant ideas from the course to frame your analysis, such as:

• • Trade-offs between price, quality, and sustainability.
  • Social preferences, signaling, and behavioral economics.
  • Externalities and the role of policy instruments (e.g., taxes, subsidies, regulation).
  • The tragedy of the commons and public good management.

4. Sustainable policy making in Scandinavia and Denmark report (15% of the course grade)

In this group assignment, you will select and investigate a current policy debate or initiative related to sustainability in Denmark, Sweden, or Scandinavia more broadly. You will analyze the policy using economic frameworks discussed in class and reflect on how similar issues might be addressed in the United States.

This assignment is more analytical and policy-focused than the blog reflection. You are expected to combine empirical research, theory, and policy analysis.

The final body of your report  will be 5-7 pages in length. This does not include title pages, exhibits, reference pages, appendices, etc...).

Purpose of the Assignment

• • Analyze a real-world sustainability policy using economic reasoning.
  • Apply theoretical frameworks from the course to evaluate policy trade-offs.
  • Compare policy approaches between Scandinavia and the U.S.
  • Strengthen policy writing and critical thinking skills.

Your report should address the following elements:

Policy Selection and Context

• • Identify a specific sustainability policy or debate currently active in Denmark, Sweden, or the region.
  • Clearly describe the policy: What problem is it trying to solve? What instruments are being used? Who are the key stakeholders?
  • Example topics include:
    • Denmark’s proposed CO2 tax on agriculture (2025–2030)
    • Sweden’s electric vehicle subsidy phase-outs
    • Circular economy initiatives in Denmark (e.g., textile recycling regulation)
    • Scandinavian approaches to carbon pricing, offshore wind expansion, etc.

Economic Analysis of the Policy
Apply course concepts to analyze the policy. Relevant frameworks may include:

• • Externalities and market failures.
  • Pigouvian taxes, subsidies, and regulation.
  • Trade-offs between efficiency, equity, and feasibility.
  • Time-discounting and long-term vs. short-term costs.
  • Risk, uncertainty, and precautionary principle.
  • Behavioral responses and unintended consequences.

Stakeholder Analysis

• • Who benefits? Who bears the costs?
  • What are the political economy challenges of implementation?
  • Are there distributional concerns?

Comparison with the U.S. Context

• • Would a similar policy work in the United States? Why or why not?
  • What political, cultural, economic, or institutional differences matter?
  • Could elements of the Scandinavian approach be adapted to the U.S. context?

Sources and Evidence

• • Use credible sources: government reports, academic articles, policy briefs, and reputable news.
  • Include course readings where relevant.
  • Cite all sources properly.

5. Danish sustainable companies group presentation (5% of the course grade)

In this assignment, you will work in groups to identify and study a Danish company engaged in sustainable business practices. You will interview representatives from the business, analyze its business model, and present your findings to the class.

This assignment is highly experiential: Copenhagen is your classroom. The goal is for you to directly engage with real-world companies implementing sustainability — and to critically analyze their choices using the economic, behavioral, and managerial frameworks we study in class.

Purpose of the Assignment

• • Apply course concepts to real-world business practices.
  • Develop interviewing, research, and group presentation skills.
  • Gain practical insight into how Danish companies pursue sustainability.
  • Reflect on the challenges and opportunities of sustainable business models.

Your presentation should cover the following key areas:

Company Overview

• • Name of the company, location, and sector.
  • Brief history and background.
  • Why did you choose this company?

Sustainability Journey

• • How and why did the company adopt sustainable practices?
  • What motivated their sustainability strategy (regulations, consumer demand, corporate values, etc.)?

Business Model Analysis

• • What are the key components of their sustainable business model?
  • How do they handle trade-offs between profit, sustainability, and growth?
  • Do they face market pressure from non-sustainable competitors?

Challenges and Constraints

• • What are the biggest operational, financial, regulatory, or market challenges they face in maintaining or expanding sustainability?

Economic Frameworks

• • Apply at least 2–3 concepts from class.
  • For example:
    • Externalities and market failures
    • Coase Theorem
    • Social preferences and signaling
    • Green consumer demand and willingness-to-pay
    • Policy environment (regulations, subsidies, taxes)

Insights and Reflection

• • What lessons can be learned from this company?
  • Could similar models work in the U.S.? Why or why not?

Process

• • Select your company early and get instructor approval.
  • Contact and schedule interview(s) directly with company representatives.
  • Prepare thoughtful, open-ended interview questions.
  • Gather any additional background materials (websites, reports, news articles).

Presentation Format

• • Length: 10 minutes per group
  • Visuals: Use PowerPoint, Google Slides, or similar.
  • Structure: Follow the content expectations outlined above.
  • Style: Professional, clear, and engaging — imagine you are presenting to an informed but non-expert audience.

Q&A: Be prepared to answer questions from the class and instructor.

This course is highly interactive: it combines lecture, discussion, field visits, guest speakers, group activities, and study tours. Your active participation enhances not only your own learning but also the collective learning of the class.

6. Class participation (5% of grade course) 

Participation is not simply "talking" — it’s about meaningful engagement with course content, your peers, and the unique learning opportunities provided in Copenhagen and Stockholm.

What Counts as High-Quality Participation:

Preparation

• • Complete assigned readings before class.
  • Come prepared to engage with the topic.
  • Bring questions, reflections, and insights to class discussions.

 Contribution

• • Share relevant thoughts, experiences, and examples.
  • Connect your contributions to course concepts and readings.
  • Build on or respectfully challenge the ideas of others.
  • Avoid dominating discussion — make space for others.

Engagement in Activities

• • Participate fully in group exercises, field studies, and simulations.
  • Contribute actively during guest lectures and company visits.
  • Be attentive, take notes, and engage thoughtfully during field experiences.

Professional Conduct

• • Arrive on time to class sessions, visits, and meetings.
  • Show respect to classmates, guest speakers, faculty, and external partners.
  • Minimize distractions (no texting, sidebar conversations, etc.).

Consistency

• • Participate regularly — quality and consistency matter.
  • Participation During Field Studies and Study Tour
  • Field studies and the Sweden study tour are integral parts of the course. Participation includes:
    • Active listening during company visits and guest sessions.
    • Asking thoughtful questions.
    • Engaging in group reflections.
    • Taking notes that you can later draw upon for assignments.

 

Grading - Summary of Activities

 Assignment                                                                                                              Grade

1. Final Exam of the course (individual)…………………….......……………………………………20%

2. Development of sustainable business idea project (group) ……………………………..40%

3. Reflection on sustainable consumption report (individual) ……………………………..15%

4. Sustainable policy making in Scandinavia and Denmark report (group)…………...15%

5. Danish sustainable companies (group presentation) ...…………………………………....5%

6. Class participation (individual)………………………………………………………………………...5%

Academic Regulations

Please make sure to read the Academic Regulations on the DIS website. There you will find regulations on:

• Course Enrollment and Grading
• Academic Expectations and Honor Code

 

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