ECON4925 ¨C Resource Economics

Course content

This course explains the basics of renewable and non-renewable resource exploitation and management and the relation between fossil fuel extraction and climate change. It covers open access and optimally managed fisheries, forestry, oil, and coal extraction, and renewable energy production. The class focuses on dynamic analyses and introduces three fundamental methods commonly applied in dynamic economic analysis: Pontryagin¡¯s maximum principle, phase diagrams, and dynamic programming.

Learning outcome

Knowledge:

You should understand

• intertemporal trade-offs (Euler equation)
• implications of scarcity on extraction and price paths in different settings
• policy problems related to exhaustion of non-renewable resources and overutilization of renewable resources
• trade-offs in non-renewable and renewable energy use

Skills and competence:

You should obtain experience in

• thinking dynamically
• setting up dynamic economic models
• solving models discussed in class or closely related models
• interpret optimality conditions and trade-offs
• learn how to find answers to questions about resource economics
• be able to read and understand reports and journal articles that make use of the concepts and methods that are introduced in the course

Admission to the course

Students admitted to study programmes at UiO must each semester register which courses and exams they wish to sign up for in Studentweb.

Students not admitted to the Master¡¯s programme in Economics or the Master¡¯s programme in Economic Theory and Econometrics (Samfunns?konomisk analyse), can apply for admission to one of our study programmes, or apply for guest student status.

Formal prerequisite knowledge

You must fulfill one of these prerequisites:

• Bachelor`s degree in Economics, or equivalent.
• ECON3220 ¨C Microeconomics 3 / ECON4220 ¨C Microeconomics 3, or equivalent.

Recommended previous knowledge

• Students who do not have ECON3120 ¨C Mathematics 2: Calculus and Linear Algebra / ECON4120 ¨C Mathematics 2: Calculus and Linear Algebra or equivalent, are advised not to take this course.

Overlapping courses

• 10 credits overlap with SO?500.
• 10 credits overlap with S?K500.
• 10 credits overlap with ECON500.
• 10 credits overlap with ECON500.

Teaching

Lectures and seminars.

The course responsible can at the beginning of the semester update the syllabus list by changing no more than three articles, though in a way that it will not change the overall scope or thematic content of the course.

The syllabus also includes any lecture notes that will be made available for the students in Canvas.

Examination

A 3-hour written school exam.

Previous exams

Exam papers with comments from examiner

Examination support material

Usage of a dictionary during the examination is allowed, subject to prior inspection by SV-info.?See guidelines for further details.

Language of examination

The examination text is given in English. You may submit your response in Norwegian, Swedish, Danish or English.

Grading scale

Grades are awarded on a scale from A to F, where A is the best grade and F is a fail. Read more about the grading system.

Resit an examination

If you are sick or have another valid reason for not attending the regular exam, we offer a?postponed exam?later in the same semester.

There are restrictions on resitting this exam. See further information about?resitting an exam.

More about examinations at UiO

• Use of sources and citations
• Special exam arrangements due to individual needs
• Withdrawal from an exam
• Illness at exams / postponed exams
• Explanation of grades and appeals
• Resitting an exam
• Cheating/attempted cheating

You will find further guides and resources at the web page on examinations at UiO.