ECON4925 - Resource economics
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Course content
Main elements of the theories of renewable and non-renewable resources, particularly as applied to oil and gas, hydropower, forestry and fishing. Optimality aspects of the theories are central. Policy aspects related to the designated applied areas are important and also require familiarity with some institutional aspects. The course will also encourage empirical knowledge, including the treatment of resources in the national accounts. Also, policy with regard to natural resource monopolies.
Learning outcomes
Knowledge outcomes:
Students should be familiar with the key elements of the theory of non-renewable resources including optimal depletion and the Hotelling rule. A prerequisite for this is sufficient practical knowledge og optimal control theory. The main applied area of this theory that should be mastered is oil and gas. Likewise, the students should know key elements of the theory of renewable resources, such as the concepts of optimal harvesting and maximum sustainable yield. In the theory of forest resources they should know the derivation of Faustmann's rule. They should also know some elements of optimal catch in fishing and the analysis of traditional policy instruments such as quotas and direct regulation. Basic principles of hydropower production should also be understood. The students should be familiar with policy problems related to exhaustion and non-renewable resources and overutilization of renewable resources, common pool problems and sustainability concepts.
Skills:
Students should have some practice in applying the theories elaborated in the course to models of their own choice. The optimality problems, largely dealt with within the framework of optimal control theory, requires practical skills in formulating, interpreting and for simple cases – solving optimal control problems. Students without sufficient mathematical background may have to put in extra effort to acquire these skills. On the basis of the principles of the theories applied and the seminar practice students will acquire skills for solving stylized problem within the resource areas covered by the course.
Admission
Students who are admitted to study programmes at UiO must each semester register which courses and exams they wish to sign up for in StudentWeb.
Students enrolled in other Master's Degree Programmes can, on application, be admitted to the course if this is cleared by their own study programme.
International applicants, if you are not already enrolled as a student at UiO, please see our information about admission requirements and procedures for international applicants.
The examination in this course is not available for external candidates. Only students admitted to the course may sit for the examination.
Prerequisites
Formal prerequisites
Bachelor's degree in Economics, or equivalent.
Recommended prior knowledge
ECON4140 - Mathematics 3: Differential equations, static and dynamic optimization / ECON4145 - Mathematics 3: Differential equations, static and dynamic optimization, or equivalent.
Overlap
10 credits against ECON500 Naturressursøkonomi. 10 credits against SØK500 Naturressursøkonomi, 3. avd. samfunnsøkonomi. 10 credits against SOØ500 Naturressursøkonomi, 3. avd. sosialøkonomi.
Teaching
Lectures: 2 hours per week throughout the semester.
Seminar: 2 hours per week through parts of the semester.
There might occur weeks exempt from teaching.
Exam information
A 3-hour written school exam.
Exam resources
No special exam resources are allowed.
Language of examination
The problem set will be given in English. Answers can be given in Norwegian, Swedish, Danish or in English. See § 6.4 i Forskrift om studier og eksamener ved Universitetet i Oslo .
Assessment and grading
Course grades are awarded on a descending scale using alphabetic grades from A to E for passes and F for fail. Read more about the grading system .
An external auditor regularly evaluates the academic quality of the course, including the form of exam used on the course.
Explanations and appeals
Students can request an explanation of their grades, and can also appeal against their grades or make a complaint about formal examination errors. Read more about explanations and appeals
Possibility of make-up exams and re-takes
The Department of Economics has passed following resolution for ECON-courses: It will no longer be possible for candidates to register for an exam in a lower level course after having passed exams in intermediate and advanced level courses in the same subject area (also where there are no pre-requisites that apply to the intermediate course). Further information can be found here.
Students who might wish to retake the exam later, are not guaranteed that the course is ever repeated with a similar reading list, nor that the exam arrangement will be the same.
You can usually resit an exam, but the conditions depend on whether you had a valid reason for absence from the regular exam. Read more about resitting an exam .
Withdrawing from exams and limits on re-takes
A student can sit for this exam up to 3 times. If a student wishes to withdraw from the exam, s/he must do this in StudentWeb at least two weeks prior to the first day of the exam. Failure to do so will be counted as one of the three opportunities to sit for the exam.
Exam options for students with special needs
Students may apply for access to alternative exam resources or exam forms on the basis of chronic illness and/or special needs that create a marked disadvantage to other students in the exam situation. Mothers who are breastfeeding may apply for extra time to complete the exam.
Evaluation of this course
Feedback from our students is essential to us in our efforts to ensure and further improve the high quality of our programmes and courses. As a student at the University of Oslo you will therefore be asked to participate in various types of evaluation of our courses, facilities and services. All courses are subject to continuous evaluation. At regular intervals we also ask students on a particular course to participate in a more comprehensive, in-depth evaluation of this course, a so called "periodic evaluation".
A periodic evaluation of ECON4620 was conducted during autumn term 2008. A Norwegian version of the evaluation report that was compiled on the basis of the information retrieved from the evaluation, can be found here
Contact us
Department of Economics
Visiting address:
Moltke Moes vei 31, Eilert Sundts house, 12th floor
Visiting hours:
10.15-11.00 and 12.15-15.00
Postal address:
P.O box 1095 Blindern
0317 Oslo
Fax: +47 22855035
E-mail: post@econ.uio.no
Web: http://www.sv.uio.no/econ/english/