Schedule, syllabus and examination date

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Course content

This course covers 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.

Learning outcome

You should

  • the impact of scarcity on the extraction and price paths of natural resources under various institutional settings
  • be able to derive the “Hotelling rule”, the “Faustmann rule” and the corresponding optimality condition for simple models of renewable resources
  • be familiar with policy problems related to exhaustion of non-renewable resources and overutilization of renewable resources, common pool problems and sustainability concepts

You should

  • have a good understanding of the basic theory of resource economics
  • be able to solve stylized problems within the area of the course, which requires to some extent practical skills in formulating, interpreting, and solving optimal control problems. Students without sufficient mathematical background may have to put in extra effort to acquire these skills
  • have an initial overview of central contributions to the field and obtain a handle to further explore the scientific literature

You should

  • be able to read and understand project reports and journal articles that make use of the concepts and methods that are introduced in the course
  • be able to make use of the course content in your own academic work, for example in analyses that are part of the master’s thesis


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.

If you are not already enrolled as a student at UiO, please see our information about admission requirements and procedures.

Apply for guest student status if you are admitted to another Master's programme, or have completed a master in Economics at UiO or another Norwegian University.


Recommended previous knowledge

ECON4140 - Mathematics 3: Differential Equations, Static and Dynamic Optimization or equivalent.

Overlapping courses

  • 10 credits overlap with ECON500 Naturressursøkonomi
  • 10 credits overlap with SØK500 Naturressursøkonomi, 3. avd. samfunnsøkonomi
  • 10 credits overlap with SOØ500 Naturressursøkonomi, 3. avd. sosialøkonomi


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.


A 3-hour written school exam at the end of the semester.

Previous exams

Examination support material

Students may use dictionaries at this exam. Dictionaries must be handed in before the examination. Please read regulations for dictionaries permitted at the examination.

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.

Explanations and appeals

It is recommended to request an explanation of your grade before you decide to appeal.



The deadline to request an explanation is one week after the grade is published. For oral and practical examinations, the deadline is immediately after you have received your grade.

The explanation should normally be given within two weeks after you have asked for it. The examiner decides whether the explanation is to be given in writing or verbally.

Ask for an explanation about the grade in this course.

Ask for an explanation about the grade for postponed exam in this course

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.

See also our information about resitting an exam.

Withdrawal from an examination

If you wish to withdraw from the exam you must do so in Studentweb at least two weeks prior to the deadline. Failure to do so will be counted as one of the three opportunities to sit the exam.

Special examination arrangements

Application form, deadline and requirements for special examination arrangements.


The course is subject to continuous evaluation. At regular intervals we also ask students to participate in a more comprehensive evaluation.

Facts about this course






Every autumn


Every autumn

Teaching language