ECON4925 – Resource Economics
Schedule, syllabus and examination date
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.
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 & 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
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 (Samfunnsøkonomisk 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 – Microeconomics 3 / ECON4220 – Microeconomics 3, or equivalent.
Recommended previous knowledge
Students who do not have ECON3120 – Mathematics 2: Calculus and Linear Algebra / ECON4120 – Mathematics 2: Calculus and Linear Algebra or equivalent, are advised not to take this course.
- 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 and seminars.
Ordinarily, this course has a 3-hour written school exam.
For 2021 the following applies for the exam in ECON4925:
The examination will be a 5-hour home examination in Inspera. The home exam will be an open-book exam, where all written and printed resources as well as technical support is allowed. All submitted papers will be checked for plagiarism. You can find the date and time for the exam on the semester page.
The written examination is conducted in the digital examination system Inspera. You will need to familiarize yourself with the digital examination arrangements in Inspera.
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.
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
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
It is possible to take the exam up to 3 times. If you withdraw from the exam after the deadline or during the exam, this will be counted as an examination attempt.
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.