ECON4925 – Resource Economics
Course description
Schedule, syllabus and examination date
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?& 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 – 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.
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.
Examination
A 3-hour written school exam.
Exam papers with comments from examiner
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.
Resit an examination
?
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.