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SOK-3554 Resource economics and project evaluation methods - 10 ECTS
Application code: 9371
The course is primarily directed towards students with a basic knowledge about natural resources, especially about marine resources like fisheries, environmental and resource economics. Additionally, for students that are interested in the interplay between different disciplines and how resource users’ behaviour may be explained within the context of biological/environmental and economic dynamic processes. The course is an integrated part of the IFM programme but is also open for single course students.
This course aims to provide the student with knowledge on how to use different project evaluation methods and give an overall introduction to the central concepts of resource economics.
- has insight in basic theories in resource economics and project evaluation methods
- understands the ethical dilemmas related to the production and distribution of goods, as well as the environmental consequences this may involve
- knows central terms as resource rent, optimal price path, optimal resource extraction and optimal rotation
- is aware of the utility theory on which environmental techniques are based
- can perform project evaluations and analyse potential cost and benefits of private and public project, employing standard methods
- is able to set up and analyse economic problems related to the exploitation of non-renewable stock resources and cultivated, renewable natural resources
- knows how to use and analyse different valuation techniques used for use and non-use environmental values
- has a good theoretical background in resource economic principles which could be used in analysing real cases
- has a solid understanding of basic methods used in environmental economics, their strengths and weaknesses, and when it is suitable to make use of different methods
Lectures and seminars will be main teaching approaches for this course. Learning activities include: i) students’ participation and engagement in class, ii) short presentations (each 5 minutes) related to a particular given topic or issue, also present the group project ideas and a draft of the paper before final submission; iii) final written exam.
In the semester term paper the students will apply what they have learned about theory and methods to a case of their own choice, i.e. an economic analysis of a project with resource uses or environmental impacts.
The exam consists of two parts:
- Term paper (40%)
- 2-3 can work as a group with a project of their own choices, e.g., economic analysis of a project with environmental impacts or a resource exploitation (max 15 pages).
- One Written exam, 4 hours (60%).
The grading scale is A-F, where A-E is passed, and F is failed.
- Participation 80% in class
- Two short presentations, approximately 5 minutes long
- Four short take-home assignments before the seminars (will be given at least one week before the seminar).
A re-sit exam will be arranged for the written exam in the next semester. The student must retake the exam(s) which he/she failed.