autumn 2020
SOK-3554 Resource economics and project evaluation methods - 10 ECTS

Last changed 22.10.2020

Application deadline

Applicants from Nordic countries: 1 June for the autumn semester. Applicants from outside the Nordic countries: 15 April for the autumn semester.

Type of course

This subject is obligatory in the Master's program in International Fisheries Management. The course can also be taken as a singular course.

Admission requirements

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.

Course content

This course gives an overall introduction of resource and environmental economics and presents applied methods of project evaluation, Present value evaluation, future value evaluation, Cost-benefit analysis and internal rate of return evaluation. The course includes a historical perspective on resource use and discusses the ethical foundation of the utilisation of natural resources. Environmental economics together with the exploitation of non-renewable resource and cultivated renewable resources constitute the major part of the course. The student is introduced to the central terms as resource rent, optimal price paths, optimal resource extraction and optimal rotation..

Objectives of the course

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.

The candidate

  • 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


The candidate

  • 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


The candidate

  • 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

Language of instruction

Language of instruction and examination: English.

Teaching 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. 

Coursework requirements:

  • 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.


Course overlap

SOK-3552 Fisheries Economics 3 stp
SOK-2037 Intermediate Natural Resource Economics 5 stp
  • About the course
  • Campus: Tromsø |
  • ECTS: 10
  • Course code: SOK-3554