SOK-3002 Advanced Natural Resource Economics - 10 stp

The course content will cover natural resource economics broadly, with emphasis on dynamic aspects, including mathematical dynamic optimisation.

Students who have successfully completed the course should have achieved the following learning outcomes:

Knowledge and comprehension:

The students will have knowledge of

• Dynamic optimisation
• Renewable and non-renewable natural resource economics and aspects relating to sustainability
• Methods used to assess natural resource values

Skills:

The students will develop skill to:

• Use dynamic optimization in economic analysis
• formulate and analyze issues related to the economics of natural resources
• apply theoretical concepts and ideas to undertake relevant applied work

Competence:

The student should be able to

• read, understand and present economic models and results from current research on natural resource economics
• apply theories and principles and develop expertise in addressing questions related to natural resource management
• discuss and analyse central questions pertaining to the present situation related to renewable and non-renewable natural resources

4 hour written exam in mathematics (counts 40%). Term paper (counts 60%). Evaluated with grades A - F, where F is failed.

Coursework requirements:

• Required pass on 200 word introduction to term paper
• Required pass on presentation of term paper topic

Re-sit exam: A re-sit exam and/or term paper is offered in the beginning of the next semester.

The date for the exam can be changed. The final date will be announced at your faculty early in May and early in November.

• Sydsæter, Hammond, Seierstad and  Strøm (2005). Further mathematics for economic analysis, Prentice Hall, Chapters 4.2, 5.1-5.4,  5.6, 6.1-6.9,  9.1-9.4, 9.6
• Perman, R., Y. Ma, J. McGilvray og M. Common (2011), 3. Ed.; Natural Resource and Environmental Economics, in particular chapters. 2,4,11,12,14,15,17,18. (PMMC)
• Clark, C.W. and G.R. Munro (1975). Economies of fishing and modern capital theory: a simplified approach. Journal of Environmental Economics and Management, Vol. 2, pp. 92-106.
• Flaaten, O. (1991). Bioeconomics of sustainable harvest of competing species, Journal of Environmental Economics and Management, 18:1-18, 1991.
• Weitzman M.L. (2002). Landing Fees vs Harvest Quotas with Uncertain Fish Stocks. Journal of Environmental Economics and Management, 43 (2), 325-338.
• Additional literature of maximum 50 pages may be handed out.