What is the appropriate level of pollution and how can it be achieved? What is the best management of renewable resources (e.g. fish, forest)? What is the optimal extraction rate for non-renewable resources (e.g. oil, natural gas)? How much is a nature experience worth? And what would be the economic cost of an oil spill in the Arctic? Environmental and resource economics is a branch of economics with explicit focus on the role of the environment and natural resources in the economy, and questions like the ones above are examples of ones that students will learn to address during this course.
Course description for study year 2021-2022. Please note that changes may occur.
Upon completion of the course, students will have:
A fundamental understanding of central environmental economics and nautural resource economics concepts, theories and models, which form the basis of the course and the science of economics.
An understanding of the complexity and scope of the determinants of economic behavior among microeconomic agents, their interactions, and their dependencies on natural resources and the environment.
Upon completion of the course, students will:
Have the ability to use different theories and models to analyze what drives economic agents in different situations as it relates to natural resources and environmental goods and services.
Know how to read and comprehend published research in the field of environmental and resource economics.
Be capable of implementing own applied research in the field of environmental and resource economics.
Be able to apply tools from the field of environmental and resource economics as a basis for evaluating and developing the economic decision-making strategies in both the private and public sectors of the economy.
Theory of environmental market failures
Valuing non-market environmental goods and services
Extraction and depletion of non-renewable natural resources
Management of renewable natural resources
Required prerequisite knowledge
Microeconomics & econometrics at the intermediate bachelor level or master level.
Form of assessment
A - F
The folder evaluation consists of:2 problem setsArticle summary (written)Research paperStudents will receive one grade based on the components in the folder. No resit.
Participation and group presentation
Attendance is necessary in order to participate in some of the components in the assessment.
Study Program Director:
Method of work
8 weeks of lectures at 3.5 hours per week. 1 week with 5 days of 3.5-hour lectures. Lectures are delivered in English.
Estimated hours of effort for the course:
- Lectures & seminars: 50 hours
- Independent study of course material: 100-120 hours