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Environmental and Resource Economics MSB350

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.





Vekting (SP)


Semester undervisningsstart


Antall semestre






Learning outcome


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.
  1. Theory of environmental market failures
  2. Valuing non-market environmental goods and services
  3. Extraction and depletion of non-renewable natural resources
  4. Management of renewable natural resources
Required prerequisite knowledge
Recommended prerequisites
Microeconomics & econometrics at the intermediate bachelor level or master level.
Eksamen / vurdering
Vurderingsform Vekting Varighet Karakter Hjelpemiddel
Folder evaluation 1/1 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.

Coursework requirements
Participation and group presentation
Attendance is necessary in order to participate in some of the components in the assessment.
Course teacher(s)
Course coordinator: Gorm Kipperberg
Study Program Director: Yuko Onozaka
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

- Assignments: 100-120 hours

TOTAL: 270 hours

Open for
Energy, Environment and Society - masterstudium Master in Accounting and Auditing Business Administration - Master of Science Business Administration - Master of Science (5 years)
Course assessment
Students will have the opportunity to give feedback on the course first in an early dialogue, and then in a written course evaluation at the end of the course.
Overlapping courses
Course Reduction (SP)
Environmental and Resource Economics (MØA350) 10
The syllabus can be found in Leganto