Course description
Main elements of the theories of renewable and non-renewable resources, particularly as applied to oil and gas, hydropower, forestry and fishing. Optimality aspects of the theories are central. Policy aspects related to the designated applied areas are important and also requires familiarity with some institutional aspects. The course will also encourage empirical knowledge, incl. the treatment of resources in the national accounts. Also policy wit regard to natural resource monopolies.
Reading list
Perman, R., Y. Ma, J. McGilvray and M. Common, Natural Resource & Environmental Economics, Third Edition, Harlow, England: Pearson Education Ltd. Chapter 1,2,3,4,14,15,17,18,19.
F?rsund, F "The economics of hydropower utilisation" (Download from (Coming later))
Supplementary/additional reading list
Adelman, M.A., 1993: "Modelling world oil supply", Energy Journal 14, 1-32. (K)
Andersen, P., 1983: "On rent of fishing grounds": a translation of Jens Warming's 1911 article, with an introduction, History of Political Economy 15(3), 391-396. (K)
Bjerkholt, O., ?. Olsen and J. Vislie (eds.), 1990: Recent Modelling Approaches in Applied Energy Economics, London: Chapman and Hall, Ch. 3 and 4. (K)
Bjerkholt, O. and E. Gjelsvik, 1992: "Common Carriage for natural gas: the producers' perspective", in Hope, E. and S. Str?m (eds.): Energy Markets and Environmental Issues: A European Perspective, Scandinavian University Press, 1992. (K)
Davis, J., Ossowski, R., Daniel, J., and Barnett, S. 2001: "Stabilization and Savings F unds for Nonrenewable Resources. Experience and Fiscal Policy Implications", IMF Occasional Paper, 205. [Ch.II "Nonrenewable Resource Revenues: Policy Implications", 4-7, Ch.III "Funds and Their Rationale", 8-12. (K)
Gelb, A. et al., 1988: Oil Windfalls. Blessing or Curse?, World Bank/Oxford University Press. [Ch. 2 "Theoretical Approaches to the Analysis of Windfalls Effects", 14-31. (K)
Hotelling, H., 1931: "The economics of exhaustible resources", Journal of Political Economy 39, 137-175. (Download the article from www.jstor.org)
Hveding, V., 1968: "Digital simulation techniques in power system planning", Economics of Planning 8 (1-2), 118-139. (K)
Krautkraemer, J.A., 1998: "Nonrenewable resource scarcity", Journal of Economic Literature 36, 2065-2107. (Download the article from www.jstor.org)
Miller, M.H. and C.W. Upton, 1985: "A test of the Hotelling valuation principle", Journal of Political Economy 93, 1-24. (Download the article from www.jstor.org)
Pindyck, R.S., 1980: "Uncertainty and exhaustible resource markets", Journal of Political Economy 88, 1203-1225. (Download the article from www.jstor.org)
Salant, S., 1976: "Exhaustible resources and industrial structure: a Nash-Cournot approach to the world oil market", Journal of Political Economy 84, 1079-1093. (Download the article from www.jstor.org)
Samuelson, P. A., 1976: "Economics of forestry in evolving societies," Economic Inquiry 466-492. (K)
Solow, R. M., 1986: "On the intergenerational allocation of natural resources," Scandinavian Journal of Economics 88(1), 141-149. (K)
Ulph, A.M. and G.M. Folie, 1980: "Exhaustible resources and cartels: an intertemporal Nash-Cournot model", The Canadian Journal of Economics 13, 645-658. (Download the article from www.jstor.org)
References marked with (K) will be part of a compendium and for sale at Kopiutsalget, Akademika.
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