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ecn275/375 - Natural resource and environmental economics |
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| Schedule | Syllabus | Exercises | Exams | Notes | Links |
Lectures marked "Lec no.", exercises marked "Exerc./disc. no.". Contents of each lecture or exercise session may be modified (at the latest one week ahead). Exercises marked according to lecture. Exercise and discussion sessions will span several lectures. Attendance to lectures and exercise/discussion sessions is voluntary.
Detailed contents on each lecture and associated exercises to be updated (marked "Updated" when done, "Not updated" otherwise; updated status on this page also pertains to matching exercise. Videos from 2021 may differ somewhat from materials presented this year, but may still be useful to capture the essentials/recap materials you are uncertain about.
| Lecture/Exercise | Date | Theme | Readings |
|---|---|---|---|
| Part 1: Introduction, foundations | |||
| Lec. 1 Not updated |
Wed 29.01 | Course introduction Read chapter 1 for overview Case discussion to illustrate the importance of economic reasoning |
Perman et al., Chapter 1 |
| Lec. 2 Not updated |
Fri 31.01 | Sustainability and ethics | Perman et al., Chapter 2-3 |
| Lec. 3 Not updated |
Tue 04.02 | Welfare economics and the environment | Perman et al., Chapter 4, Chapter 13 Romstad (2021):Risk and uncertainty |
| Part 2: Environmental regulation and policy instruments, risk implications | |||
| Lec. 4 Not updated |
Wed 05.02 2 lectures |
Pollution control, physical targets Supplement: Total and marginal damages |
Perman et al., Chapter 5 |
| Lec. 5 Not updated |
Fri 07.02 2 lectures |
Asymmetric information, principal agent models, and resource allocation mechanisms (PDF of presentation held in class) Pollution control, (economic) policy instruments |
Romstad (2005), section 1-4 Perman et al., Chapter 6, section 6.1-6.4 |
| Lec. 6 Not updated |
Tue 11.02 | Pollution control, (economic) policy instruments (2)
Dynamic efficiency for stock pollutants (PDF of presentation) In class exercise: How permit market prices emerge. Two cases for market size: 5 players and 7 players | Perman et al., Chapter 6, section 6.5-6.6 Romstad (2016) |
| Exerc./disc. 1 Not updated |
Wed 12.02 | Covers lectures 4-6 - topics on the agenda: - Case 1: The Norwegian government aims to introduce CAF to offset climate gas negative income effects (background: environmental taxes and revenues Presentation (6:07 min, 20 Mb), PDF) - Case 2: Public goods from agriculture (discussion) (background: production possibility fronts Presentation (7:55 min, 28 Mb), PDF) with summary note - Run through of exercises where people struggle (an email with exercise no. helps me prepare) |
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| Lec. 7 Not updated |
Fri 14.02 | Monitoring and enforcement (ME) + note on monitoring prob. in reputation based models to show that reputation models give cost savings | Romstad (2006) |
| Lec. 8 Not updated |
Tue 18.02 | Pollution control, (economic) policy with imperfect information | Perman et al., Chapter 7 |
| Exerc./disc. 2 Not updated Information about group project ECN 375/376 (last 15 minutes) | Wed 19.02 | Covers lectures 7-8 - For your preperation - repeat decision trees and expected utility (lecture 3) - The basic ME model - decision trees + expected utility - Reputation based models - compliance rents - Optimal emissions when marginal abatement costs are unknown - The Weitzman theorem |
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| Lec. 9 Not updated |
Fri 21.02 | Presentation: Provision of public goods: procurement auctions | Romstad (2012) |
| Lec. 10 Not updated |
Tue 25.02 | Presentation game theory International environmental problems, international trade |
Romstad (2005), section 5 Perman et al., Chapter 9-10 |
| Exerc./disc. 3 Not updated |
Wed 26.02 | Covers lectures 9-10 - Public goods and payments: Truth-telling properties of procurement auctions, implications for policy. - International environmental issues: Their difference from national/regional env. issues, policy implications (summary) |
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| Sum 1 Not updated |
Fri 28.02 | Summary part 2: Environmental regulation, policy instruments (i) Test instructions (ii) Example on exam document (from 2022 test in MS Word) you are to use when answering. Do not delete questions, but leave open if not answered. |
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| Test 1 | Fri 07.03 | Take home test 1: Environmental regulation, policy instruments - time: 12:15-15:15 | -- |
| Part 3: Natural resource utilization, risk implications | |||
| Lec. 11 Not updated |
Tue 11.03 | Efficient and optimal use of natural
resources (1)
Note on isoquants and the economic theory behind (strongly recommended) Note on the derivation of the elasticity of substitution for the Cobb-Douglas production function (for specially interested, not directly exam relevant) |
Perman et al., Chapter 14 |
| Lec. 12 Not updated |
Wed 12.03 | Efficient and optimal use of natural resources (2) The time derivative of a state variable | Perman et al., Chapter 14 |
| Exerc./disc. 4 Not updated |
Fri 14.03 | Covers lectures 11-12 (click here). Suggested answers (will be made available after the session) |
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| Lec. 13 Not updated |
Tue 18.03 | Optimal resource extraction of non-renewables | Perman et al., Chapter 15 |
| Lec. 14 Not updated |
Wed 19.03 | Stock pollution issues Extended explanatory note (same change in equivalent figure) |
Perman et al., Chapter 16 |
| Excerc./disc. 5 Not updated |
Fri 21.03 | Covers lectures 13-14 (click here with suggested elements that could enter answers). | - |
| Lec. 15 Not updated |
Tue 25.03 | Renewable resources (1) - Fisheries part 1 (i) Time derivative of stock and (ii) t-subscripts removed in steady state) | Perman et al., Chapter 17 |
| Lec. 16 Not updated |
Wed 26.03 | Renewable resources (1) - Fisheries part 2 | Perman et al., Chapter 17 |
| Lec. 17 Not updated |
Fri 27.03 | Renewable resources (2) - Forests and forestry
Supporting videos to the "Forests and forestry" hand-out. Note: old notation for interest rates: i = private discount rate, r = social discount rate - Forestry - the basic single rotation model (4:27 min, 57 Mb) - Forestry - multi use forestry and optimal rotation (3:02 min, 47 Mb) Discussion question 1+2 - clarifying comments |
Perman et al., Chapter 18 |
| Exerc./disc. 6 Not updated Deadline for ECN 375 topics/groups moved to Tuesday April 16 |
Tue 31.03 | Covers lectures 15-17 (click here with suggested answers) | - |
| Sum 2 Not updated |
Wed 01.04 | Summaries and test info.: - Summary part 3: Natural resource economics - Test instructions (same as for env.econ. part) |
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| Test 2 | Wed 08.04 | Take home test 2: Natural resource economics and risk - time: 12:15-15:15 Questions made available on this site at the starting time of the test | -- |
Course Home page
| Last updated: 12.12.2024 Copyright © Eirik Romstad |