wir906 - Resource and Energy Economics (Complete module description)

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Understanding the (normative) problems of resource use

Rationales and instruments for policy intervention into (energy) markets

Command of analytical methods (incl. role of analytical and numerical models in policy analysis)

Ability to judge energy policy issues based on sound economic analysis (theory)

Ability to quantify the relevance of arguments (empirics).

The course deals with the following subjects: Resource economics - Economics of sustainable resource use, methods of resource economics, non-renewable resources, renewable resources Energy economics - Markets and regulation: competitive markets as efficiency benchmark; market failures as a rationale for regulation - Fundamentals of energy system/market analysis: definitions and concepts; energy statistics and balances; elasticities and incidence of policy interference - Market imperfections and regulatory design: environmental externalities, imperfect competition - Electricity markets: supply, demand, market interactions, market failures and regulatory responses Methods of teaching: The course is designed as a lecture that teaches the relevant methods, concepts and models and illustrates them with reference to practical examples.

Roger Perman et al.: Resource and Environmental Economics, Pearson 2003.
John Hartwick, Nancy Olewiler: The Economics of Natural Resource Use, 2nd edition, Addison Wesley 1997;
Carol Dahl: International Energy Markets, PennWell 2004;
Steven Stoft, Power System Economics : Designing Markets for Electricity, New York 2002;
IEA: World energy outlook, annual.
Knut Sydsaeter, Peter Hammond: Essential Mathematics for Economic Analysis, Pearson.

Written exam