December 17, 2014
Office: Department of Economics, University of Oslo, P.O. Box 1095,
Blindern, NO–0317 Oslo, Norway, tel. +47 22855129, fax +47 22855035.
Home: Tuengen Alle 9, NO–0374 Oslo, Norway, tel. +47 22490297, fax +47
Home page: http://www.sv.uio.no/econ/english/people/aca/dilund
Born 1953 in Oslo, Norway. Male.
Citizen of Norway. Married, two children born 1980 and 1985.
Graduate: The Ph.D. degree in economics from Massachusetts Institute of
Technology, U.S.A., 1987. Accepted as at least equivalent with Norwegian
doctorate in November 1987.
Graduate: The Cand. polit. (approx. Master's) degree in economics from the
University of Bergen, 1981.
Diploma in Education (pedagogisk seminar), University of Bergen, 1979.
Undergraduate: The Cand. mag. degree (mathematics, economics, sociology)
from the University of Bergen, Norway, 1976.
Employed full-time at the Department of Economics, University of Oslo,
Norway, as research assistant (vit. ass.) August 1984 – December 1985, as
research fellow (univ. stip.) January 1986 – December 1986, and as
associate professor (førsteamanuensis) January 1987 – April 2001. Until
March 1989 a position with special obligation to lecture in business economics,
thereafter a general position in economics. Professor of economics since May
2001. Elected Deputy Head of Department 2004, acting as Head spring 2004.
Elected Head of Department January 2005 – December 2007 for the
Department of Economics. Affiliated with the research center Oslo Fiscal
Studies since 2012.
Research fellow in petroleum economics, The Norwegian Research Council for
Science and the Humanities (NAVF), 1981 – 1984. First year at The Chr.
Michelsen Institute, next two years at M.I.T.
Other professional experience
Chair of advisory forum for public tax commission in Norway
lecture in conference 18 April 2012 on review of Danish petroleum taxation
and regulation, organized by Danish Ministry of Taxation.
Member (Fagkyndig meddommer) of Borgarting lagmannsrett (court of appeal)
October – November 2011, court case on financial
Member of local organizing committee for the joint EEA-ESEM conference
in Oslo, 2011. Responsible for infrastructure and temporary staff.
Chair of the board of the Ragnar Frisch
Centre for Economic Research, Oslo, from January 2008.
Member of the employer's panel (aftagerpanelet) at the Department of
Economics, Copenhagen University, Denmark, May 2007 – June 2013.
Member of the programme
board for the bachelor's programme in Mathematics and Economics at the
University of Oslo, from April 2007.
Elected leader of the National University Committee for Economics (Nasjonalt
fagråd for samfunnsøkonomi) under the Norwegian Association of Higher Education
Institutions, August 2005 – January 2008.
in public hearing in two committees (EPU and SAU) of Folketinget (the
parliament of Denmark) on tax consequences of petroleum licensing in Denmark,
December 9, 2003.
Member of Danish governmental commission on petroleum taxation February 2001
– October 2001.
Member of Norwegian public commission on petroleum taxation November 1999
– June 2000, cf. items no. 30 and 31 on the list of written
Member (Fagkyndig meddommer) of Oslo District Court (Oslo Byrett) September
– December 1999, tax court case.
Member of organizing committee for EAERE's ninth annual conference, 1999.
Member of programme committee under the Research Council of Norway, the
programme “Industry, Finance and Market”, 1997 – 2002.
Main organizer of a conference in Oslo, Norway, December 1997, on tax policy
in the Nordic countries.
Member of the board for funds (endowment) management at the University of
Oslo (UNIFOR) 1994 – 1998.
Scientific advisor to the Centre for Research in Economics and Business
Administration (SNF) January – December 1993.
Member of the Norwegian programme committee under the UNESCO programme
“Man and the Biosphere”, January 1992 – December 1994.
Consulting contract for the World Bank 1991, cf. item no. 32 and 50 on the
list of written production.
Initiated, helped organize, and chaired a conference in Loen, Norway, August
1989, on stochastic models and investment decisions, cf. item no. 33 on the
list of written production.
Project leader at the Centre for Applied Research (SAF), project on
petroleum taxation, 1987 – 1990.
Research assistant at the Centre for Petroeconomic Studies, The Chr.
Michelsen Institute, Bergen, Norway, 1980 – 1981.
Teaching assistant at the Department of Economics, University of Bergen,
1976, 1977, 1979.
Written production – papers published in international refereed
participation and taxation in Norwegian petroleum: Lessons for
others?” Energy Strategy Reviews, vol 3, 2014, pp.
- “How taxes on firms reduce the risk of after-tax cash flows,”
FinanzArchiv/Public Finance Analysis, vol. 70, 2014, pp.
- “Neutrality of the Resource Super Profits Tax,” Australian Economic Review, vol. 44,
2011, pp. 233–238.
taxation for nonrenewable resources,” Annual Review of Resource Economics,
vol. 1, 2009, pp. 287–308.
- “How to analyze the investment–uncertainty relationship in
real option models?” Review of Financial Economics, vol. 14,
2005, pp. 311–322.
- “Cream skimming, dregs skimming, and pooling: On the dynamics of
competitive screening,” with Tore Nilssen, Geneva Papers on Risk
and Insurance Theory, vol. 29, 2004, pp. 23–41.
- “Petroleum tax reform proposals in Norway and Denmark,”
Energy Journal, vol. 23, no. 4, 2002, pp. 37–56.
- “Taxation, uncertainty, and the cost of equity,”
International Tax and Public Finance, vol. 9, no. 4, 2002, pp.
- “Rent taxation when cost monitoring is imperfect,”
Resource and Energy Economics, vol. 24, no. 3, June 2002, pp.
choice between owner's wages and dividends under the dual income
tax,” with Erik Fjærli, Finnish Economic Papers, vol. 14,
no. 2, Autumn 2001, pp. 104–119, was awarded the prize as best
article in FEP during the two-year period 2001–2002.
- “Can a small nation gain from a domestic carbon tax? The case with
R&D externalities,” Scandinavian Journal of Economics,
vol. 96, no. 3, 1994, pp. 365–379.
- “The lognormal diffusion is hardly an equilibrium price process for
exhaustible resources,” Journal of Environmental Economics and
Management, vol. 25, 1993, pp. 235–241.
- “Petroleum Taxation under Uncertainty – Contingent Claims
Analysis with an Application to Norway,” Energy Economics,
vol. 14, 1992, pp. 23–31.
- “Less than Single Dividend Taxation: A
Note,” Journal of Public Economics, vol. 29, 1986, pp.
Written production – papers published in Norwegian refereed
markedsføring av finansielle produkter,” (Questionable marketing
of financial products), Samfunnsøkonomen, vol. 128, no. 7, 2014,
omtrent riktig enn nøyaktig galt,” (Better about right than
exactly wrong), Samfunnsøkonomen, vol. 127, no. 9, 2013, pp.
og skatt i petroleumsvirksomhet,” (Discount rate and tax in
petroleum activity), Samfunnsøkonomen, vol. 127, no. 6, 2013, pp.
petroleumsvirksomheten subsidiert?,” (Is the petroleum activity
vol. 126, no. 4, 2012, pp. 22–31. English
- “Petroleumsskatt – flere uavklarte spørsmål,”
(Petroleum taxation – further undecided issues), Økonomisk
Forum, vol. 55, no. 9, 2001, pp. 34–40.
- “EUs konsesjonsdirektiv: Store endringer for olje- og
gassektoren,” (The license directive of the EU: Big changes for the
oil and gas sector), Sosialøkonomen, vol. 48, no. 6, 1994, pp.
- “Samfunnsøkonomisk vurdering av usikkerhet,” (Social
evaluation of uncertainty), Norsk Økonomisk Tidsskrift, vol. 107,
1993, pp. 155– 178.
- “Usikre investeringer under begrenset diversifisering,”
(Uncertain investments under limited diversification), Beta, vol. 7,
no. 2, 1993, pp. 14–21.
- “Skattereformen 1992: Konsekvenser for
petroleumsskattleggingen,” (The Tax Reform 1992: Consequences for the
Petroleum Taxation), Sosialøkonomen, vol. 45, no. 7/8, 1991, pp.
- “Endringer i petroleumsskattleggingen,” (Changes in the
petroleum taxation), Sosialøkonomen, vol. 39, no. 1, 1985, pp.
- “Kjøp av tid i petroleumsvirksomheten,” (Buying time in the
petroleum industry), Sosialøkonomen, vol. 36, no. 9, 1982, pp.
- “Petroleumsskatt og kostnadsbevissthet,” (Petroleum tax and
cost consciousness), Sosialøkonomen, vol. 35, no. 6, 1981, pp.
Written production – books and book chapters
- “Taxation of nonrenewable resources,” in J.F. Shogren (ed.),
Encyclopedia of Energy, Natural Resource,
and Environmental Economics, vol. 2, Amsterdam: Elsevier, 2013, pp.
- “Neutral company taxation under uncertainty, with some experiences
from the petroleum sectors of Norway and Denmark,” in R. Påhlsson
(ed.), Yearbook for Nordic Tax Research
2006, Universitetsforlaget, Oslo, Norway, 2006, pp. 116–123.
- “Under different international agreements: Can a small nation gain
from introducing a carbon tax early,” in A. Ulph (ed.),
Environmental Policy, International Agreement, and International
Trade, Oxford University Press, 2001, pp. 209–230.
av petroleumsvirksomhet,” Norwegian public reports (Norges
offentlige utredninger, NOU), no. 2000:18, coauthored as member of public
commission on petroleum taxation, Ministry of Finance, Oslo, Norway.
i petroleumsskattleggingen,” (Neutrality in petroleum taxation),
appendix in NOU 2000:18 (see above), pp. 185–226, Ministry of
Finance, Oslo, Norway.
- “Taxation and regulation of an exhaustible
natural resource: The case of Norwegian petroleum,” in E. Figueroa
(ed.), Economic Rents and Environmental Management in Mining and Natural
Resource Sectors, University of Chile and University of Alberta, ISBN
956-19-0307-5, 1999, pp. 189–244, based on item no. 50 on this
- Stochastic Models and Option Values, with
Applications to Resources, Environment, and Investment Problems, edited
by D. Lund and B. Øksendal, North-Holland, Amsterdam, 1991.
- “Stochastic Models and Option Values: An
Introduction,” 1991, in the book edited by D. Lund and B. Øksendal,
item no. 33, pp. 3–18.
- “Financial and Non-Financial Option Valuation,” 1991, in the
book edited by D. Lund and B. Øksendal, item no. 33, pp. 143–163.
- “Social Discount Rates Under Uncertainty for Norwegian Oil
Projects,” in O. Bjerkholt, Ø. Olsen, and J. Vislie (eds.), Recent
Modelling Approaches in Applied Energy Economics, Chapman and
Hall, London, 1990, pp. 171–186.
Work in progress
statics for real options on oil: What stylized facts to use?,”
with Ragnar Nymoen, Memorandum no. 14/2013, Dept. of Economics, Univ. of
leverage and the cost of capital in the case of depreciable assets:
Revisited,” revised version, June 3, 2003, working paper no.
3-2003, Department of Economics, Copenhagen Business School, Denmark,
presented at the Midwest Finance Association conference, St. Louis, MO,
Written production – thesis, reports, book review, memoranda,
lectures, working papers, teaching notes
og skatt,” (Required returns and taxes), lecture 18 September
2014 at a conference of the Norwegian Petroleum Society, Solstrand, Os,
economist's view,” lecture 12 March 2013 in seminar at the
Department of Private Law, University of Oslo, on Investment Services and
Consumer Contract Law.
med rammevilkår for petroleumsproduksjon i Norge,” (Experiences
with conditions for petroleum production in Norway), lecture 18 April 2012
at conference on review of Danish petroleum taxation and regulation, Danish
Ministry of Taxation, Copenhagen.
analytical model of required returns to equity under taxation with
imperfect loss offset,” Memorandum no. 13, Dept. of Economics,
Univ. of Oslo, 2005, replacing item no. 43 below, replaced by item no. 2
- “Taxation and
systematic risk under decreasing returns to scale,” working paper
no. 2-2003, Department of Economics, Copenhagen Business School, Denmark,
replaced by item no. 2 above.
uncertainty, and the cost of equity for a multinational firm,”
Memorandum no. 13, Dept. of Economics, Univ. of Oslo, July 9, 2001.
Presented at two Norwegian conferences (NFØ and FIBE, both in January
2001), and at the annual congresses of Multinational Finance Society (June
2001), International Institute of Public Finance (August 2001), and
European Economic Association (August 2001). Revised version published as
item no. 8 above.
loss offset and the after-tax expected rate of return to equity, with an
application to rent taxation,” Memorandum no. 21, Dept. of
Economics, Univ. of Oslo, Norway, 2000.
- “Rent taxation when cost transfers are possible, but costly,”
Memorandum no. 20, Dept. of Economics, Univ. of Oslo, Norway, 1998. With
Hilde E. Halvorsen. Revised version published as item no. 9 above.
- “Programmering i Gauss – en innføring for økonomer,”
(Programming in Gauss – an introduction for economists), Teaching
notes, Department of Economics, Univ. of Oslo, fourth edition, January
1996, English version, August 1996.
- “Book Review: A. Dixit and R. Pindyck, Investment under
Uncertainty,” in Norsk Økonomisk Tidsskrift, vol. 108, no. 3,
1994, pp. 236–240 (in Norwegian).
- “Can a Small Nation Gain from Introducing a Carbon Tax
Early?,” Discussion paper no. 1064, Centre for Economic Policy
Research, London, UK, 1994.
- “Mineral Taxation and Regulation in a Small
Mineral Exporting Economy: Some Lessons from Norwegian Petroleum,”
report to the World Bank, September, 1991.
- “Taxation of Risky Investment: The Finance Approach and its
Relation to the Economics Approach,” Memorandum no. 23, Dept. of
Economics, Univ. of Oslo, Norway, 1990. With Nina Langbraaten.
- “Social Discount Rates Under Uncertainty – a Reexamination
and Extension of Sandmo's Farm Model,” Memorandum no. 10, Dept. of
Economics, Univ of Oslo, Norway, 1988.
- “Investment, Taxes, and Uncertainty, with Applications to the
Norwegian Petroleum Sector,” Ph.D. thesis, Dept. of Economics,
Massachusetts Institute of Technology, U.S.A., 1987, consisting of the
items on this list no. 55, 54, 56, and 14.
- “Investing in Non-marketable Assets,”
Memorandum no. 2, Dept of Economics, Univ of Oslo, Norway, 1987.
- “Investment, Taxes, and Uncertainty, with
Applications to the Norwegian Petroleum Sector,” Memorandum no. 1,
Dept. of Economics, Univ. of Oslo, Norway, 1987.
- “Some Comments on the Solution of a Dynamic
Portfolio Model with Endogenous Oil, and on Oil Price Uncertainty,”
Memorandum no. 2, Dept. of Economics, Univ. of Oslo, Norway, 1986.
- “Compromizing on Rent Tax Neutrality to Ensure Economizing
Behavior,” Memorandum no. 15, Dept. of Economics, Univ. of Oslo,
- “Social Discounting for Time and Risk in the Norwegian Petroleum
Sector – A Theoretical Background,” Memorandum no. 14, Dept. of
Economics, Univ. of Oslo, Norway, 1985.
- “Norsk petroleumsskatt – virkninger på selskapenes
tilpasning,” (Norwegian petroleum taxation – effects on company
behavior), CMI Report 822152–1, Bergen, Norway, 1982.
- “Petroleumsskatt og investeringer,” (Petroleum taxation and
investments), CMI Report 812010–2, Bergen, Norway, 1981.
External PhD committee member, examiner, opponent, or similar, for
the following candidates
- Petter Bjerksund, Norwegian School of Economics and Business
Adminstration (NHH), Finance, 1989
- Petter Osmundsen, Norwegian School of Economics and Business
Adminstration (NHH), Economics, 1994
- Jostein Tvedt, Norwegian School of Economics and Business Adminstration
(NHH), Economics, 1995
- Jøril Mæland, Norwegian School of Economics and Business Adminstration
(NHH), Finance, 2001
- Tom Dahlström, University of Helsinki, Economics, 2002
- Hanna Karikallio, University of Turku, Economics, 2010
- Jarkko Harju, University of Turku, Economics, 2013
- American Economic Review (2006, 2011)
- American Journal of Agricultural
- Australian Journal of Management (1995)
- Beta (1989, 2000)
- Economica (2001)
- Economics Letters (2010)
- Energy Economics (1994, 2010, 2013)
- Energy Journal (1990, 2001, 2003, 2005, 2009, 2012)
- Energy Strategy Reviews (2014)
- Environmental and Resource Economics (1993, 2000, 2004)
- European Economic Review (1988, 1991)
- FinanzArchiv (2004)
- Finnish Economic Papers (2002, 2005)
- International Economic Journal (2007)
- International Economic Review (1999)
- International Tax and Public Finance (1996, 1998, 2003, 2014)
- International Review of Economics and Finance (1996)
- Journal of Environmental Economics and Management (1998)
- Journal of Public Economics (1990, 1992, 1993, 2001, 2003, 2005,
2008, 2010, 2011)
- Norsk Økonomisk Tidsskrift (1988, 1990, 1991, 1993, 1994, 1995,
1998, 2000, 2001)
- Quarterly Journal of Economics
- Rand Journal of Economics (1987)
- Resource and Energy Economics (1996, 2003, 2004)
- Review of Economic Studies (1989)
- Review of Financial Economics (2004, 2006, 2008)
- Risk Decision and Policy (2001)
- Scandinavian Actuarial Journal (2003)
- Scandinavian Journal of Economics (1994, 1995, 1999, 2001)
- Sosialøkonomen (1984, 1985, 1986, 1987, 1995, 1998)
- Økonomisk Forum (2005)