Curriculum Vitae

Diderik Lund

June 22, 2017


Office: Department of Economics, University of Oslo, P.O. Box 1095, Blindern, NO–0317 Oslo, Norway, fax +47 22855035.

Home: Tuengen Alle 9, NO–0374 Oslo, Norway, tel. +47 22490297.


Home page:


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.


Retired, October 2016.

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 May 2001 - September 2016. 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

Member of organizing committee for international conference on Real Options, Oslo, June 2016.

Project leader for Workshop on Financial risks from climate change, in cooperation with NBIM, Oslo, January 2016.

Member of organizing committee for Nordic workshop on tax policy and public economics, Oslo, November 2015.

Chair of advisory forum for public tax commission in Norway 2013–2014. See also item no. 41 below.

Invited 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 investments.

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, January 2008 – December 2015.

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.

Testimony 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 production.

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 53 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 journals

  1. State participation and taxation in Norwegian petroleum: Lessons for others?Energy Strategy Reviews, vol 3, 2014, pp. 49–54.
  2. “How taxes on firms reduce the risk of after-tax cash flows,” FinanzArchiv/Public Finance Analysis, vol. 70, 2014, pp. 567–598.
  3. “Neutrality of the Resource Super Profits Tax,” Australian Economic Review, vol. 44, 2011, pp. 233–238.
  4. Rent taxation for nonrenewable resources,” Annual Review of Resource Economics, vol. 1, 2009, pp. 287–308.
  5. “How to analyze the investment–uncertainty relationship in real option models?” Review of Financial Economics, vol. 14, 2005, pp. 311–322.
  6. “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.
  7. “Petroleum tax reform proposals in Norway and Denmark,” Energy Journal, vol. 23, no. 4, 2002, pp. 37–56.
  8. “Taxation, uncertainty, and the cost of equity,” International Tax and Public Finance, vol. 9, no. 4, 2002, pp. 483–503.
  9. “Rent taxation when cost monitoring is imperfect,” Resource and Energy Economics, vol. 24, no. 3, June 2002, pp. 211–228.
  10. The 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.
  11. “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.
  12. “The lognormal diffusion is hardly an equilibrium price process for exhaustible resources,” Journal of Environmental Economics and Management, vol. 25, 1993, pp. 235–241.
  13. “Petroleum Taxation under Uncertainty – Contingent Claims Analysis with an Application to Norway,” Energy Economics, vol. 14, 1992, pp. 23–31.
  14. “Less than Single Dividend Taxation: A Note,” Journal of Public Economics, vol. 29, 1986, pp. 255–261.

    Written production – papers published in Norwegian refereed journals

  15. Tvilsom markedsføring av finansielle produkter,” (Questionable marketing of financial products), Samfunnsøkonomen, vol. 128, no. 7, 2014, pp. 4–14.
  16. Bedre omtrent riktig enn nøyaktig galt,” (Better about right than exactly wrong), Samfunnsøkonomen, vol. 127, no. 9, 2013, pp. 14–18.
  17. Kalkulasjonsrente og skatt i petroleumsvirksomhet,” (Discount rate and tax in petroleum activity), Samfunnsøkonomen, vol. 127, no. 6, 2013, pp. 12–23. English translation.
  18. Er petroleumsvirksomheten subsidiert?,” (Is the petroleum activity subsidized?), Samfunnsøkonomen, vol. 126, no. 4, 2012, pp. 22–31. English translation.
  19. “Petroleumsskatt – flere uavklarte spørsmål,” (Petroleum taxation – further undecided issues), Økonomisk Forum, vol. 55, no. 9, 2001, pp. 34–40.
  20. “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. 8–14.
  21. “Samfunnsøkonomisk vurdering av usikkerhet,” (Social evaluation of uncertainty), Norsk Økonomisk Tidsskrift, vol. 107, 1993, pp. 155– 178.
  22. “Usikre investeringer under begrenset diversifisering,” (Uncertain investments under limited diversification), Beta, vol. 7, no. 2, 1993, pp. 14–21.
  23. “Skattereformen 1992: Konsekvenser for petroleumsskattleggingen,” (The Tax Reform 1992: Consequences for the Petroleum Taxation), Sosialøkonomen, vol. 45, no. 7/8, 1991, pp. 10–12.
  24. “Endringer i petroleumsskattleggingen,” (Changes in the petroleum taxation), Sosialøkonomen, vol. 39, no. 1, 1985, pp. 7–8.
  25. “Kjøp av tid i petroleumsvirksomheten,” (Buying time in the petroleum industry), Sosialøkonomen, vol. 36, no. 9, 1982, pp. 18–24.
  26. “Petroleumsskatt og kostnadsbevissthet,” (Petroleum tax and cost consciousness), Sosialøkonomen, vol. 35, no. 6, 1981, pp. 24–32.

    Written production – books and book chapters

  27. “Taxation of nonrenewable resources,” in J.F. Shogren (ed.), Encyclopedia of Energy, Natural Resource, and Environmental Economics, vol. 2, Amsterdam: Elsevier, 2013, pp. 224–231.
  28. “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.
  29. “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.
  30. Skattlegging 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.
  31. Nøytralitet i petroleumsskattleggingen,” (Neutrality in petroleum taxation), appendix in NOU 2000:18 (see above), pp. 185–226, Ministry of Finance, Oslo, Norway.
  32. “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 list.
  33. Stochastic Models and Option Values, with Applications to Resources, Environment, and Investment Problems, edited by D. Lund and B. Øksendal, North-Holland, Amsterdam, 1991.
  34. “Stochastic Models and Option Values: An Introduction,” 1991, in the book edited by D. Lund and B. Øksendal, item no. 33, pp. 3–18.
  35. “Financial and Non-Financial Option Valuation,” 1991, in the book edited by D. Lund and B. Øksendal, item no. 33, pp. 143–163.
  36. “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

  37. Comparative statics for real options on oil: What stylized facts to use?,” with Ragnar Nymoen, Memorandum no. 14/2013, Dept. of Economics, Univ. of Oslo, Norway, revised version forthcoming, Engineering Economist.
  38. Valuation, 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, March 2003.

    Written production – thesis, reports, book review, memoranda, lectures, working papers, teaching notes

  39. Er fradrag for investeringer for gode?” (Are investment deductions too generous?), lecture 3 May 2016 at a seminar organized by the Norwegian Oil and Gas Association, Nakka, Sweden.
  40. Avkastningskrav og skatt,” (Required returns and taxes), lecture 18 September 2014 at a conference of the Norwegian Petroleum Society, Solstrand, Os, Hordaland.
  41. Rente i aksjonærmodellen og ACE-modellen,” (Interest rate in the shareholder model and the ACE model), lecture 6 March 2014 in the advisory forum of a public tax commission, Oslo.
  42. An 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.
  43. Sammensatte finansielle produkter – uforståelige eller nyttige?” (Complex financial products – incomprehensible or useful?), lecture 1 November 2012, Faglig-pedagogisk Dag, University of Oslo.
  44. Erfaringer 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, see also pp. 149–170 of Serviceeftersynet af Vilkårene for Kulbrinteindvinding, March 2013, Danish Ministry of Taxation, Copenhagen.
  45. An 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. 46 below, replaced by item no. 2 above.
  46. 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.
  47. Taxation, 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.
  48. Imperfect 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.
  49. “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.
  50. “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.
  51. “Book Review: A. Dixit and R. Pindyck, Investment under Uncertainty,” in Norsk Økonomisk Tidsskrift, vol. 108, no. 3, 1994, pp. 236–240 (in Norwegian).
  52. “Can a Small Nation Gain from Introducing a Carbon Tax Early?,” Discussion paper no. 1064, Centre for Economic Policy Research, London, UK, 1994.
  53. “Mineral Taxation and Regulation in a Small Mineral Exporting Economy: Some Lessons from Norwegian Petroleum,” report to the World Bank, September, 1991.
  54. “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.
  55. “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.
  56. “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. 58, 57, 59, and 14.
  57. “Investing in Non-marketable Assets,” Memorandum no. 2, Dept of Economics, Univ of Oslo, Norway, 1987.
  58. “Investment, Taxes, and Uncertainty, with Applications to the Norwegian Petroleum Sector,” Memorandum no. 1, Dept. of Economics, Univ. of Oslo, Norway, 1987.
  59. “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.
  60. “Compromizing on Rent Tax Neutrality to Ensure Economizing Behavior,” Memorandum no. 15, Dept. of Economics, Univ. of Oslo, Norway, 1985.
  61. “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.
  62. “Norsk petroleumsskatt – virkninger på selskapenes tilpasning,” (Norwegian petroleum taxation – effects on company behavior), CMI Report 822152–1, Bergen, Norway, 1982.
  63. “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