Professor of Economics, Department of Economics, University of Oslo

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ECON4925 Resource economics, Spring 2004
Olav Bjerkholt:
Lecture notes on the Theory of Non-renewable Resources

0. Introduction
1. Gray's problem: the discovery of resource rent
2. The Hotelling rule for prices of exhaustible resources
3. Resource markets and imperfect competition
4. Uncertainty in resource markets
5. Taxation of nonrenewable resources
6. Theories of natural gas markets
7. Renewable resources: Optimal taxation under an open-access regime
8. Forest Optimization
Appendix 1: Optimal control