Course

Economics of Energy Markets (MSB285)

This course builds understanding of the global energy situation, energy and climate policies, and the market outlook for various energy carriers. Coverage includes conventional power generation, wind power, solar energy, oil and natural gas. Drivers of demand, supply and price formation will be explored, including their relationship to resource scarcity, technology and innovation, economic factors, and policy variables. Finally, the course explores the macroeconomics of energy market developments for importers and exporters of energy resources.


Dette er emnebeskrivelsen for studieåret 2021-2022

See course description and exam/assesment information for this semester (2024-2025)

Semesters

Fakta

Emnekode

MSB285

Vekting (stp)

10

Semester undervisningsstart

Spring

Undervisningsspråk

English

Antall semestre

1

Vurderingssemester

Spring

Timeplan

Vis timeplan

Litteratur

Pensumlisten finner du i Leganto

Content

  1. Economics of energy
    • Global energy (drivers of energy demand, supply, energy and climate policies)
    • Economics of climate change (causes and consequences of climate policies, efficiency issues, impact on energy markets)
  • Economics of energy markets
    • Renewable energy sources (electricity investment and production, conventional power generation, economics of wind power and solar energy)
    • Non-renewable energy sources (oil and natural gas, investment and production, geography and technology, market structure, price formation, applied market analysis)
  • Energy and the economy
    • Macroeconomics of energy (energy-importers and energy-exporters)
    • Energy resource management (The Dutch Disease, the Resource curse, topics in resource revenue management, policy formation and sovereign wealth fund design)

    • Learning outcome

    Knowledge

    Having completed this course, students should be able to:

    • Understand connections and dilemmas of the nexus between economic growth, energy and climate policies, and energy demand
    • Demonstrate awareness of variation between energy technologies and energy carriers, as well as economic behaviour and price formation in each market segment
    • Reflect critically on the impact of shocks to demand, supply, prices and policies for the energy situation for energy-importing countries and for energy-exporting countries

    Skills

    Having completed this course, students should be able to:

    • Master analytical tools and methods to address questions relating to demand, supply, price formation and policy concerns for key energy carriers
    • Demonstrate advanced understanding of the impact of energy market developments for industry trends and business cycles in countries that are rich in energy resources.
    • Read and comprehend works at the academic frontier in this field of economics, and apply findings and results in own analytical work

    Forkunnskapskrav

    Ingen

    Anbefalte forkunnskaper

    Bachelor degree in business administration, finance, or economics, Bachelor courses in microeconomics, macroeconomics, mathematics, and statistics, Master level courses in microeconomics, macroeconomics, and empirical methodology.

    Exam

    Form of assessment Weight Duration Marks Aid Exam system Withdrawal deadline Exam date
    1/1 4 Hours Letter grades Valid calculator, Dictionary — — —


    Vilkår for å gå opp til eksamen/vurdering

    Submitted essay, Class presentation of essay, Presence and active participation in other student presentations
    One mid-term assignment has to be passed to qualify for the final exam. Evaluation of assignment (approved/not approved) based on
    • 1. Submitted essay
    • 2. Class presentation of essay (slidepack and performance)

    Fagperson(er)

    Study Program Director:

    Ingeborg Foldøy Solli

    Course coordinator:

    Gerhard Töws

    Method of work

    40 hours of online-lecturing, 12 hours of seminar activity (presentations of assignments), 190-240 hours of self-study and 4 hours take-home exam.

    Åpent for

    Admission to Single Courses at UiS Business School
    Sustainability Studies - Master's Degree Programme Industrial Economics - Master of Science Degree Programme Master of Science in Accounting and Auditing Business Administration - Master of Science Business Administration - Master of Science (5 years)
    Exchange programmes at UIS Business School

    Emneevaluering

    Students will have the opportunity to give feedback on the course first in an early dialogue, and then in a written course evaluation at the end of the course.

    Litteratur

    Article

    Climate Change Policy: What Do the Models Tell Us? Pindyck, Robert S, NASHVILLE, American Economic Association, 860-872, Journal of economic literature, 3, 51, 2013-09-01, 860-872, https://bibsys-ur.userservices.exlibrisgroup.com/view/uresolver/47BIBSYS_UBIS/openurl-UIS?ctx_enc=info:ofi/enc:UTF-8&ctx_id=10_1&ctx_tim=2021-11-18T12:19:09IST&ctx_ver=Z39.88-2004&url_ctx_fmt=info:ofi/fmt:kev:mtx:ctx&url_ver=Z39.88-2004&rfr_id=info:sid/primo.exlibrisgroup.com-gale_cross&rft_val_fmt=info:ofi/fmt:kev:mtx:journal&rft.genre=article&rft.atitle=Climate%20Change%20Policy:%20What%20Do%20the%20Models%20Tell%20Us?&rft.jtitle=Journal%20of%20economic%20literature&rft.au=Pindyck,%20Robert%20S&rft.date=2013-09-01&rft.volume=51&rft.issue=3&rft.spage=860&rft.epage=872&rft.pages=860-872&rft.issn=0022-0515&rft.eissn=2328-8175&rft_id=info:doi/10.1257/jel.51.3.860&rft.pub=American%20Economic%20Association&rft.place=NASHVILLE&rft.stitle=J%20ECON%20LIT&rft_id=info:bibcode/&rft_id=info:hdl/&rft_id=info:lccn/&rft_id=info:oclcnum/&rft_id=info:pmid/&rft_id=info:eric/&rft_dat=%3cgale_cross%3eA380187285%3c/gale_cross%3e%3curl%3e%3c/url%3e,language=eng,view=UBIS&svc_dat=viewit&user_ip=10.16.56.140&req.skin=primo&rft_galeid=A380187285View online

    Article

    Forty Years of Oil Price Fluctuations: Why the Price of Oil May Still Surprise Us Baumeister, Christiane ; Kilian, Lutz, NASHVILLE, American Economic Association, 139-160, The Journal of economic perspectives, 1, 30, 2016-01-01, 139-160, https://bibsys-ur.userservices.exlibrisgroup.com/view/uresolver/47BIBSYS_UBIS/openurl-UIS?ctx_enc=info:ofi/enc:UTF-8&ctx_id=10_1&ctx_tim=2021-11-18T12:19:58IST&ctx_ver=Z39.88-2004&url_ctx_fmt=info:ofi/fmt:kev:mtx:ctx&url_ver=Z39.88-2004&rfr_id=info:sid/primo.exlibrisgroup.com-gale_cross&rft_val_fmt=info:ofi/fmt:kev:mtx:journal&rft.genre=article&rft.atitle=Forty%20Years%20of%20Oil%20Price%20Fluctuations:%20Why%20the%20Price%20of%20Oil%20May%20Still%20Surprise%20Us&rft.jtitle=The%20Journal%20of%20economic%20perspectives&rft.au=Baumeister,%20Christiane&rft.date=2016-01-01&rft.volume=30&rft.issue=1&rft.spage=139&rft.epage=160&rft.pages=139-160&rft.issn=0895-3309&rft.eissn=1944-7965&rft_id=info:doi/10.1257/jep.30.1.139&rft.pub=American%20Economic%20Association&rft.place=NASHVILLE&rft.stitle=J%20ECON%20PERSPECT&rft_id=info:bibcode/&rft_id=info:hdl/&rft_id=info:lccn/&rft_id=info:oclcnum/&rft_id=info:pmid/&rft_id=info:eric/&rft_dat=%3cgale_cross%3eA449390321%3c/gale_cross%3e%3curl%3e%3c/url%3e,language=eng,view=UBIS&svc_dat=viewit&user_ip=10.16.56.140&req.skin=primo&rft_galeid=A449390321View online

    Article

    Nonrenewable Resource Scarcity Krautkraemer, JA, NASHVILLE, American Economic Association, 2065-2107, Journal of economic literature, 4, 36, 1998-12-01, 2065-2107, https://bibsys-ur.userservices.exlibrisgroup.com/view/uresolver/47BIBSYS_UBIS/openurl-UIS?ctx_enc=info:ofi/enc:UTF-8&ctx_id=10_1&ctx_tim=2021-11-18T12:20:35IST&ctx_ver=Z39.88-2004&url_ctx_fmt=info:ofi/fmt:kev:mtx:ctx&url_ver=Z39.88-2004&rfr_id=info:sid/primo.exlibrisgroup.com-gale_proqu&rft_val_fmt=info:ofi/fmt:kev:mtx:journal&rft.genre=article&rft.atitle=Nonrenewable%20Resource%20Scarcity&rft.jtitle=Journal%20of%20economic%20literature&rft.au=Krautkraemer,%20JA&rft.date=1998-12-01&rft.volume=36&rft.issue=4&rft.spage=2065&rft.epage=2107&rft.pages=2065-2107&rft.issn=0022-0515&rft.eissn=2328-8175&rft_id=info:doi/&rft.pub=American%20Economic%20Association&rft.place=NASHVILLE&rft.stitle=J%20ECON%20LIT&rft_id=info:bibcode/&rft_id=info:hdl/&rft_id=info:lccn/&rft_id=info:oclcnum/&rft_id=info:pmid/&rft_id=info:eric/&rft_dat=%3cgale_proqu%3eA53535766%3c/gale_proqu%3e%3curl%3e%3c/url%3e,language=eng,view=UBIS&svc_dat=viewit&user_ip=10.16.56.140&req.skin=primo&rft_pqid=1554040238&rft_galeid=A53535766View online

    Article

    Using Natural Resources for Development: Why Has It Proven So Difficult? Venables, Anthony J, NASHVILLE, American Economic Association, 161-183, The Journal of economic perspectives, 1, 30, 2016-01-01, 161-183, https://bibsys-ur.userservices.exlibrisgroup.com/view/uresolver/47BIBSYS_UBIS/openurl-UIS?ctx_enc=info:ofi/enc:UTF-8&ctx_id=10_1&ctx_tim=2021-11-18T12:21:05IST&ctx_ver=Z39.88-2004&url_ctx_fmt=info:ofi/fmt:kev:mtx:ctx&url_ver=Z39.88-2004&rfr_id=info:sid/primo.exlibrisgroup.com-gale_webof&rft_val_fmt=info:ofi/fmt:kev:mtx:journal&rft.genre=article&rft.atitle=Using%20Natural%20Resources%20for%20Development:%20Why%20Has%20It%20Proven%20So%20Difficult?&rft.jtitle=The%20Journal%20of%20economic%20perspectives&rft.au=Venables,%20Anthony%20J&rft.date=2016-01-01&rft.volume=30&rft.issue=1&rft.spage=161&rft.epage=183&rft.pages=161-183&rft.issn=0895-3309&rft.eissn=1944-7965&rft_id=info:doi/10.1257/jep.30.1.161&rft.pub=American%20Economic%20Association&rft.place=NASHVILLE&rft.stitle=J%20ECON%20PERSPECT&rft_id=info:bibcode/&rft_id=info:hdl/&rft_id=info:lccn/&rft_id=info:oclcnum/&rft_id=info:pmid/&rft_id=info:eric/&rft_dat=%3cgale_webof%3eA449390323%3c/gale_webof%3e%3curl%3e%3c/url%3e,language=eng,view=UBIS&svc_dat=viewit&user_ip=158.38.8.76&req.skin=primo&rft_galeid=A449390323View online

    Article

    Rent Taxation for Nonrenewable Resources Lund, Diderik, Annual Reviews, 287-307, Annual review of resource economics, 1, 1, 2009-01-01, 287-307, https://bibsys-ur.userservices.exlibrisgroup.com/view/uresolver/47BIBSYS_UBIS/openurl-UIS?ctx_enc=info:ofi/enc:UTF-8&ctx_id=10_1&ctx_tim=2021-11-18T12:21:45IST&ctx_ver=Z39.88-2004&url_ctx_fmt=info:ofi/fmt:kev:mtx:ctx&url_ver=Z39.88-2004&rfr_id=info:sid/primo.exlibrisgroup.com-jstor_cross&rft_val_fmt=info:ofi/fmt:kev:mtx:journal&rft.genre=article&rft.atitle=Rent%20Taxation%20for%20Nonrenewable%20Resources&rft.jtitle=Annual%20review%20of%20resource%20economics&rft.au=Lund,%20Diderik&rft.date=2009-01-01&rft.volume=1&rft.issue=1&rft.spage=287&rft.epage=307&rft.pages=287-307&rft.issn=1941-1340&rft.eissn=1941-1359&rft_id=info:doi/10.1146/annurev.resource.050708.144216&rft.pub=Annual%20Reviews&rft.series=Annual%20Review%20of%20Resource%20Economics&rft_id=info:bibcode/&rft_id=info:hdl/&rft_id=info:lccn/&rft_id=info:oclcnum/&rft_id=info:pmid/&rft_id=info:eric/&rft_dat=%3cjstor_cross%3e43202495%3c/jstor_cross%3e%3curl%3e%3c/url%3e,language=eng,view=UBIS&svc_dat=viewit&user_ip=10.16.56.140&req.skin=primoView online

    Other

    Gone with the wind? An empirical analysis of the renewable energy rent transfer Liski, M. & Vehviläinen, I., Faculty of Economics, Cambridge Working Paper Economics, 2017-01-09, 1-69, Published December 7, 2016. https://www.repository.cam.ac.uk/handle/1810/262577View online

    Article

    The resource curse exorcised: Evidence from a panel of countries Smith, Brock, AMSTERDAM, Elsevier B.V, 57-73, Journal of development economics, 116, 2015-09, 57-73, https://bibsys-ur.userservices.exlibrisgroup.com/view/uresolver/47BIBSYS_UBIS/openurl-UIS?ctx_enc=info:ofi/enc:UTF-8&ctx_id=10_1&ctx_tim=2021-11-18T12:40:33IST&ctx_ver=Z39.88-2004&url_ctx_fmt=info:ofi/fmt:kev:mtx:ctx&url_ver=Z39.88-2004&rfr_id=info:sid/primo.exlibrisgroup.com-gale_webof&rft_val_fmt=info:ofi/fmt:kev:mtx:journal&rft.genre=article&rft.atitle=The%20resource%20curse%20exorcised:%20Evidence%20from%20a%20panel%20of%20countries&rft.jtitle=Journal%20of%20development%20economics&rft.au=Smith,%20Brock&rft.date=2015-09&rft.volume=116&rft.spage=57&rft.epage=73&rft.pages=57-73&rft.issn=0304-3878&rft.eissn=1872-6089&rft_id=info:doi/10.1016/j.jdeveco.2015.04.001&rft.pub=Elsevier%20B.V&rft.place=AMSTERDAM&rft.stitle=J%20DEV%20ECON&rft_id=info:bibcode/&rft_id=info:hdl/&rft_id=info:lccn/&rft_id=info:oclcnum/&rft_id=info:pmid/&rft_id=info:eric/&rft_dat=%3cgale_webof%3eA422874579%3c/gale_webof%3e%3curl%3e%3c/url%3e,language=eng,view=UBIS&svc_dat=viewit&user_ip=10.16.56.140&req.skin=primo&rft_galeid=A422874579View online

    Article

    THE GEOGRAPHY OF INTERSTATE RESOURCE WARS Caselli, Francesco ; Morelli, Massimo ; Rohner, Dominic, CARY, Oxford University Press, 267-316, The Quarterly journal of economics, 1, 130, 2015-02-01, 267-316, https://bibsys-ur.userservices.exlibrisgroup.com/view/uresolver/47BIBSYS_UBIS/openurl-UIS?ctx_enc=info:ofi/enc:UTF-8&ctx_id=10_1&ctx_tim=2021-11-18T12:41:24IST&ctx_ver=Z39.88-2004&url_ctx_fmt=info:ofi/fmt:kev:mtx:ctx&url_ver=Z39.88-2004&rfr_id=info:sid/primo.exlibrisgroup.com-gale_webof&rft_val_fmt=info:ofi/fmt:kev:mtx:journal&rft.genre=article&rft.atitle=THE%20GEOGRAPHY%20OF%20INTERSTATE%20RESOURCE%20WARS&rft.jtitle=The%20Quarterly%20journal%20of%20economics&rft.au=Caselli,%20Francesco&rft.date=2015-02-01&rft.volume=130&rft.issue=1&rft.spage=267&rft.epage=316&rft.pages=267-316&rft.issn=0033-5533&rft.eissn=1531-4650&rft_id=info:doi/10.1093/qje/qju038&rft.pub=Oxford%20University%20Press&rft.place=CARY&rft.stitle=Q%20J%20ECON&rft_id=info:bibcode/&rft_id=info:hdl/&rft_id=info:lccn/&rft_id=info:oclcnum/&rft_id=info:pmid/&rft_id=info:eric/&rft_dat=%3cgale_webof%3eA416954232%3c/gale_webof%3e%3curl%3e%3c/url%3e,language=eng,view=UBIS&svc_dat=viewit&req.skin=primo&rft_galeid=A416954232View online

    Kontakt

    Study Program Director:

    Ingeborg Foldøy Solli

    Course coordinator:

    Gerhard Töws

    Tilbys av

    UiS Business School

    UiS School of Business and Law

    The course description is retrieved from FS (Felles studentsystem). Version 1