Natural Resource Management: The Norwegian Model (not offered)

ELE428 Natural Resource Management: The Norwegian Model (not offered)

Spring 2024

  • Topics

    The course gives an overview of analytical, empirical and institutional issues in modern economic natural resource management and policy, and the tools, experience and insights that economists and decision-makers have gained from the management of nature, broadly defined. The course will particularly focus on economic analysis and evaluation of the resource management and policy regimes developed by Norway and other resource-rich countries.

    Norway is abundantly endowed with natural resources, and the utilization of its resource base has strongly influenced the industrial structure, foreign trade, economic development and welfare of the country. Norway is particularly rich in energy resources (oil, natural gas and water for hydro power production), fish, including fish farming, and some minerals, including thorium as a potential resource base for new technologies of nuclear power generation. The small size of the country (population 5 million), its geographic location on the outskirts of Europe, its political system and the people¿s high regard for preserving the natural environment have generated some special approaches to, and institutional arrangements for, the Norwegian natural resource and environmental management regime.

    The course will cover important aspects of the natural resource management and policy regimes through the resource value chain from exploration, production, transportation, etc. to end-use and the economic "value chain" from macroeconomic aspects, via sectors and markets, to aspects at the micro level (firms and consumers).

  • Learning outcome


    The student will gain insight in:

    • Management of natural resources in a historical perspective, international relationships, policy and trade.
    • Basic concepts in the economics of natural resources and the environment.
    • Main principles for management of renewable and non-renewable natural resources.
    • Challenges and opportunities of the fish farming and the aquaculture sector.
    • The management of sovereign wealth funds.
    • Electricity markets and how they are regulated. 


    The student will be able to:

    • Analyze and interpret economic models of resource use
    • Critically assess resource regulations and determine appropriate policy measures.
    • Discuss the interaction between fiscal policy and management of petroleum wealth.

  • Teaching

    Intensive lectures

    In addition: Excursions, company visits, guest lectures, group activities.

  • Restricted access

    Enrollment to this course is limited to 40 students. The application deadline is 15 March.

    Priority enrolment is given to incoming students exclusively from NHH's partner universities: (copy URL).

    If slots become available, NHH-students applying for admission will be ranked based on the following criteria, grade point average and motivation letter.

  • Recommended prerequisites

    Basic knowledge of resource and environmental economics is recommended but not a requirement.

  • Required prerequisites

    • Undergraduate degree in economics and business administration
    • Excellent command of the English language

  • Compulsory Activity

    • Group project presentation (approved/not approved) 
    • Mandatory course attendance and class participation

  • Assessment

    Group term paper in English,  due 1-2 weeks after competion of the course. Groups of three to four students.

  • Grading Scale

    Grading scale: A-F

  • Literature

    • Amundsen, E.S. and Bergman, L. 2007. Integration of multiple national markets for electricity: The case of Norway and Sweden. Energy Policy 35(6): 3383-3394.
    • Ando, A. 2018. "Environmental and Resource Economics", Ch. 8 in Sustainability: A Comprehensive Foundation (T. Theis and J. Tomkin, eds). Open textbook available at
    • Flaaten, O. 2018. Fisheries and aquaculture economics (2.ed). Chapters 1-3, 5, 11-13. Open textbook available at
    • Lund, D. 2014. State participation and taxation in Norwegian petroleum: Lessons for others? Energy Strategy Reviews 3: 49-54.

    In addition, a list of recommended readings for each of the topics in the course will be provided.


ECTS Credits
Teaching language

Summer. Not offered.

Course responsible

Professor Linda Nøstbakken, Department of Economics