Learning Outcomes
KNOWLEDGE: Students will be able to describe and explain the topics listed in the 'content' section.
SKILLS: Students will be able to analyze market stuctures, use standard software, and write scientific texts.
ABILITIES: Students will be able to create their own mathematical programs in order to empirically evaluate short and long term trends in energy resource markets.
Content
The course focuses on advanced numerical modeling of different natural resource markets. Each year is hereby focussing on a different main topic. The analyzed energy resource markets include various sectors, such as e.g. natural gas, steam coal, lignite, oil, CO2 or uranium.
The course begins with an introduction to relevant economic theories to analyze the market structures in the respective resource sectors incl. aspects of game theory. This analysis is followed by a quantitative analysis based on various elements of operations research to solve optimization and equilibrium models using the software General Algebraic Modeling System (GAMS).
Description of Teaching and Learning Methods
The module is taught as seminar in weekly 4-hour blocks. The lecture combines theoretical approaches and methods from the field of operations research with application to energy resource markets. Students are given individual papers to present and discuss during the seminar. Students will, in addition, prepare and present a term paper in small groups applying the theoretical knowledge to a current topic in energy resource economics.
