This book consists of a collection of articles describing the emergingand integrated area of Energy,Natural Resourcesand EnvironmentalEconomics.A majority of the authors are researchers doing applied work in economics, nance, and management science and are based in the Nordic countries. These countries have a long tradition of managing natural resources. Many of the applications are therefore founded on such examples. The book contents are based on a workshop that took place during May 15?16, 2008 in Bergen, Norway. The aim of the workshop was to create a meeting place for researchers who are active in the area of Energy, Natural Resource, and En- ronmentalEconomics,andat the same time celebrate ProfessorKurtJorns ¨ ten’s60th birthday. Thebookis dividedintofourparts. The rst part considerspetroleumandnatural gas applications, taking up topics ranging from the management of incomes and reserves to market modeling and value chain optimization. The second and most extensive part studies applications from electricity markets, including analyses of market prices, risk management, various optimization problems, electricity market design, and regulation. The third part describes different applications in logistics and management of natural resources. Finally, the fourth part covers more general problems and methods arising within the area.

This book collects survey and research articles examining energy, natural resources and environmental economics. Part 1 covers petroleum and natural gas; Part 2 studies electricity markets; Part 3 describes management and Part 4 surveys more general issues.

This book consists of a collection of articles describing the emergingand integrated area of Energy,Natural Resourcesand EnvironmentalEconomics.A majority of the authors are researchers doing applied work in economics, nance, and management science and are based in the Nordic countries. These countries have a long tradition of managing natural resources. Many of the applications are therefore founded on such examples. The book contents are based on a workshop that took place during May 15?16, 2008 in Bergen, Norway. The aim of the workshop was to create a meeting place for researchers who are active in the area of Energy, Natural Resource, and En- ronmentalEconomics,andat the same time celebrate ProfessorKurtJorns ¨ ten’s60th birthday. Thebookis dividedintofourparts. The rst part considerspetroleumandnatural gas applications, taking up topics ranging from the management of incomes and reserves to market modeling and value chain optimization. The second and most extensive part studies applications from electricity markets, including analyses of market prices, risk management, various optimization problems, electricity market design, and regulation. The third part describes different applications in logistics and management of natural resources. Finally, the fourth part covers more general problems and methods arising within the area.

New feature

The book consists of a collection of articles (survey and research) describing the area of energy, natural resources and environmental economics. The contents of the book is divided into four sections. The first part considers petroleum and natural gas applications, taking up topics ranging from the management of incomes and reserves to market modeling and value chain optimization. The second and most extensive part studies applications from electricity markets, including analyses of marked prices, risk management, various optimization problems, electricity market design and regulation. The third part describes different applications in logistics and management of natural resources. Finally, the fourth part covers more general problems and methods arising within the area. The volume contains many examples from Nordic countries where there is knowledge and experience in managing natural resources.

Part I. Petroleum and Natural Gas Investment Strategy of Sovereign Wealth Funds Chasing Reserves: Incentives and Owenership Elastic Oil: A Primer on the Economics of Exploration and Production Applied Mathematical Programming in Norwegian Petroleum Field and Pipline Development: Some Highlights from the Last 30 Years Analysis of Natural Gas Value Chains On Modeling the European Market for Natural Gas Equilibrium Models and Managerial Team Learning Refinery Planning and Scheduling: An Overview Part II. Electricity Markets and Regulation Multivariate Modelling and Prediction of Hourly One-Day Ahead Prices at Nordpool Time Regularities in the Nordic Power Market: Potentials for Profitable Investments and Trading Strategies? Valuation and Risk Manangement in the Norwegian Electricity Market Stochastic Programming Models for Short-Term Power Generation Scheduling and Bidding Optimization for Fuel Contract Manangement and Maintenance Scheduling for Thermal Plants in Hydro-based Power Systems Energy Portfolio Optimization for Electric Utilities: Case Study for Germany Investment in Combined Heat and Power: CHP Capacity Charges: A Price Adjustment Process for Managing Congestion in Electricity Transmission Networks Harmonizing the Nordic Regulation of Electricity Distribution Benchmarking in Regulation of Electricity Networks On Depreciation and Return on the Asset Base in a Regulated Company Under the Rate-of-Return and LRIC Regulatory Models Part III. Natural Resources and Logistics Rescuing the Prey by Harvesting the Predator: Is It Possible? Absorptive Capacity and Social Capital: Innovation and Environmental Regulation Issues in Collaborative Logistics Pilot Assignment to Ships in the Sea of Bothnia Transportation Planning and Inventory Management Part IV. General Problems and Methods Optimal Relinquishment According to the Norwegian Petroleum Law: A combinatorial Optimization Approach An Overview of Models and Solution Methods for Pooling Problems Cooperation Under Ambiguity The Perpetual American Put Option for Jump-Diffusions Discrete Event Simulation in the Study of Energy, Natural Resources and the Environment