To understand the world of modern energy and its influence on societies, environment, economic development, and political actions, one has to understand main economic concepts and their application to energy markets. To equip students with such understanding is the main aim of this course.
The first part of the course will comprise discussion of different markets structures and their applicability to different energy markets. This part also includes a brief introduction into game theory since it can be applied both to understanding of separate energy markets (e.g. oil market or pipeline gas market) and to explaining behaviour of different groups of countries, producers, groups within the economy.
The second part discusses important macroeconomic concepts and implications of ‘resource curse’. This part enables students to understand the role of energy resources in the economy, their input in shaping economic structures, societies, and development trajectories.