← Economics, Policy & Strategy for the Future College

Energy Economics & Market Analysis Department

The Energy Economics & Market Analysis Department trains students to quantitatively assess energy markets and the economic viability of geoenergy projects. Students build systematic proficiency in NPV/IRR analysis, LCOE calculation, Hotelling's-rule-based resource valuation, and market modeling, applying these methods to exploration, production, and energy-transition investment cases — graduating as practitioners who can see a cost-benefit analysis and economic feasibility assessment through to completion on a real project, unassisted.

⚙️ GeoAcademy System Administration College 🖥️ AI & Computing Sciences College 🔬 Basic Sciences College ⚡ Intelligent Geophysical Exploration College 🛢️ Resource & Energy Engineering College 🌍 Applied Geoscience Solutions College 💼 Economics, Policy & Strategy for the Future College 🎓 Education & Training Development College 🚀 Innovation & International Collaboration College

Energy Economics & Market Analysis Department Policy Analysis & Regulation Department Strategic Planning & Foresight Department Business Development & Ventures Department Future Studies & Technology Foresight Department

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⭐ Hotelling

Chair

💡 Resource Economics & Exhaustible Resource Theory

Researchers (real GeoVerse Lab members) 17

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1906–1979

Joel Dean

Researcher

💡 Founded modern capital budgeting theory, establishing discounted cash-flow methods (NPV, IRR) as the standard for evaluating long-lived investment projects

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1867–1947

Irving Fisher

Researcher

💡 Founded modern interest-rate theory and the intertemporal theory of capital and investment underlying all discounted valuation

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1881–1952

Lewis Cecil Gray

Researcher

💡 Developed the earliest rigorous economic theory of exhaustible resource conservation and depletion rent, directly preceding Hotelling's formal model

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1924–2023

Robert Solow

Researcher

💡 Extended growth theory to exhaustible-resource economies, establishing the sustainability conditions (Hartwick rule) for maintaining consumption over time

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1917–2014

Morris A. Adelman

Researcher

💡 Established modern petroleum economics, showing oil and gas reserves function as economically managed inventories rather than fixed geological stocks, and analyzed OPEC cartel behavior

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1922–2023

Marcel Boiteux

Researcher

💡 Developed peak-load marginal-cost pricing theory for electricity systems, foundational to modern levelized-cost-of-electricity comparison methods

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1885–1972

Frank Knight

Researcher

💡 Established the foundational distinction between measurable risk and unmeasurable uncertainty in economic decision-making

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1906–1999

Wassily Leontief

Researcher

💡 Invented input-output analysis, the standard method for tracing interindustry flows including energy through an economy

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1930–1982

Leif Johansen

Researcher

💡 Built the first operational computable general equilibrium (CGE) model, now the standard tool for simulating energy-tax and policy shocks across an economy

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1877–1959

Arthur Cecil Pigou

Researcher

💡 Founded welfare economics and the theory of negative externalities, proposing corrective taxation now known as Pigovian taxes—the theoretical basis of carbon pricing

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1927–1984

Otto Eckstein

Researcher

💡 Systematized cost-benefit analysis for public water and power project evaluation, establishing standard criteria for public energy-infrastructure investment

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1917–2010

Alfred E. Kahn

Researcher

💡 Founded modern regulatory economics and led the deregulation of the U.S. airline and energy industries as chair of the Civil Aeronautics Board

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1906–1994

Nicholas Georgescu-Roegen

Researcher

💡 Founded ecological economics by applying the entropy law of thermodynamics to the economic process, showing irreversible physical limits on resource-based growth

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1921–2017

Kenneth Arrow

Researcher

💡 Developed general equilibrium theory under uncertainty and quasi-option value, foundational to real-options analysis of irreversible energy investment

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1924–2000

Henri Theil

Researcher

💡 Pioneered econometric forecasting methods and information-theoretic accuracy measures widely used to evaluate energy demand and price forecasting models

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1909–1984

Stanisław Ulam

Researcher

💡 Co-invented the Monte Carlo method, the statistical simulation technique standard for probabilistic risk analysis of energy projects and reserve estimation

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1895–1985

Holbrook Working

Researcher

💡 Founded the modern theory of futures markets, price discovery, hedging, and the theory of storage underlying oil and gas futures pricing