Mineral and Energy Economics
About the Program
Why Mineral and Energy Economics?
Graduate study in Mineral and Energy Economics at Mines offers a specialized program in applied economics that includes training in valuable quantitative methods. Our faculty are actively engaged in economic research applied to earth, energy and the environment. They have specific expertise in global climate policy, price forecasting, energy demand, utility regulation, asset valuation, critical minerals, environmental economics, renewable energy mandates, and international mineral markets. Our faculty and graduate students are unique in their focus on applied energy, mineral and environmental topics. This concentration of interest and expertise cannot be found in traditional economics programs. Students earn a distinctive degree that is highly marketable and positions them for important contributions.
Academic partner with:
MS in Mineral and Energy Economics
The MS degree in Mineral and Energy Economics is the department’s most popular program. In the first year, students are trained in the core skills necessary for graduate-level economic analysis of energy, mineral and environmental topics. In the second year, students, in consultation with their advisor, customize their studies by selecting a set of enriching electives. The program is typically completed in two years: 12 courses (36 credit hours) with a recommended 3 courses per semester.
Degree Requirements
Two options are available for the MS degree: non-thesis and thesis. The non-thesis optionrequires 36 credit hours of graduate-level course work including core and elective courses. The thesis option requires a total of 36 credit hours consisting of 24 credit hours of graduate-level core and electives courses in addition to 12 credit hours of Master’s-level thesis development. For both options two advances economics elective courses must be taken. Masters students are only admitted to a thesis-based program after one or two semesters of course work. To apply send a statement of intent to the program manager. The request will be reviewed by the admissions committee.
Non-thesis Option Course Work
- 15 credit hours of core courses (5 classes)
- 21 credit hours of electives (7 classes, 2 must be advanced economics classes)
Thesis Option Course Work
- 15 credit hours of core courses (6 classes)
- 12 credit hours master’s-level thesis development/research credits
- 9 credit hours of electives (2 classes must be advanced economics classes)
Additional Program Option
Reciprocity Agreement with the University of Denver in Law and Economics Program. Students enrolled in the M.S. Mineral Economics Program at Mines or the Juris Doctorate Program (JD) in Law from the University of Denver may under the reciprocal agreement complete 6 approved credits at either school by enrolling for the courses at both Registrar Offices. PhD and JD students may have the opportunity to double count up to 12 credit hours towards both programs; see your advisor for more information. Applicants must apply to each program separately. See Kathleen Martin to register.
Prerequisites
Prior to starting the program, students must complete the following, all with a grade of B or higher:
- A course in Principles of Microeconomics
- A course in Probability and Statistics
- One semester of college-level calculus.
- Students will only be allowed to enter the program in the spring under exceptional circumstances as approved by the program
- director. Contact Dr. Ian Lange if you desire a spring admission.
Curriculum
Core Courses (15 credits Thesis & Non-Thesis)
All MS and PhD students in Mineral and Energy Economics are required to take a set of core courses that provide basic tools for the more advanced and specialized courses in the program.
- EBGN 509 Mathematical Economics*
- EBGN 510 Natural Resource Economics
- EBGN 521 Microeconomics II
- EBGN 590 Econometrics
- EBGN Econometrics Elective**
** A second econometrics course is required (available courses are EBGN594 or EBGN690)
Electives (21 credits Non-thesis or 6 credits Thesis)
Choose courses in consultation with your advisor. Some typical electives are listed below. You are free to mix across the lists, but your program of study must be approved by your advisor. Students should not assume that courses taken at Mines or other institutions will apply to their degree without consultation with their advisor. A minimum of two course must be advanced economics classes. Below is a list of classes that may be offered.
- EBGN 530 Energy Economics
- EBGN 535 Economics of Metal Industries & Markets
- EBGN 570 Environmental Economics
- EBGN 610 Advanced Resource Economics
- EBGN 611 Advanced Microeconomics
- EBGN 632 Primary Fuels
- EBGN 645 Computational Economics
- EBGN 690 Advanced Econometrics
- EBGN 594 Time-series Econometrics
- EBGN 645 Computational Economics
- EBGN 655 Advanced Linear Programming
- EBGN 657 Advanced Integer Programming
- EBGN 690 Advanced Econometrics
- EBGN 504 Economic Eval. & Investment Decision Methods
- EBGN 540 Accounting and Finance
- EBGN 546 Investment and Portfolio Management
- EBGN 553 Project Management
- EBGN 555 Linear Programming
- EBGN 560 Decision Analysis
- EBGN 563 Management of Technology
- EBGN 572 International Business Strategy
- EBGN 575 Advanced Mining and Energy Valuation
PhD in Mineral and Energy Economics
The PhD program is designed for students interested in contributing economic research on mineral or energy topics through a PhD thesis. PhD students take the same first-year core as masters students followed by a set of advanced electives. They are then required to engage in original research of a professional-level quality. PhD students must pass a series of qualification exams after the first and second year of course work, and form a committee of faculty who will evaluate the research thesis. PhD students will take 48 credit hours (16 courses) in the classroom and an additional 24 credit hours of research under the supervision of their thesis advisor. Students are encouraged to complete their degree requirements within four years.
Prerequisites
Prior to starting the program, students must complete the following courses (normally as part of their undergraduate studies) with a grade of B or better:
- Principles of Microeconomics
- Probability and Statistics
- College-level Calculus
- Students will not be allowed to begin coursework until the prerequisites are satisfied.
PhD Course Work
- 15 credit hours of common core courses (5 classes)
- 3 credit hours of extended core courses
- 18 credit hours of electives, as approved by the student’s advisor and thesis committee (6 classes)
- For specific course work plans and suggested electives, review the PhD advising sheet .
PhD Research Requirement
- 36 hours of thesis credit
Additional Course Work Option
Reciprocity Agreement with the University of Denver in Law and Economics Program. Students enrolled in the M.S. Mineral Economics Program at Mines or the Juris Doctorate Program (JD) in Law from the University of Denver may under the reciprocal agreement complete 6 approved credits at either school by enrolling for the courses at both Registrar Offices. PhD and JD students may have the opportunity to double count up to 12 credit hours towards both programs; see your advisor for more information. Applicants must apply to each program separately. See Kathleen Martin to register.
Qualifying Examinations
Upon completion of the core course work, students must pass a series of qualifying written examinations to become a candidate for the PhD degree. The qualifying exams are offered at the end of the firs and second year of course work. After the first year of coursework the student will be tested to assess their mastery of microeconomics and quantitative methods (including econometrics). After completing the extended core in the second year students will be tested to assess their ability to perform independent research.
Research Presentation and Other Thesis-Related Requirements
Following a successful thesis proposal defense and prior to the final thesis defense, the student is required to present a completed research paper (or dissertation chapter) in a research seminar at Mines. The research presentation must be considered of a sufficient professional-level quality by at least three Mines faculty members in attendance. In addition to the mentioned requirements, the PhD student may, at the discretion of the committee, be required to complete assignments and/or examinations that are more directly related to the thesis topic.
Thesis Defense
The PhD degree culminates in a final oral defense of the student’s research thesis. Upon approval of the thesis by the student’s committee, the thesis is submitted to the Graduate School.
Guidelines for Appropriate Progress Toward the PhD Degree
The guidelines give expectations about what constitutes appropriate progress towards the PhD degree. They are meant to be helpful, identify specific milestones along the way, and officially monitor progress. Your progress towards a PhD degree will be reviewed annually by the division during the summer term. See the PhD Progress Form in the “Thesis Form” menu option to the right which identifies the necessary steps to obtain a finding of “satisfactory” progress.
Always refer to your bulletin for the most accurate information on degree requirements.
Dual Degree: Energy Technology Economics and Management Ma + Mineral and Energy Economics
The Department of Economic and Business at Mines and the Institut Français du Petrole (IFP), in Paris, France, together offer an advanced collaborative international graduate degree program to meet the needs of industry and government. Our unique program trains the next generation of technical, analytical and managerial professionals vital to the future of the petroleum and energy industries.
These two world-class institutions offer a rigorous and challenging program in an international setting. The program gives a small elite group of students a solid economics foundation combined with quantitative business skills, the historical and institutional background, and the interpersonal and intercultural abilities in the fast-paced, global world of oil and gas.
About IFP
IFP is an engineering school providing graduate education in energy and sustainable mobility, addressing industry’s needs and society’s aspirations for innovation and sustainable development. It provides a solid professional training and a broad-based preparation for the industrial world, factoring in the environmental and ethical aspects. You can learn more about the campus in the video below (English subtitles are available):
You can find IFP’s brochure for the ETEM program here and IFP’s summary of the ETEM program here.
Qualifications
Qualifications for the program include:
- The equivalent of a U.S. Bachelor’s degree with a strong academic background
- A keen interest in an international career in the public or private sector relating to petroleum and other energy industries
- A commitment to excellence and leadership
- For professionals working in industry, research or government organizations, both experience and academic background will be taken into consideration.
Degrees
After studying in English for only 16 months (8 months at Mines and 8 months at IFP) the successful student of Energy Technology Economics and Management (ETEM) receives not one but two degrees:
- Masters of Science in Mineral and Energy Economics from Mines and
- Diplôme D’Ingénieur or Mastère Spécialisé from IFP
Who is Eligible?
Mines, and the Mineral and Energy Economics program in particular, is known worldwide for the quality of its students. The program has attracted students from more than 25 countries. Students admitted to the program are chosen for their:
- Strong intellect
- Integrity
- Work ethic
- Quantitative skills as demonstrated by their:
- Course work
- GPA
- Scores on either the GRE or the GMAT
In addition, students must demonstrate a strong interest in energy, minerals, public policy, and/or related environmental and technological issues. These interests will be reflected in the letter of interest and previous involvement in these areas. The division is also looking for strong leadership potential as shown by previous academic, personal, and employment successes. All students must have completed Calculus I, Introductory Probability and Statistics, and Principles of Microeconomics prior to entering the program.
Application Deadline
Important: Applications for admission to the dual degree program should be submitted for consideration by the deadlines set by the Graduate Admissions Office to begin courses the following fall semester in August. We make our offers in April. Only seven students are selected for the program each year. We also select three alternate students. A deposit of $500 is due to secure your place in the program.
Tuition
The Western Interstate Commission for Higher Education (WICHE) allows students who are residents of 14 surrounding western states to enroll on a resident tuition basis. The Mineral and Energy Economics program is an approved WICHE program. For information on WICHE, visit http://www.wiche.edu/.
Degree Requirements
The Dual Degree program offered by the Department of Economics and Business (EB) requires students to take a total of 48 credit hours of graduate-level course work. Course work is split between Colorado School of Mines and the Institut Français du Petrole (IFP) with 24 credit hours in residence at Mines in Golden, CO and 24 credit hours in residence at IFP in Paris, France.
Mines Requirements for the Dual Degree Program
- 9 credit hours core courses (3 classes)
- 15 credit hours EB department electives (5 classes)
IFP Requirements for the Dual Degree Program*
- 5 courses taken during IFP Semester 1 – Spring (see IFP course list below)
- 8 courses taken during IFP Semester 2 – Summer (see IFP course list below)
*Sample IFP degree requirements.
Prerequisites
Entering students must have:
- A bachelor’s degree
- Demonstrate completion of the following undergraduate courses with a grade of “B” or better or its equivalent.
- Microeconomics
- Calculus
- Probability and Statistics
Curriculum
Mines Core Courses (9 credit hours)
Dual Degree students are required to take the following set of core courses at Mines that provide basic tools for the more advanced and specialized courses in the program.
- EBGN 509 Mathematical Economics*
- EBGN 510 Natural Resource Economics
- EBGN Econometrics Elective**
**A econometrics elective is required (currently the available courses are EBGN594 or EBGN690)
Mines EB Department Electives (15 credit hours)
Choose 3 courses in addition to the EBGN Econometric Elective listed in Core Courses in consultation with your advisor. Some typical electives are listed below. You are free to mix across the lists, but your program of study must be approved by your advisor. Students should not assume that courses taken at Mines or other institutions will apply to their degree without consultation with their advisor. A minimum of two courses must be at the 600 level.
Applied Economics
- EBGN 512 Macroeconomics
- EBGN 530 Energy Economics
- EBGN 535 Economics of Metal Industries & Markets
- EBGN 570 Environmental Economics
- EBGN 594 Time-series Econometrics
- EBGN 610 Advanced Resource Economics
- EBGN 611 Advanced Microeconomics
- EBGN 690 Advanced Econometrics
- EBGN 698 Primary Fuels
- EBGN 645 Computational Economics
Quantitative Methods
- EBGN 594 Time-series Econometrics
- EBGN 655 Advanced Linear Programming
- EBGN 657 Advanced Integer Programming
- EBGN 690 Advanced Econometrics
- EBGN 698 Stochastic Programming
- EBGN 645 Computational Economics
Operations, Management and Finance
- EBGN 504 Economic Eval. & Investment Decision Methods
- EBGN 540 Accounting and Finance
- EBGN 546 Investment and Portfolio Management
- EBGN 553 Project Management
- EBGN 555 Linear Programming
- EBGN 560 Decision Analysis
- EBGN 563 Management of Technology
- EBGN 572 International Business Strategy
- EBGN 575 Advanced Mining and Energy Valuation
IFP Courses (24 credit hours)
Dual Degree students are required to take these or similar courses at IFP in France:
IFP Semester 1 (Spring)
- PEM1 Business Accounting
- PEM2 Organization Behavior
- PEM5 Energy Geopolitics
- PEM 6 Upstream Management
- PEM9 Production and Reservoir Engineering (9a.Beginner/9b.Advanced)
IFP Semester 2 (Summer)
- PEM3 Strategic Marketing
- PEM4 Energy Economics and Development
- PEM7 Downstream Economics
- PEM8 Commodities Markets and Trading
- PEM10 Refining
- PEM11 Efficiency Analysis of Industrial Firms
- PEM12 Industrial Optimization
- PEM13 Advance Econometrics
Resource Commodity Analytics (RCA) Certificate
The Mines graduate certificate in Resource Commodity Analytics (RCA) is a four-course program that provides training in advanced quantitative and financial analysis applied to energy and mineral markets. The RCA certificate program takes the most quantitative aspects of our world-renowned graduate programs in Mineral and Energy Economics and Engineering and Technology Management to make an accelerated certificate. The program will serve professionals or recent graduates located in the Denver metro area who want to acquire new skills for career growth. This in-person program holds classes only on Mondays and Wednesdays in order to provide flexibility and opportunity for those who will remain employed locally or remotely, or are unable to complete a full Masters program. However, course credits are “stackable” in case students want to continue on to a Masters degree, or complete the certificate “on the way” to their Masters. Courses in the program focus on natural resource markets & regulation, data analysis & forecasting, and financial valuation. The course of study is flexible enough to be completed in one intensive semester or over four semesters depending on the student’s needs and interests.
An undergraduate degree in a business, science, technology, engineering, math, or social science discipline with some coursework or experience with quantitative analysis is usually required to be admitted to this program.
The RCA Program
The certificate in Resource Commodity Analytics involves 12 credit hours of course work. Students must take at least one of the two required courses and an additional nine credit hours either from the list of required courses and/or elective courses. Full-time students intending to complete the certificate in one semester must enter in the fall; part-time students can enter in the spring or fall. In order to apply, please go to Admissions. No GRE test scores or letters of recommendation are needed.
Click here for more information on the curriculum and how to apply.
Student Fellowships and Funding Opportunities
If you need assistance in financing your degree, there are a variety of aid opportunities that you can explore. Tuition may be covered by the use of personal resources, Federal Student Loans, Private Student Loans. Many students’ tuition needs are supplemented by company financial support. We encourage you to check with your company regarding education benefits and tuition reimbursement programs.
Economics and Business has several fellowships (Risser, Moreno, Dahl, Shonk, Stermole, Pauli, Coulter, and K. Martin) available to graduate students in the Mineral and Energy Economics program. The fellowships are all thanks to donations by alumni and former faculty, and carry with them different amounts and requirements. To be considered for any of the fellowships, please complete the form below. For consideration for fall funding, your information needs to be submitted no later than July 1; for spring funding, the deadline is November 1.
Mineral and Energy Economics Fellowships
Darlene Regina Pauli Scholarship
The scholarship was established in 1990 as an ongoing tribute to Darlene Regina Pauli, a Mines Mineral Economics Program alum (M.S., 1989) and an outstanding (helluva) geologist. Ms. Pauli worked for the National Bank of Denver as a staff geologist, focused on working with their oil and gas loans.
The funds are for MS students in Mineral and Energy Economics demonstrating need and merit. The scholarship award is restricted to female Colorado residents and recipients are required to maintain a 3.0 GPA.
LOWELL AND CHERYL SHONK GRADUATE FELLOWSHIP
Lowell and Cheryl Shonk have generously established a fellowship fund for graduate students in Mineral and Energy Economics in the Department of Economics and Business at Colorado School of Mines.
Lowell Shonk graduated from Mines in 1979 with a master’s degree in Mineral Economics. Mr. Shonk also received an undergraduate degree in Economics from Indiana University and an MBA from the University of Colorado. With 40 years in the international mining and minerals industry, Mr. Shonk has served in various executive positions, including financial leadership, business development and merger and acquisition activities. In all positions, Mr. Shonk has drawn on his education and experiences at Mines and owes his career to the foundation that Mines provided.
Fellowship award details and eligibility:
- Master’s or PhD students accepted and/or enrolled into the Mineral & Energy Economics program at Colorado School of Mines.
- US Citizens demonstrating financial need. Note: Students must submit a Federal FASFA application.
- Preference shall be given to master’s degree candidates pursuing a thesis option.
- Awards shall be made to two or more students and shall not exceed more than 50% of the cost of tuition and fees per year, per student.
Awards may be renewable for a second year subject to good progress toward a degree and the student remains in good standing.
Hubert and Sarah Risser Award in Mineral Economics
Established through the generosity of Dr. Hubert Risser and Sarah Risser. The fund is to honor Dr. Risser, an alumnus of Mines (1937, Mining Engineering B.S., 1953 M.S.) and professor of Mineral Economics at the institution. He received the Distinguished Achievement Medal from Mines in 1970 for his achievements and enhancement of the reputation of Mines. Beyond working at Mines, he worked as a mineral economist for the Illinois State Geological Survey prior to joining the US Geological Survey. He also taught Mineral Economics at the University of Illinois.
The fund primarily supports an annual award given to an outstanding student or students in Mineral and Energy Economics at the end of the year.
Domingo Moreno Fellowship
Established by the Moreno Family Trust and the Mariana Patricia Todd Testamentary Trust, the funds are in honor of Domingo Moreno, an alumnus of Mines (1922) who went on to have a distinguished career as a mining engineer, economist, and metallurgist, and received the Distinguished Achievement Medal from Mines in 1962 for his achievements and enhancement of the reputation of Mines. The funds are to have a focus on Engineering Economics.
Dahl Endowment for Research in Mineral and Energy Economics
Established by Carol Dahl, Professor Emeritus of Economics and Business, who joined the faculty in 1991 and transitioned to Professor Emeritus in 2014. An expert in international energy markets, Dr. Dahl received Adelman-Frankel Award from the United States Association for Energy Economics for unique and innovative contributions to the field of energy economics, followed shortly by the Outstanding Contributions to the Profession Award from the International Association for Energy Economics. She has continued to conduct research and teach a graduate course in the department.
The funds are to support MS and PhD students engaged in research, with preference to efforts that will result in publications in peer-reviewed academic journals.
The Franklin J. & Darlene Stermole Endowment for Economics and Business
Established by the generosity of Emeritus Professor Frank J. Stermole and his wife, Darlene “Dot” Stermole. Frank Stermole taught at Mines, both in Mineral Economics and Chemical and Petroleum Refining from 1963 to 2012. He taught countless students at Mines economic evaluation techniques and authored “Economic Evaluation and Investment Decisions Methods”.
The funds are to support students as well as junior faculty in the Economics and Business Department. Preference for graduate support is for those pursuing a thesis-based degree.
Viola Vestal Coulter and William Jesse Coulter Instructorship and Support Fund
Established by the Viola Vestal Coulter Foundation, the foundation was established in 1938 in honor of Viola by her husband, William J. Coulter. The Coulters moved widely to work at mines throughout the US, spending many years in Colorado. In 1968, the Coulter Foundation provided funds to the Colorado School of Mines to support the William J. Coulter chair in Mineral Economics and related support to Mineral and Energy Economics.
The fund supports an annual award recognizing academic achievement in Mineral and Energy Economics, supports PhD student conference travel, and may provide research assistantship support.
Kathleen Martin Graduate Fellowship in Mineral and Energy Economics
Established by Drs John and Elizabeth Tilton. John Tilton joined the Mines Faculty in 1985 and served as the Director of the Economics and Business Department for over ten years, transitioning to Emeritus Professor in 2005. The fund is to honor the contributions to Economics and Business by Kathleen Martin, who served as the department’s manager for 20 years. Multiple generations of undergraduate, graduate, and faculty remember with much fondness her helpful and cheerful support and the fund is to recognize her many important contributions to the Department, students, and faculty.
The funds are meant to support graduate students in the Mineral and Energy Economics Program, especially international, who are required to pay out of state tuition. in the Mineral and Energy Economics graduate program.
Teaching Assistant Positions
Apply by March 1 to compete for limited teaching assistant (TA) positions to begin in the following fall semester. PhD students have priority on the available positions. We hire approximately 10 students to teach principles of economics recitation sections. We also hire students to work as hourly graduate assistants to grade for courses. Faculty members will hire students as research assistants (RA) when research projects are secured. Once you enroll at Mines students may search for on-campus positions in Diggernet.
Federal Student Loans
You may be eligible for a new set of federal loans. For more information, contact the Financial Aid office.
External Sources
Job/Internship Placement
