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The Model for Global Responses to Anthropogenic Changes in the Environment (GRACE) was developed for economic analysis of climate change issues including mitigation, impacts and adaptation. Since 2005, GRACE has been updated in line with the latest Global Trade Analysis Project (GTAP) database. So far, Norway has not been a specific region in GRACE. To include Norway in a new version of GRACE, we need a GTAP database which ensures consistency with the official national accounting data of Norway. This report describes how we adjust the GTAP v. 10 data to achieve this consistency. For this purpose, we apply the official input-output (IO) table of Norway for the year 2014 and the annually updated Table 11123 of the National accounts to adjust macroeconomic data of the original GTAP database for components of GDP like production, income and expenditure. The balance between supply and demand of products is finally taken care of by introducing an additional parameter in the adjusted GTAP data as “changes in inventory” for all regions. The official energy accounts and CO2 emissions data of Norway are used to replace the corresponding data of Norway in the GTAP database.

This paper discusses the possible economic consequences of a change in the tuna fisheries in the Pacific Ocean resulting from climate change. On the background of Lehodey's (2000) study of potential changes in the tuna fisheries, we survey possible economic impacts in terms of quantities and values and give examples of macroeconomic impacts. The two main effects of climate change on tuna fishing are likely to be a decline in the total stock and a migration of the stock westwards. This will lead to various changes in the catch in different countries. The price of the fish in the export market may also change as a result. The Pacific islands are generally dependent on fisheries, and may therefore be vulnerable to these changes, although some will probably gain while others will lose. Based on a very simple macroeconomic model, it is shown that the resulting effects for the national economy in general may diverge substantially from the expected. This applies, in particular, if the national economies are inflexible and a large part of the population relies on subsistence production, which is the case for many developing countries.

Quite a few economists have recently suggested that net national product should be adjusted for the value of environmental damages. One of the aims of such corrections is to establish a national income measure which is closer to the Hicksian concept of income. The purpose of this paper is to illuminate some of the difficulties one encounters when the correcting formulae derived from simple theoretical models are transferred to applied national accounting. In particular, the paper is concerned with the question of whether a corrected national income measure will actually provide relevant information for policy formation purposes. It is shown that a "green national product" will be very difficult to interpret. In general, it may not give any indications of the necessity of imposing stronger environmental policy actions. Nor does it indicate the hypothetical state of the economy after a change in environmental efforts.

The optimal depletion policy for a combined oil and gas field is studied under the assumption that if oil is to be extractéd, it has to be depleted before production of gas can start. In particular, focus is put on how uncertainty affects the decision whether or not to extract the oil, and to study the effect of "learning by doing" on this decision. In opposition to conclusions in other literature it is shown that uncertainty alone may change the attitude to oil production. The effect of learning is a more attractive oil production if experience from oil production reduces the uncertainty about gas reserves.

Denne rapport gir enkelte foreløpige resultater fra et prosjekt som gjelder beregninger av de norske olje- og gassreservene. I Ressursregnskapet presenteres reservetall hentet fra Oljedirektoratet ved hvert årsskifte. Disse er gitt som fysiske mengder. Det har foreløpig vært vanskelig å oversette slike reservetall i fysiske mål til økonomisk interessante verditall. Rapporten presenterer enkle beregningsrutiner for å framskaffe slike verditall avhengig av prisutviklingen for olje og gass. Grunnlaget for beregningene er opplysninger hentet fra det britiske konsulentfirmaet Wood, Mackenzie for 1982. Cand.oecon. A. Aaheim har vært ansvarlig for prosjektet.