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Showing papers in "Energy Economics in 1991"


Journal ArticleDOI
TL;DR: A survey of studies on gasoline demand can be found in this article, where the authors find a fair degree of agreement concerning average short-run and even long-run income and price elasticities.

543 citations


Journal ArticleDOI
TL;DR: This paper developed a quadratic quantity adjustment model to test the hypothesis put forward in the recent Monopolies and Mergers Commission Report, that the speed of adjustment of UK retail gasoline prices to cost changes is more rapid when costs rise than when they fall, and that the adjustment path is more concentrated around the mean value on the upswing.

507 citations


Journal ArticleDOI
TL;DR: This article examined trends in manufacturing energy use in eight OECD countries, decomposing the changes that occured between 1973 and 1987 into the effects of changes in aggregate manufacturing activity, industry structure and energy intensities measured at the industry group level.

200 citations



ReportDOI
TL;DR: In this article, the reduction in energy-related manufacturing carbon dioxide emissions for nine OECD countries for 1973-87 is analysed, and the main contribution to reduced carbon dioxide intensity is from the general reduction in manufacturing energy intensity, most likely driven by economic growth and increased energy prices, giving incentives to invest in new technology and industrial processes.

107 citations


Journal ArticleDOI
TL;DR: In this paper, the authors examined the determinants of residential electricity consumption in Greece over the period 1961-86 and concluded that the residential demand for electricity is price inelastic and income elastic.

93 citations


Journal ArticleDOI
TL;DR: In this article, the predictive significance of each series is found to be the same when deseasonalized data is employed, but when actual prices are employed, futures prices did correctly anticipate the observed seasonal pattern.

78 citations


Journal ArticleDOI
TL;DR: In this paper, a non-parametric linear programming (NLP) methodology for measuring productive efficiency was used to evaluate the efficiency of the regulated electricity distribution system in England and Wales.

72 citations


Journal ArticleDOI
TL;DR: In this article, the authors used Fama's regression approach to measure the information in energy futures prices about future spot prices and time varying premiums, and found that the premium and expected future spot price components are negatively correlated and that most of the variation in futures prices is variation in expected premiums.

48 citations


Journal ArticleDOI
TL;DR: In this article, a theoretical model is developed which implies that the cost of outages may be inferred from revealed preference data on expenditure on generators, and conditions for the optimal social provision of electricity reliability are discussed.

48 citations


Journal ArticleDOI
TL;DR: In this paper, the authors presented the income and own-price elasticities of demand for energy for 51 countries in 1980 based on pooled estimates from an 11-good demand system estimated with the Florida model.

Journal ArticleDOI
TL;DR: The Energy Flow Optimization Model (EFOM) is the supply part of the energy model complex of the Commission of the European Communities which has been used for a number of studies during the last decade as mentioned in this paper.

Journal ArticleDOI
TL;DR: In this article, a static model of OPEC as a cartel with a fringe group of competitive producers is used to define short-and long-run monopoly price curves as a function of OPEC's market share.

Journal ArticleDOI
TL;DR: In this article, a simple model of household utility function where energy consumption is the major variable is developed and a reduced form is derived to make the model operational, a simultaneous equation system describing the demand for and supply of traditional and modern energy sources has been specified.

Journal ArticleDOI
TL;DR: In this paper, the authors examined from a statistical viewpoint the basic properties of the energy coefficient, its relationship with the energy-output ratio, and the effects of measuring it on a per capita basis.

Journal ArticleDOI
TL;DR: In this paper, the authors investigated the impact of a broad based energy tax on the US economy, particularly the agricultural sectors, using a general equilibrium model composed of 12 producing sectors, 13 consuming sectors, six household categories classified by income and a government.

Journal ArticleDOI
Gunter Schramm1
TL;DR: In this paper, the authors proposed the use of short-run marginal costs to deal with temporary surpluses or shortages, limited to these portions of overall supply, for achieving economic efficiency.

Journal ArticleDOI
TL;DR: This article showed that first generation specifications do not afford a reasonable approximation to input functions embedded in more complex third generation models, and the reduced form coefficients do not permit identification of third generation model structures.

Journal ArticleDOI
TL;DR: In this paper, the authors support the view that there are cost advantages in retaining ETSA's monopoly position and the existing economies of scale and high degree of substitutability between energy and capital imply that a rise in energy prices may not affect the cost of production significantly, provided other factor costs do not rise at the same rate and provided demand for electricity grows.

Journal ArticleDOI
TL;DR: In this article, it was shown that under certain conditions, under the PURPA auction, the long duration of contracts and the necessity to evaluate risks and non-price attributes theoretically lead to efficient contracts between utilities and producers of electricity.

Journal ArticleDOI
TL;DR: In this paper, an optimal pricing policy for wood resources is proposed, and total welfare analysis is applied as fuelwood and food constitute the major share of rural population consumption, but the authors do not explicitly state that they are actually applying partial welfare analysis (see Hicks [2]).

Journal ArticleDOI
TL;DR: Since 1984, US oil development cost has decreased, but only as the movement down along a curve shifting toward higher cost as mentioned in this paper. In contrast, the non-associated gas cost curve has shifted favourably.

Journal ArticleDOI
TL;DR: In this paper, the authors argue that the first-best measure depends on the nature of the sales transaction, whether the utility of the consumer bears the risk of demand uncertainty, and they argue that LRMC or SRMC pricing is the best choice.

Journal ArticleDOI
TL;DR: In this paper, the effects of changes in regulatory climate on the expected future profitability of regulated electric utilities were examined by examining the stock market performance of regulated utilities at the time of an unanticipated change in regulatory environment.

Journal ArticleDOI
TL;DR: In this paper, the speed and degree of adjustment of the official crude oil price of selected OPEC members to changes in the spot price are modeled using standard econometric tools, and it is found that, while it may be true that OPEC broadly determined the oil price structure for the period under investigation, the actual pricing behaviour of individual members differed as the more enterprising members were better at exploiting market opportunities to their advantage under different market conditions.

Journal ArticleDOI
TL;DR: In this article, the authors argue that the appropriate measure of scale is dictated by the technical characteristics of the output and institutional constraints, and that for many products cumulative output is appropriate, the inability to store electricity and the institutional requirement that instantaneous demand be satisfied suggests that generation capacity is the correct measure of size.

Journal ArticleDOI
TL;DR: In this paper, a principal components analysis method is used for the investigation of the influence household characteristics have on consumer preferences, revealing the preference structure of Greek households as well as the correlation of this structure with different socioeconomic characteristics.

Journal ArticleDOI
TL;DR: In this paper, a simple but systematic marginal cost approach for the estimation of the cost of electricity delivered to rural regions by paying particular attention to the distance of the final consumer from the grid and the seasonability of rural demand patterns is presented.

Journal ArticleDOI
TL;DR: In this paper, the efficient market hypothesis was applied to the Rotterdam and Italian oil markets, by analysing the log price changes observed in those markets for monthly data during the period January 1980 to December 1987.

Journal ArticleDOI
TL;DR: In this article, the influence of an increase in electricity tariffs on the viability of heat pumps against direct heating for large consumers of hot water in the main centres of South Africa is investigated.