Showing papers in "Energy Economics in 2003"

TL;DR: In this article, the authors studied the time series properties of energy consumption and GDP and reexamine the causality relationship between the two series in the top 10 emerging markets and G-7 countries.

TL;DR: In this paper, two techniques for decomposing indicator changes at the sector level are structural decomposition analysis (SDA) and index decomposition analyses (IDA), which are used to analyze changes in indicators such as energy use, CO2-emissions, labor demand and value added.

TL;DR: In this paper, the authors analyzed the impact of oil prices on inflation and industrial production indexes for many European countries using quarterly data for the period 1960-1999 and found that oil prices have permanent effects on inflation in short run but asymmetric effects on production growth rates.

TL;DR: In this article, the authors investigated the change in energy consumption in China's industrial sector in the 1990s, based on the data sets of value added and end-use energy consumption for the 29 industrial subsectors and using the newly proposed decomposition method of giving no residual.

TL;DR: In this article, a regime-switching model is proposed to model price spikes separated from normal mean-reverting prices, which can capture the volatility of electricity prices in the regime switching process.

TL;DR: In this paper, the authors put forward Value-at-risk models relevant for commodity traders who have long and short trading positions in commodity markets, such as aluminium, copper, nickel, Brent crude oil and WTI crude oil daily cash prices and cocoa nearby futures contracts.

TL;DR: In this article, the authors gather results from 25 models of the market for tradable greenhouse gas (GHG) emission permits under the Kyoto Protocol and show that the average market volume is approximately 17 and 33 billion USD under global trading and Annex B trading, respectively.

TL;DR: In this article, the importance for energy demand modelling of allowing for trends and seasonal effects that are stochastic in form has been demonstrated, and it is shown that unless energy demand models are formulated so as to allow for stochastically trends and seasonals, estimates of price and income elasticities could be seriously biased.

TL;DR: In this article, the authors proposed using Value at Risk (VaR) for oil price risk quantification, which provides an estimation for the maximum oil price change associated with a likelihood level, and can be used for designing risk management strategies.

TL;DR: In this paper, the cross-price elasticity between gasoline and alcohol has been studied and it is shown that alcohol is an imperfect substitute for gasoline even in the long run. But the need for a new fuel substitution must be initiated long before petroleum reserves vanish.

TL;DR: This paper developed a parsimonious three-factor model of the term structure of oil futures prices that can be easily estimated from available futures price data and proposed a new simple spreadsheet implementation procedure.

TL;DR: In this paper, the issue of asymmetries in the transmission of shocks to crude oil prices onto the retail price of gasoline was re-examine, and the results generally point to widespread differences in both adjustment speeds and short-run responses when input prices rise or fall.

TL;DR: In this article, the relationship between crude oil and refined product prices is investigated in a multivariate framework and the authors find that the crude oil price is weakly exogenous and that the spread is constant in some but not all relationships.

TL;DR: In this paper, a multivariate generalised autoregressive conditional heteroskedasticity model is used to identify the source and magnitude of price and price volatility spillovers in the Australian National Electricity Market.

TL;DR: In this article, the translog and the logit were compared with respect to the rates of dynamic adjustment and substitution possibilities, and it was shown that coal and oil are substitutes.

TL;DR: In this article, a complete system of demand equations is estimated, including an equation for the demand for gasoline, and differences in demand responsiveness to own-price and income changes are estimated for different regions in Canada and the United States.

TL;DR: In this article, the authors estimate an asymmetric error correction model on weekly price changes for the years 1996-2001 and show that the effect of asymmetry on the Dutch consumer costs is negligible, suggesting that the choice of the day for which the prices are observed matters more than commonly believed.

TL;DR: In this article, the authors present a method for constructing approximated high-resolution forward price curves in electricity markets, which combines the information contained in observed bid and ask prices with information from the forecasts generated by bottom-up models.

TL;DR: In this article, the influence of fuel prices and growth in per capita income on increases in fuel consumption, mode-and fuel switching, and load or occupancy of personal transportation are examined, and future policies focusing only on fuel intensity may not lead to continuing reductions in total carbon emissions.

TL;DR: In this article, the impact of increases in oil consumption and changes in wage rates on the interfactor/interfuel substitution in Korea was investigated and a two-stage translog cost function was estimated to incorporate the feedback effect between the interfactors and interfuel substitution.

TL;DR: In this paper, the possible linkages between the ratio measure and the difference measure, including their decomposition results, have been analyzed using the Divisia decomposition technique and a unique pair of decomposition formulae.

TL;DR: In this paper, a general equilibrium model applied to Saudi Arabia was used to explain why crude oil prices fluctuate, the main cause being the quota regime, which characterises the OPEC agreements, and showed that Saudi Arabia does not have any incentive for altering the crude oil market equilibrium with either positive or negative supply shocks.

TL;DR: In this article, the authors extend the real option theory to consider the situation of a large producer and employ the model to electricity markets and show that this production's price effect has to be considered in the investment analysis if the company is not able to hedge the price effect in the financial markets.

TL;DR: In this paper, a dynamic modeling process is employed which projects into the future predicting the extent to which energy savings are forgone for improvements in comfort for Ireland using a computer-simulation program.

TL;DR: In this article, the authors compared linear, log-linear and translog share equation functional forms against a non-parametric function and found that each of them performed poorly, suggesting that they may be insufficiently flexible to provide valid results in certain applications.

TL;DR: This article found that although both increasing local market concentration and higher average monthly wholesale prices are positively and significantly associated with higher retail prices, wholesale prices were more important than local market concentrations, and crude oil prices are more important in determining wholesale prices.

TL;DR: The authors applied structural decomposition analysis (SDA) across nations to identify the factors causing per capita energy use to differ between countries, which sheds light on where potential energy-saving options can be found.

TL;DR: In this article, the authors present a short-term market risk model based on the Markowitz mean-variance method for spatial electricity markets, where the spatial nature is captured using the correlation of geographically separated markets and the consideration of wheeling administration.

TL;DR: In this paper, the authors test for subadditivity in the cost structure associated with transporting natural gas by Trans-Canada Pipelines Ltd. and measure for possible cost savings from increased competition that could be realized by removing the monopoly status granted by the National Energy Board.

TL;DR: In this paper, the authors describe the challenge of meeting the Kyoto target and how the recently liberalized energy markets can help easing the joint target of the Nordic countries, Denmark, Norway, Sweden and Finland.