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| 1 |
ID:
111435
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| Publication |
2012.
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| Summary/Abstract |
Energy policies that aim to reduce carbon emissions and change the mix of electricity generation sources, such as carbon cap-and-trade systems and renewable electricity standards, can affect not only the source of electricity generation, but also the price of electricity and, consequently, demand. We develop an optimization model to determine the lowest cost investment and operation plan for the generating capacity of an electric power system. The model incorporates demand response to price change. In a case study for a U.S. state, we show the price, demand, and generation mix implications of a renewable electricity standard, and of a carbon cap-and-trade policy with and without initial free allocation of carbon allowances. This study shows that both the demand moderating effects and the generation mix changing effects of the policies can be the sources of carbon emissions reductions, and also shows that the share of the sources could differ with different policy designs. The case study provides different results when demand elasticity is excluded, underscoring the importance of incorporating demand response in the evaluation of electricity generation policies.
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| 2 |
ID:
149987
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| Summary/Abstract |
Using monthly data from the Spanish gasoline retail market we explore asymmetries in consumers’ behavioral responses to changes in gasoline prices and taxes. In particular, we are interested in investigating whether an increase in gasoline taxes has a more negative impact on the demand than a –similar in magnitude– increase in the “pre-tax” price of gasoline for different fuel types. We estimate fuel consumers’ responses using a rich set of robust panel data models considering potential dynamic effects and endogeneity problems. We find evidence to confirm the existence of asymmetric responses for the demand of unleaded fuels and agricultural diesel fuel. However we cannot support this statement for the regular diesel case: for this fuel both the tax-exclusive price and the tax elasticities are roughly the same. This result agrees with the fact that “diesel drivers” tend to be better informed about changes in both fuel prices and taxes. Some implications in terms of fiscal policy and pollution and climate change policy are also discussed.
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| 3 |
ID:
092607
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| Publication |
2009.
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| Summary/Abstract |
This paper develops an econometric model for the five most important crude oil products demand in Spain. The aim is the estimation of a range of elasticities of such demands that would serve as the basis for an applied general equilibrium model used for forecasting energy demand in a broader framework. The main distinctive features of the system with respect to previous literature are (i) it takes advantage of monthly information coming from very different information sources and (ii) multivariate unobserved components (UC) models are implemented allowing for a separate analysis of long- and short-run relations. UC models decompose time series into a number of unobserved though economic meaningful components mainly trend, seasonal and irregular. A module is added to such structure to take into account the influence of exogenous variables necessary to compute price, cross and income elasticities. Since all models implemented are multivariate in nature, the demand components are allowed to interact among them through the system noises (similar to a seemingly unrelated equations model). The results show unambiguously that the main factor driving demand is real income with prices having little impact on energy consumption.
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| 4 |
ID:
150346
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| Summary/Abstract |
In this paper, we derive optimal zonal prices in the Italian day-ahead electricity market using estimation of a complete system of hourly demand in 2010–2011. In Italy, the hourly equilibrium price for all buyers is computed as a uniform average of supply zonal prices, resulting from market splitting due to line congestion. We model ex-ante individual bids expressed by heterogeneous consumers, which are distinguished by geographical zones. Using empirical estimations, we compute demand elasticity values and new zonal prices, according to a Ramsey optimal scheme. This is a new approach in the wholesale electricity market literature, as previous studies have discussed the relative merit of zonal prices, considering only the issue of line congestion. Our results show that the optimal pricing scheme can improve welfare in the day-ahead Italian electricity market, with respect to both the existing uniform price scheme and the proposal to charge the existing supply zonal prices to the demand side.
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| 5 |
ID:
085708
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| Summary/Abstract |
This paper analyses expenditure and price elasticities of demand for rice consumption in Thai households. The elasticities were measured from cross-sectional data of a socio-economic survey conducted in 2002. The average rice consumption in Thai households was 101 kg/person/year. The overall expenditure elasticity of demand was positive but very inelastic. Households in urban centres had lower expenditure elasticity than those in the villages. Households in the highest 25 per cent of the income rank had a negative response to the expenditure variable for quantity rice demand but those households had a positive response for quality rice demand. Price elasticity was negative and inelastic. Households in urban areas are more sensitive to the rice price increase than those in the suburbs and villages. The results reflect the quality concern over rice consumption in Thai household consumption driven by the country's rapid economic growth and urbanization. A strategic policy for rice in Thailand should more focus on development of high-quality rice.
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