Energy Economics and Policy
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Energy Economics and Policy, Second Edition presents a unified analysis of energy economics and energy policy. This book deals with energy economics. It discusses the dimension of the energy problem—the role of energy in economic development, energy consumption patterns, energy supply, and oil prices. In dealing with equilibrium of energy demand and supply, the authors note that efficiency and equity considerations should be considered simultaneously using the income tax or welfare system to redress burdens imposed on the poor. The authors also analyze OPEC behavior and oil prices and notes six keys to the long-run viability of OPEC and their implications for future prices in oil. The authors present the environmental issues in energy development and the economics of pollution control. The authors cite the efficiency of low-cost emitters that receive incentives to control more compared to high-cost emitters. As regards conservation schemes, the authors note that prorationing polices seek to remedy symptoms of over drilling, excessive production, and flaring of natural gas—instead of addressing unified and efficient contracting systems. This book can prove beneficial to economists, environmentalists, and policy makers involved in oil and energy regulation and use.
Table of Contents
Preface
Chapter 1: The Dimensions of the Energy Problem
Energy: Its Role in Economic Development
Past and Present World Energy Consumption Patterns
Past and Present World Energy Supply Patterns
Price Developments: Pre- and Post-OPEC
Changing Public Perceptions of the "Energy Problem"
Recent Energy Policy Problems
Chapter 2: Static Criteria for Efficient Energy Resource Allocation
A Review of Static Resource Allocation Criteria
The Theoretical Ideal
Four Types of Market Failure
A Methodology for Quantifying Welfare Effects
Income Distributional Aspects of Welfare Analysis
From a Partial to a General Equilibrium Approach
Conclusions
Notes
Chapter 3: Criteria for Efficient Dynamic Resource Allocation
Introduction
User Costs
User Costs and Expectations About the Future
Hotelling's r Percent Price Path
The Predictive Power of Hotelling's Model
Market Failures in a Dynamic Context 87
An Economist's Prescription for Efficient Energy Resource Allocation: A Pricing Problem
Notes
Chapter 4: OPEC Behavior and World Oil Prices
Introduction
The World Oil Industry Before 1960: OPEC as an Embryo
The World Oil Market 1960-73: OPEC's Formative Years
The World Oil Market Since 1973: OPEC Reaches Maturity
Analysis of OPEC Behavior
Six Keys to the Long-Run Viability of OPEC and Their Implications for Future Oil Prices
Notes
Chapter 5: Environmental Issues in Energy Development
Introduction
Goals and Goal Conflicts
Major Types of Pollution
Air Pollution
Water Pollution
Solid Waste Pollution
Radiation Pollution
Pollution Potential of Major Energy Sources: A Summary The Economics of Pollution Control
Notes
Chapter 6: Coping with Oil Supply Disruptions
Varying Conceptions of and Solutions to the Supply Uncertainty Problem
Optimal Methods of Reducing Dependence
Import Controls Versus Tariffs
Notes
Chapter 7: Conservation
Introduction
The Mathematics of Energy Conservation
Evidence on the Potential for Conservation
Evidence on the Potential for Interfuel Competition
Thoughts on the Policy Importance of Defining Conservation
Examples of Market Failures and Government Regulatory Failures
Methods of Achieving Energy Conservation
Energy Conservation on the Supply Side: Conservation in Production
Summary
Notes
Chapter 8: Federal Taxation and Price Regulation of Energy Production
Introduction
Oil Price Regulations
Price Controls on Natural Gas
The Affirmative Rationale for Price Controls
The Evidence to Support or Reject These Rationales
The Domestic Petroleum Industry: Basically Competitive? Problems in Administering Prices
Notes
Chapter 9: Energy Sources for the Twenty-First Century
Synthetic Fluid Fuels
Other Backstop Fuels: Certain Applications of Solar Energy
Nuclear Energy Developments
Other Energy Sources
Implications for Federal Research and Development Policy
Notes
References for Consultation
Chapter 10: Suggested Policy Directions
Toward a Comprehensive Energy Policy
OPEC: A Shift from Passive Acceptance
Methods of Ameliorating the Energy/Environmental Conflict
Suggested Approaches to the Problem of Coping with Oil Import Interruptions
Policies to Promote Conservation
Governmental Price Controls and Tax Policies
Energy Research and Development
Lessons Learned from the Past
Postscript: Political Constraints on Economic Policies in the Energy Arena
Notes
Bibliographic Items
Index
Product details
- No. of pages: 412
- Language: English
- Copyright: © Academic Press 1986
- Published: January 1, 1986
- Imprint: Academic Press
- eBook ISBN: 9781483257730