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Energy Economics

Author: Peter M Schwarz
Publisher: London : Taylor and Francis, 2017.
Series: Routledge Textbooks in Environmental and Agricultural Economics
Edition/Format:   eBook : Document : English : First editionView all editions and formats
Database:WorldCat
Summary:
"With interest in topics such as climate change, energy security, and alternative energy sources being at an all-time high, the effects of today's decisions now rest on the shoulders of future generations. There are no easy answers to our energy issues, so costs and benefits must be considered when evaluating all energy alternatives; alongside that, prices must be right and need to reflect the full social costs to  Read more...
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Genre/Form: Electronic books
Additional Physical Format: Print version:
Material Type: Document, Internet resource
Document Type: Internet Resource, Computer File
All Authors / Contributors: Peter M Schwarz
ISBN: 9781315114064 1315114062
OCLC Number: 993971225
Description: 1 online resource : text file, PDF.
Contents: Cover; Half Title; Title Page; Copyright Page; Table of Contents; List of figures; List of tables; Preface; Acknowledgments; List of abbreviations; Part I Fundamentals of energy economics; 1 Introduction; Why energy economics?; Oil market performance from the 1970s to the present; The content of energy economics; Energy is indispensable to modern life; Energy intensity; Transportation; Electricity; Buildings; Key energy issues; Are we running out?; Effects on the planet; Economic approach; Efficiency and inefficiency; Market failure and government failure; A roadmap; Notes; References 2 Energy, markets, and societyIntroduction; What is different about energy?; Efficiency; Market failure; Externalities; Public goods; Other potential market failures; Social welfare; Pareto and Hicks-Kaldor efficiency; Efficiency vs. equity; Cost-benefit analysis; Sustainability; Sustainability may conflict with efficiency and social welfare; Equity for future generations; Summary; Notes; References; 3 Static efficiency: applying supply and demand to energy markets; Introduction; Supply and demand; Demand; Supply; Supply and demand; Perfect competition Assumptions of the perfectly competitive modelShort-run equilibrium; Long-run equilibrium; Efficiency and social welfare; Market failure; Monopoly; Externalities; Public goods; Coming full circle: social welfare; Summary; Appendix 3A: Supply and demand basics; Appendix 3B: The calculus behind supply and demand; Notes; References; 4 Dynamic efficiency: energy decisions over time; Introduction; Dynamic efficiency; When to use dynamic efficiency; Competition in a dynamic framework; MC = 0; MC > 0; Monopoly; Other factors influencing dynamic efficiency; Change in demand; Change in total reserves Change in technologyChange in backstop technology; Change in interest rate; Implications for sustainability; Managing energy price volatility; Summary; Notes; References; Part II Conventional energy sources; 5 Oil: there at the creation of energy economics; Introduction; A brief economic history; Rockefeller and Standard Oil; The majors; Organization of Petroleum Exporting Countries (OPEC); Oil consumption; Oil as a transportation fuel; Other uses of petroleum; Oil production; The supply chain for oil and gasoline; Market models of OPEC behavior; Cartel model Dominant firm price leadership modelEnvironmental regulation; Oil financial instruments; Forwards and futures; Summary; Notes; References; 6 Natural gas: a new golden age?; Introduction; Brief economic history of natural gas use; Natural history; Regulation and deregulation; Natural gas production; Supply chain; Cost; Levelized cost; Greenhouse gas emissions and other environmental impacts; Determining price; Determining price under regulation; Market determination of price; Summary; Notes; References; 7 Coal; Introduction; A brief economic history of coal; Production and the supply chain
Series Title: Routledge Textbooks in Environmental and Agricultural Economics
Responsibility: Peter M. Schwarz.

Abstract:

"With interest in topics such as climate change, energy security, and alternative energy sources being at an all-time high, the effects of today's decisions now rest on the shoulders of future generations. There are no easy answers to our energy issues, so costs and benefits must be considered when evaluating all energy alternatives; alongside that, prices must be right and need to reflect the full social costs to society of a given source of energy.Energy Economics outlines the fundamental issues and possible solutions to the challenges of energy production and use, and presents a framework for energy decisions based upon sound economic analysis. It considers market forces and policy goals, including economic prosperity, environmental protection, and other considerations that affect societal well-being. This book focuses on both energy choices and the impact of these choices on market performance, environmental conditions, and sustainability. The initial section covers the fundamental economic concepts for analyzing energy markets. Following this, a detailed analysis of established energy sources, specifically fossil fuels and nuclear energy, leads into consideration of energy alternatives such as renewable energy and next-generation alternatives. Electricity production and regulatory trends are covered in depth. The final section considers policy: environmental considerations, sustainability, and energy security. The concluding chapter is a comprehensive vision for our energy future.? Drawing on current energy headlines, perspectives familiar from the popular press, and views outside economics, this text sharpens students' ability to understand, evaluate, and critique policy using appropriate economic analysis. The text builds a foundation that culminates in a view of a comprehensive energy policy that improves upon the vacillations of past decades.? "--Provided by publisher.

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