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A New Look At Residential Electricity Demand Using Household Expenditure Data
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Book Synopsis A New Look at Residential Electricity Demand Using Household Expenditure Data by : Harrison G. Fell
Download or read book A New Look at Residential Electricity Demand Using Household Expenditure Data written by Harrison G. Fell and published by . This book was released on 2014 with total page 40 pages. Available in PDF, EPUB and Kindle. Book excerpt: Many electricity demand estimates have been obtained based on the assumption that consumers optimize with respect to known marginal prices, but increasing empirical evidence suggests that consumers are more likely to respond to average prices. Under this assumption, this paper develops a new strategy based on Generalized Method of Moments to estimate household electricity demand. Our demand estimation approach uses publicly available expenditure data and utility-level consumption data from several major U.S. cities, complementing studies that use individual billing data which are richer yet often proprietary. We estimate the price elasticity near -0.50, which is at the upper end (in magnitude) among the estimates from previous studies. This could have important implications for policy analysis such as those on climate policies that may affect electricity prices.
Book Synopsis A Modern Guide to Energy Economics by : Farhad Taghizadeh-Hesary
Download or read book A Modern Guide to Energy Economics written by Farhad Taghizadeh-Hesary and published by Edward Elgar Publishing. This book was released on 2024-08-06 with total page 327 pages. Available in PDF, EPUB and Kindle. Book excerpt: With a sharp focus on sustainability, this book offers a nuanced understanding of the intricate interplay between economics and the evolving energy landscape. Editors Farhad Taghizadeh-Hesary, Ehsan Rasoulinezhad, and Naoyuki Yoshino bring together a diverse range of authors to address emerging priorities in the energy sector, such as energy transitions and sustainability, energy security, energy finance, and investment.
Book Synopsis Handbook Of Energy Finance: Theories, Practices And Simulations by : Stephane Goutte
Download or read book Handbook Of Energy Finance: Theories, Practices And Simulations written by Stephane Goutte and published by World Scientific. This book was released on 2020-01-30 with total page 827 pages. Available in PDF, EPUB and Kindle. Book excerpt: Modeling the dynamics of energy markets has become a challenging task. The intensification of their financialization since 2004 had made them more complex but also more integrated with other tradable asset classes. More importantly, their large and frequent fluctuations in terms of both prices and volatility, particularly in the aftermath of the global financial crisis 2008-2009, posit difficulties for modeling and forecasting energy price behavior and are primary sources of concerns for macroeconomic stability and general economic performance.This handbook aims to advance the debate on the theories and practices of quantitative energy finance while shedding light on innovative results and technical methods applied to energy markets. Its primary focus is on the recent development and applications of mathematical and quantitative approaches for a better understanding of the stochastic processes that drive energy market movements. The handbook is designed for not only graduate students and researchers but also practitioners and policymakers.
Book Synopsis 100 Years of U.S. Consumer Spending by :
Download or read book 100 Years of U.S. Consumer Spending written by and published by . This book was released on 2006 with total page 84 pages. Available in PDF, EPUB and Kindle. Book excerpt:
Book Synopsis Measuring Price and Income Elasticities of Residential Electricity Demand by : Atlana Puett
Download or read book Measuring Price and Income Elasticities of Residential Electricity Demand written by Atlana Puett and published by . This book was released on 2014 with total page 66 pages. Available in PDF, EPUB and Kindle. Book excerpt: Published estimates of the price elasticity of residential electricity demand range from -0.29 to -0.70, for analyses based on household level data; however, the area level estimates from range from -0.02 to -0.15. A similar pattern has been reported for estimates of the income elasticity of residential demand for electricity. Each published study relied on one type of data set (aggregated or disaggregated) and these datasets cover different time periods and locations. This raises the question: does the pattern generated by the published results reflect systematic differences generated by the use of aggregated vs. disaggregated data, or does the pattern reflect random variations in the study settings? In this research the hypothesis has been tested that the pattern generated by the published results reflects the use of aggregated vs. disaggregated data, by constructing both an individual-level dataset and a county-level dataset for one state (State of Nevada) covering the period from 2005 to 2011. Both datasets have been used to estimate household and utility level price and income elasticities of residential demand for electricity. This research shows the same pattern reported in the published studies: the magnitude of the estimated price elasticity generated by the disaggregated data exceeds the magnitude of the estimate generated by the disaggregated data. However, the magnitudes of the two income elasticities do not follow the same pattern.
Book Synopsis Residential Demand for Energy by : Sheila Nataraj Kirby
Download or read book Residential Demand for Energy written by Sheila Nataraj Kirby and published by . This book was released on 1983 with total page 60 pages. Available in PDF, EPUB and Kindle. Book excerpt:
Book Synopsis How Much is Clean Air Worth? by : Ari Rabl
Download or read book How Much is Clean Air Worth? written by Ari Rabl and published by Cambridge University Press. This book was released on 2014-07-10 with total page 709 pages. Available in PDF, EPUB and Kindle. Book excerpt: A comprehensive reference on the main methodologies used to calculate the benefits of pollution control, with worked examples.
Book Synopsis Residential Consumption of Gas and Electricity in the US by : Anna Alberini
Download or read book Residential Consumption of Gas and Electricity in the US written by Anna Alberini and published by . This book was released on 2015 with total page 48 pages. Available in PDF, EPUB and Kindle. Book excerpt: We study residential demand for electricity and gas, working with nationwide household-level data that cover recent years, namely 1997-2007. Our dataset is a mixed panel/multi-year cross-sections of dwellings/households in the 50 largest metropolitan areas in the United States as of 2008. To our knowledge, this is the most comprehensive set of data for examining household residential energy usage at the national level, containing the broadest geographical coverage, and with the longest longitudinal component (up to 6 observations per dwelling). We estimate static and dynamic models of electricity and gas demand. We find strong household response to energy prices, both in the short and long term. From the static models, we get estimates of the own price elasticity of electricity demand in the -0.860 to -0.667 range, while the own price elasticity of gas demand is -0.693 to -0.566. These results are robust to a variety of checks. Contrary to earlier literature (Metcalf and Hassett, 1999; Reiss and White, 2005), we find no evidence of significantly different elasticities across households with electric and gas heat. The price elasticity of electricity demand declines with income, but the magnitude of this effect is small. These results are in sharp contrast to much of the literature on residential energy consumption in the United States, and with the figures used in current government agency practice. Our results suggest that there might be greater potential for policies which affect energy price than may have been previously appreciated.
Book Synopsis Economic Analysis Of Green Development In China by : Zhiqing Li
Download or read book Economic Analysis Of Green Development In China written by Zhiqing Li and published by World Scientific. This book was released on 2023-09-12 with total page 407 pages. Available in PDF, EPUB and Kindle. Book excerpt: China has promised to achieve carbon peaking by 2030 and carbon neutrality by 2060. To achieve this goal, the country must implement necessary reforms and focus on innovation in areas of economics and finance. This book explores main challenges that China may face in achieving green and low-carbon development, analyzes green and low-carbon related issues from the economic perspective and proposes countermeasures as required. The book further helps readers understand China's progress in protecting its environment, achieving sustainable development, facilitating green investments and in being a green economy.
Book Synopsis Energy and Household Expenditure Patterns by : Thomas J. Lareau
Download or read book Energy and Household Expenditure Patterns written by Thomas J. Lareau and published by Johns Hopkins University Press. This book was released on 1983 with total page 192 pages. Available in PDF, EPUB and Kindle. Book excerpt:
Book Synopsis Going Beyond Tradition: Estimating Residential Electricity Demand Using an Appliance Index and Energy Services by : Nina Boogen
Download or read book Going Beyond Tradition: Estimating Residential Electricity Demand Using an Appliance Index and Energy Services written by Nina Boogen and published by . This book was released on 2014 with total page pages. Available in PDF, EPUB and Kindle. Book excerpt:
Book Synopsis An Analysis of Residential Energy Consumption and Expenditures by Minority Households by Home Type and Housing Vintage by :
Download or read book An Analysis of Residential Energy Consumption and Expenditures by Minority Households by Home Type and Housing Vintage written by and published by . This book was released on 1992 with total page 39 pages. Available in PDF, EPUB and Kindle. Book excerpt: In this paper a descriptive analysis of the relationship between energy consumption, patterns of energy use, and housing stock variables is presented. The purpose of the analysis is to uncover evidence of variations in energy consumption and expenditures, and patterns of energy use between majority households (defines as households with neither a black nor Hispanic head of household), black households (defined as households with a black head of household), and Hispanic households (defined as households with a Hispanic head of household) between 1980 (time of the first DOE/EIA Residential Energy Consumption Survey, 1982a) and 1987 (time of the last DOE/EIA Residential Energy Consumption Survey, 1989a). The analysis is three-dimensional: energy consumption and expenditures are presented by time (1980 to 1987), housing vintage, and housing type. A comparative analysis of changes in energy variables for the three population groups -- majority, black, and Hispanic -- within and between specific housing stock categories is presented.
Book Synopsis Energy Abstracts for Policy Analysis by :
Download or read book Energy Abstracts for Policy Analysis written by and published by . This book was released on 1985 with total page 768 pages. Available in PDF, EPUB and Kindle. Book excerpt:
Book Synopsis Measuring What We Spend by : National Research Council
Download or read book Measuring What We Spend written by National Research Council and published by National Academies Press. This book was released on 2013-02-15 with total page 217 pages. Available in PDF, EPUB and Kindle. Book excerpt: The Consumer Expenditure (CE) surveys are the only source of information on the complete range of consumers' expenditures and incomes in the United States, as well as the characteristics of those consumers. The CE consists of two separate surveys: (1) a national sample of households interviewed five times at three-month intervals; and (2) a separate national sample of households that complete two consecutive one-week expenditure diaries. For more than 40 years, these surveys, the responsibility of the Bureau of Labor Statistics (BLS), have been the principal source of knowledge about changing patterns of consumer spending in the U.S. population. In February 2009, BLS initiated the Gemini Project, the aim of which is to redesign the CE surveys to improve data quality through a verifiable reduction in measurement error with a particular focus on underreporting. The Gemini Project initiated a series of information-gathering meetings, conference sessions, forums, and workshops to identify appropriate strategies for improving CE data quality. As part of this effort, BLS requested the National Research Council's Committee on National Statistics (CNSTAT) to convene an expert panel to build on the Gemini Project by conducting further investigations and proposing redesign options for the CE surveys. The charge to the Panel on Redesigning the BLS Consumer Expenditure Surveys includes reviewing the output of a Gemini-convened data user needs forum and methods workshop and convening its own household survey producers workshop to obtain further input. In addition, the panel was tasked to commission options from contractors for consideration in recommending possible redesigns. The panel was further asked by BLS to create potential redesigns that would put a greater emphasis on proactive data collection to improve the measurement of consumer expenditures. Measuring What We Spend summarizes the deliberations and activities of the panel, discusses the conclusions about the uses of the CE surveys and why a redesign is needed, as well as recommendations for the future.
Book Synopsis Responsiveness of Residential Electricity Demand to Changes in Price, Information, and Policy by : Youngsun Baek
Download or read book Responsiveness of Residential Electricity Demand to Changes in Price, Information, and Policy written by Youngsun Baek and published by . This book was released on 2011 with total page pages. Available in PDF, EPUB and Kindle. Book excerpt: This study analyzes consumers' behavioral responsiveness to changes in price and policy regarding residential electricity consumption, using a hybrid method of econometric analyses and energy market simulations with the National Energy Modeling System (NEMS). First, this study estimates price elasticities of residential electricity demand with the most recent Residential Energy Consumption Survey (RECS) data, collected in 2005, employing a conventional econometric model and a discrete/continuous choice model. Prior to the NEMS experiments with price shocks and consumers' behavioral features, this study uses NEMS to examine how energy policies would affect changes in retail electricity price in the future. When climate policies are implemented nationally, electricity prices are estimated to increase by 17% in 2030 with a carbon cap and trade initiatives and by 4% with Renewable Electricity Standards (RES). The short-run elasticity of demand estimated from the 2005 RECS is found to be in a range of -0.81 ~ -0.66, which is more elastic than the current NEMS assumption of -0.15. The 2005 RECS dataset details information about American households' energy consumption. This rich source of micro-level data complements the existing econometric analysis based on time series data.
Book Synopsis Consumer Durable Choice and the Demand for Electricity by : J.A. Dubin
Download or read book Consumer Durable Choice and the Demand for Electricity written by J.A. Dubin and published by Elsevier. This book was released on 2014-07-22 with total page 286 pages. Available in PDF, EPUB and Kindle. Book excerpt: This book develops the theory of durable choice and utilization. The basic assumption is that the demand for energy is a derived demand arising through the production of household services. Durable choice is associated with the choice of a particular technology for providing the household service. Econometric systems are derived which capture both the discrete choice nature of appliance selection and the determination of continuous conditional demand.Using the National Interim Energy Consumption Survey (NIECS) from 1978, a nested logit model of room air-conditioning, central air-conditioning, space-heating and water heating is estimated. The estimated probability choice model is used to forecast the impacts of proposed building standards for newly constructed single family detached residences. A network thermal model provides unit energy consumptions for alternative heating and cooling systems across time. Monthly billing data matched to NIECS is analyzed permitting seasonal estimation of the demand for electricity and natural gas by households.The theory of price specification for demand subject to a declining rate structure is reviewed and tested. Finally, consistent estimation procedures are used in the presence of possible correlation between dummy variables indicating appliance ownership and the equation error. The hypothesis of simultaneity in the demand system is tested.Conditional moments in the generalized extreme value family are derived to extend discrete continuous econometric systems in which discrete choice is assumed logistic. An efficiency comparison of various two-stage consistent estimation techniques applied to a single equation of a dummy endogenous simultaneous equation system is undertaken and asymptotic distributions are derived for each estimation method.
Book Synopsis Future of Utilities - Utilities of the Future by : Fereidoon Sioshansi
Download or read book Future of Utilities - Utilities of the Future written by Fereidoon Sioshansi and published by Academic Press. This book was released on 2016-03-15 with total page 494 pages. Available in PDF, EPUB and Kindle. Book excerpt: Future of Utilities - Utilities of the Future: How technological innovations in distributed generation will reshape the electric power sector relates the latest information on the electric power sector its rapid transformation, particularly on the distribution network and customer side. Trends like the rapid rise of self-generation and distributed generation, microgrids, demand response, the dissemination of electric vehicles and zero-net energy buildings that promise to turn many consumers into prosumers are discussed. The book brings together authors from industry and academic backgrounds to present their original, cutting-edge and thought-provoking ideas on the challenges currently faced by electric utilities around the globe, the opportunities they present, and what the future might hold for both traditional players and new entrants to the sector. The book's first part lays out the present scenario, with concepts such as an integrated grid, microgrids, self-generation, customer-centric service, and pricing, while the second part focuses on how innovation, policy, regulation, and pricing models may come together to form a new electrical sector, exploring the reconfiguring of the current institutions, new rates design in light of changes to retail electricity markets and energy efficiency, and the cost and benefits of integration of distributed or intermittent generation, including coupling local renewable energy generation with electric vehicle fleets. The final section projects the future function and role of existing electrical utilities and newcomers to this sector, looking at new pathways for business and pricing models, consumer relations, technology, and innovation. Contains discussions that help readers understand the underlying causes and drivers of change in the electrical sector, and what these changes mean in financial, operational, and regulatory terms Provides thought-provoking ideas on the challenges currently faced by electric utilities around the globe, the opportunities they present, and what the future might hold for both traditional players and new entrants to the sector Helps readers anticipate what developments are likely to define the function and role of the utility of the future
