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Evidence Of A Shift In The Short Run Price Elasticity Of Gasoline Demand
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Book Synopsis Effects of Gasoline Prices on Driving Behavior and Vehicle Markets by : David Austin
Download or read book Effects of Gasoline Prices on Driving Behavior and Vehicle Markets written by David Austin and published by Government Printing Office. This book was released on 2008 with total page 60 pages. Available in PDF, EPUB and Kindle. Book excerpt: Gasoline prices and driving behavior. Volume of traffic ; Speed of traffic ; Applicability of findings to other regions of the United States -- Gasoline prices and vehicle markets. Market shares for cars and light trucks ; Gasoline prices and vehicle market status ; Changes in new vehicle fuel economy and pricing ; Changes in the used vehicle market -- Study data -- Analytical approach and economic results.
Book Synopsis The Consumer Response to Gasoline Price Changes by : Kenneth Thomas Gillingham
Download or read book The Consumer Response to Gasoline Price Changes written by Kenneth Thomas Gillingham and published by Stanford University. This book was released on 2011 with total page 298 pages. Available in PDF, EPUB and Kindle. Book excerpt: When gasoline prices rise, people notice: the news is filled with reports of pinched household budgets and politicians feeling pressure to do something to ameliorate the burden. Yet, raising the gasoline tax to internalize externalities is widely considered by economists to be among the most economic efficiency-improving policies we could implement in the transportation sector. This dissertation brings new evidence to bear on quantifying the responsiveness to changing gasoline prices, both on the intensive margin (i.e., how much to drive) and the extensive margin (i.e., what vehicles to buy). I assemble a unique and extremely rich vehicle-level dataset that includes all new vehicle registrations in California 2001 to 2009, and all of the mandatory smog check program odometer readings for 2002 to 2009. The full dataset exceeds 49 million observations. Using this dataset, I quantify the responsiveness to gasoline price changes on both margins, as well as the heterogeneity in the responsiveness. I develop a novel structural model of vehicle choice and subsequent utilization, where consumer decisions are modeled in a dynamic setting that explicitly accounts for selection on unobserved driving preference at both the time of purchase and the time of driving. This utility-consistent model allows for the analysis of the welfare implications to consumers and government of a variety of different policies, including gasoline taxes and feebates. I find that consumers are responsive to changing gasoline prices in both vehicle choice and driving decisions, with more responsiveness than in many recent studies in the literature. I estimate a medium-run (i.e., roughly two-year) elasticity of fuel economy with respect to the price of gasoline for new vehicles around 0.1 for California, a response that varies by whether the vehicle manufacturer faces a tightly binding fuel economy standard. I estimate a medium-run elasticity of driving with respect to the price of gasoline around -0.15 for new personal vehicles in the first six years. Older vehicles are driven much less, but tend to be more responsive, with an elasticity of roughly -0.3. I find that the vehicle-level responsiveness in driving to gasoline price changes varies by vehicle class, income, geographic, and demographic groups. I also find that not including controls for economic conditions and not accounting for selection into different types of new vehicles based on unobserved driving preference tend to bias the elasticity of driving away from zero -- implying a greater responsiveness than the true responsiveness. This is an important methodological point, for much of the literature estimating similar elasticities ignores these two issues. These results have significant policy implications for policies to reduce gasoline consumption and greenhouse gas emissions from transportation. The relatively inelastic estimated responsiveness on both margins suggests that a gasoline tax policy may not lead to dramatic reductions in carbon dioxide emissions, but is a relatively non-distortionary policy instrument to raise revenue. When the externalities of driving are considered, an increased gasoline tax may not only be relatively non-distortionary, but even economic efficiency-improving. However, I find that the welfare changes from an increased gasoline tax vary significantly across counties in California, an important consideration for the political feasibility of the policy. Finally, I find suggestive evidence that the ``rebound effect'' of a policy that works only on the extensive margin, such as a feebate or CAFE standards, may be closer to zero than the elasticity of driving with respect to the price of gasoline. This suggestive finding is particularly important for the analysis of the welfare effects of any policy that focuses entirely on the extensive margin.
Book Synopsis The Car-dependent Society by : Hans Jeekel
Download or read book The Car-dependent Society written by Hans Jeekel and published by Routledge. This book was released on 2016-04-01 with total page 313 pages. Available in PDF, EPUB and Kindle. Book excerpt: Cars are essential in modern Western societies. Some even say that our modern lifestyles would have been impossible without cars. The dependency of Western societies on our cars is a unique situation in history, but does not get much attention; car use is seen as just a normal situation. The population at large knows the risks, knows the disadvantages, experiences the advantages and keeps driving. Using data from Western Europe, this book examines three key themes: frequent car use, car dependence, and the future of passenger car mobility in societies. In conclusion, in modern Western risk societies, more attention needs to be paid to car dependence, its driving forces, its advantages, its problems and challenges for the future.
Book Synopsis Microeconomics in Context by : Neva Goodwin
Download or read book Microeconomics in Context written by Neva Goodwin and published by Taylor & Francis. This book was released on 2022-12-26 with total page 655 pages. Available in PDF, EPUB and Kindle. Book excerpt: • 5th edition has more content on inequality, wellbeing, international trade and the changing nature of work • Several chapters include discussion on the impacts of COVID-19 on inequality, labour markets, health and beyond • General updates, including new data, new exercises and discussion questions • Differs from other principles books on the market in its pluralist approach. It covers everything the student needs to know, whilst also placing issues in their historical, institutional, social, political, and ethical context. • Introduces students to different schools of thought in economics. Perspectives include neoclassical economics, Keynesian economics, ecological economics, institutional economics and feminist economics. • Logical building-block structure, providing student with a clear sequential approach to macroeconomic models. • Companion website with student study guide, PPT slides and teaching materials (including test bank)
Book Synopsis Principles of Commodity Economics and Finance by : Daniel P. Ahn
Download or read book Principles of Commodity Economics and Finance written by Daniel P. Ahn and published by MIT Press. This book was released on 2019-04-09 with total page 229 pages. Available in PDF, EPUB and Kindle. Book excerpt: A rigorous but practical introduction to the economic, financial, and political principles underlying commodity markets. Commodities have become one of the fastest growing asset classes of the last decade and the object of increasing attention from investors, scholars, and policy makers. Yet existing treatments of the topic are either too theoretical, ignoring practical realities, or largely narrative and nonrigorous. This book bridges the gap, striking a balance between theory and practice. It offers a solid foundation in the economic, financial, and political principles underlying commodities markets. The book, which grows out of courses taught by the author at Columbia and Johns Hopkins, can be used by graduate students in economics, finance, and public policy, or as a conceptual reference for practitioners. After an introduction to basic concepts and a review of the various types of commodities—energy, metals, agricultural products—the book delves into the economic and financial dynamics of commodity markets, with a particular focus on energy. The text covers fundamental demand and supply for resources, the mechanics behind commodity financial markets, and how they motivate investment decisions around both physical and financial portfolio exposure to commodities, and the evolving political and regulatory landscape for commodity markets. Additional special topics include geopolitics, financial regulation, and electricity markets. The book is divided into thematic modules that progress in complexity. Text boxes offer additional, related material, and numerous charts and graphs provide further insight into important concepts.
Book Synopsis Handbook of Sustainable Energy by : Ibon Galarraga
Download or read book Handbook of Sustainable Energy written by Ibon Galarraga and published by Edward Elgar Publishing. This book was released on 2011 with total page 625 pages. Available in PDF, EPUB and Kindle. Book excerpt: Ô. . . was impressed by the scope of the contributions and their clarity. All appear to have been written specifically for this ÒHandbookÓ and all are readily comprehensible without a large amount of assumed previous knowledge. . . a very useful source document and many of the chapters represent a good starting point for student research projects.Õ Ð Tony Owen, Economics of Energy and Environmental Policy ÔIn todayÕs modern world where energy resources are increasingly scarce, climate change is a hot-button issue, and population growth continues to push the need to promote sustainable living, Handbook of Sustainable Energy is highly recommended as an absolutely invaluable contribution to graduate school libraries and the pool of literature available to professionals in the field.Õ Ð The Midwest Book Review Major contemporary issues and debates relating to the sustainable use of energy are addressed in this far-reaching Handbook. The contributing authors discuss the ongoing debates about sustainability and energy use, energy economics, renewable energy, efficiency and climate policy. New and original chapters from leading academics cover the full spectrum of relevant research including: definitions of sustainability in energy use; consumer behaviour and energy markets; the impacts of innovation and new technologies; energy economics and climate modelling; low carbon economies and renewable energies. The authors critically engage with perspectives from developed and developing countries from both global and regional standpoints. This Handbook will make a timely and important contribution to the study of energy, climate change and climate economics, and will prove essential reading for international researchers in the fields of natural resources, climate change and energy. Students in environmental science faculties, economics departments, business schools and engineering schools will also find this important and enriching compendium insightful. Similarly, policy-makers in energy and environment ministries and international organizations will find much topical debate to engage them.
Book Synopsis Environmental and Natural Resource Economics by : Jonathan M. Harris
Download or read book Environmental and Natural Resource Economics written by Jonathan M. Harris and published by Routledge. This book was released on 2016-05-05 with total page 584 pages. Available in PDF, EPUB and Kindle. Book excerpt: Harris and Roach present a compact and accessible presentation of the core environmental and resource topics and more, with analytical rigor as well as engaging examples and policy discussions. They take a broad approach to theoretical analysis, using both standard economic and ecological analyses, and developing these both from theoretical and practical points of view. It assumes a background in basic economics, but offers brief review sections on important micro and macroeconomic concepts, as well as appendices with more advanced and technical material. Extensive instructor and student support materials, including PowerPoint slides, data updates, and student exercises are provided.
Author :United States. Congress. House. Committee on Energy and Commerce. Subcommittee on Energy and Air Quality Publisher : ISBN 13 : Total Pages :128 pages Book Rating :4.0/5 ( download)
Book Synopsis Alternative Transportation Fuels by : United States. Congress. House. Committee on Energy and Commerce. Subcommittee on Energy and Air Quality
Download or read book Alternative Transportation Fuels written by United States. Congress. House. Committee on Energy and Commerce. Subcommittee on Energy and Air Quality and published by . This book was released on 2008 with total page 128 pages. Available in PDF, EPUB and Kindle. Book excerpt:
Book Synopsis The Coming Prosperity by : Philip E. Auerswald
Download or read book The Coming Prosperity written by Philip E. Auerswald and published by OUP USA. This book was released on 2012-04-02 with total page 281 pages. Available in PDF, EPUB and Kindle. Book excerpt: The Coming Prosperity disarms the current narratives of fear and brings to light the vast new opportunities in the expanding global economy.
Book Synopsis Environmental Economics by : Hans Wiesmeth
Download or read book Environmental Economics written by Hans Wiesmeth and published by Springer Science & Business Media. This book was released on 2011-10-20 with total page 316 pages. Available in PDF, EPUB and Kindle. Book excerpt: This text provides an analysis and investigation of the most essential areas of environmental theory and policy, including international environmental problems. The approach is based on standard theoretical tools, in particular equilibrium analysis, and aims to demonstrate how economic principles can help to understand environmental issues and guide policymakers. Current topics including climate change, overfishing and integrated approaches to environmental policies are carefully analyzed in this framework, and a multitude of practical examples from various parts of the world is presented.
Book Synopsis Federal Trade Commission Report on Spring/Summer 2006 Nationwide Gasoline Price Increases by : Barry Leonard
Download or read book Federal Trade Commission Report on Spring/Summer 2006 Nationwide Gasoline Price Increases written by Barry Leonard and published by DIANE Publishing. This book was released on 2007-12 with total page 26 pages. Available in PDF, EPUB and Kindle. Book excerpt: On April 25, 2006, Pres. Bush directed ¿the Dept. of Justice to work with the Fed. Trade Comm. (FTC) & the Energy Dept.(DoE) to conduct inquiries into illegal manipulation or cheating related to current gasoline prices.¿ The FTC was, at that time, investigating the increases in gasoline prices that occurred following Hurricane Katrina, including an intensive examination of whether refiners & other market participants had manipulated, or tried to manipulate, gasoline prices. The FTC found no evidence of manipulation & only limited instances of price gouging by gasoline wholesalers & retailers. The FTC & DoE conducted this economic analysis & investigation of the nat. avg. gasoline price increases that began during the spring of 2006 & continued through the summer. Illus.
Book Synopsis Overcoming Barriers to Electric-Vehicle Deployment by : National Research Council
Download or read book Overcoming Barriers to Electric-Vehicle Deployment written by National Research Council and published by National Academies Press. This book was released on 2013-06-18 with total page 102 pages. Available in PDF, EPUB and Kindle. Book excerpt: The electric vehicle offers many promises-increasing U.S. energy security by reducing petroleum dependence, contributing to climate-change initiatives by decreasing greenhouse gas (GHG) emissions, stimulating long-term economic growth through the development of new technologies and industries, and improving public health by improving local air quality. There are, however, substantial technical, social, and economic barriers to widespread adoption of electric vehicles, including vehicle cost, small driving range, long charging times, and the need for a charging infrastructure. In addition, people are unfamiliar with electric vehicles, are uncertain about their costs and benefits, and have diverse needs that current electric vehicles might not meet. Although a person might derive some personal benefits from ownership, the costs of achieving the social benefits, such as reduced GHG emissions, are borne largely by the people who purchase the vehicles. Given the recognized barriers to electric-vehicle adoption, Congress asked the Department of Energy (DOE) to commission a study by the National Academies to address market barriers that are slowing the purchase of electric vehicles and hindering the deployment of supporting infrastructure. As a result of the request, the National Research Council (NRC)-a part of the National Academies-appointed the Committee on Overcoming Barriers to Electric-Vehicle Deployment. This committee documented their findings in two reports-a short interim report focused on near-term options, and a final comprehensive report. Overcoming Barriers to Electric-Vehicle Deployment fulfills the request for the short interim report that addresses specifically the following issues: infrastructure needs for electric vehicles, barriers to deploying the infrastructure, and possible roles of the federal government in overcoming the barriers. This report also includes an initial discussion of the pros and cons of the possible roles. This interim report does not address the committee's full statement of task and does not offer any recommendations because the committee is still in its early stages of data-gathering. The committee will continue to gather and review information and conduct analyses through late spring 2014 and will issue its final report in late summer 2014. Overcoming Barriers to Electric-Vehicle Deployment focuses on the light-duty vehicle sector in the United States and restricts its discussion of electric vehicles to plug-in electric vehicles (PEVs), which include battery electric vehicles (BEVs) and plug-in hybrid electric vehicles (PHEVs). The common feature of these vehicles is that their batteries are charged by being plugged into the electric grid. BEVs differ from PHEVs because they operate solely on electricity stored in a battery (that is, there is no other power source); PHEVs have internal combustion engines that can supplement the electric power train. Although this report considers PEVs generally, the committee recognizes that there are fundamental differences between PHEVs and BEVs.
Book Synopsis Climate Change and Global Equity by : Frank Ackerman
Download or read book Climate Change and Global Equity written by Frank Ackerman and published by Anthem Press. This book was released on 2015-03-15 with total page 285 pages. Available in PDF, EPUB and Kindle. Book excerpt: Ambitious measures to reduce carbon emissions are all too rare in reality, impeded by economic and political concerns rather than technological advances. In this timely collection of essays, Frank Ackerman and Elizabeth A. Stanton show that the impact of inaction on climate change will be far worse than the cost of ambitious climate policies.
Book Synopsis Turning the Right Corner by : Andreas Kopp
Download or read book Turning the Right Corner written by Andreas Kopp and published by World Bank Publications. This book was released on 2013-06-01 with total page 181 pages. Available in PDF, EPUB and Kindle. Book excerpt: This book argues that the transition to low-carbon transport ensures lower transport costs and a stronger development impetus of the sector for the future. The report shows how policies can be organized to generate revenues that can cover much or all of the transition cost.
Book Synopsis The Economics of Climate Change in China by : Fan Gang
Download or read book The Economics of Climate Change in China written by Fan Gang and published by Routledge. This book was released on 2013-09-13 with total page 497 pages. Available in PDF, EPUB and Kindle. Book excerpt: China faces many modernization challenges, but perhaps none is more pressing than that posed by climate change. China must find a new economic growth model that is simultaneously environmentally sustainable, can free it from its dependency on fossil fuels, and lift living standards for the majority of its population. But what does such a model look like? And how can China best make the transition from its present macro-economic structure to a low-carbon future? This ground-breaking economic study, led by the Stockholm Environment Institute and the Chinese Economists 50 Forum, brings together leading international thinkers in economics, climate change, and development, to tackle some of the most challenging issues relating to China's low-carbon development. This study maps out a deep carbon reduction scenario and analyzes economic policies that shift carbon use, and shows how China can take strong and decisive action to make deep reductions in carbon emission over the next forty years while maintaining high economic growth and minimizing adverse effects of a low-carbon transition. Moreover, these reductions can be achieved within the finite global carbon budget for greenhouse gas emissions, as determined by the hard constraints of climate science. The authors make the compelling case that a transition to a low-carbon economy is an essential part of China's development and modernization. Such a transformation would also present opportunities for China to improve its energy security and move its economy higher up the international value chain. They argue that even in these difficult economic times, climate change action may present more opportunities than costs. Such a transformation, for China and the rest of the world, will not be easy. But it is possible, necessary and worthwhile to pursue.
Book Synopsis Climate Change 2014: Mitigation of Climate Change by : Ottmar Edenhofer
Download or read book Climate Change 2014: Mitigation of Climate Change written by Ottmar Edenhofer and published by Cambridge University Press. This book was released on 2015-01-26 with total page 1457 pages. Available in PDF, EPUB and Kindle. Book excerpt: This latest Fifth Assessment Report of the IPCC will again form the standard reference for all those concerned with climate change and its consequences.
Book Synopsis But Will the Planet Notice? by : Gernot Wagner
Download or read book But Will the Planet Notice? written by Gernot Wagner and published by Hill and Wang. This book was released on 2011-09-27 with total page 269 pages. Available in PDF, EPUB and Kindle. Book excerpt: You are one of seven billion people on Earth. Whatever you or I do personally—eat tofu in a Hummer or hamburgers in a Prius—the planet doesn't notice. In our confrontation with climate change, species preservation, and a planet going off the cliff, it is what several billion people do that makes a difference. The solution? It isn't science, politics, or activism. It's smarter economics. The hope of mankind, and indeed of every living thing on the planet, is now in the hands of the dismal science. Fortunately, we've been there before. Economists helped crack the acid rain problem in the 1990's (admittedly with a strong assist from a phalanx of lawyers and activists). Economists have helped get lead out of our gas, and they can explain why lobsters haven't disappeared off the coast of New England but tuna is on the verge of extinction. More disquietingly, they can take the lessons of the financial crisis and model with greater accuracy than anyone else the likelihood of environmental catastrophe, and they can help save us from global warming, if only we let them.
