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Introduction and Background
Review of the Basics of Supply, Demand and Price Formation in Competitive Markets
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Introduction and Background
* United States Energy Information Agency (EIA). Annual Energy Review 2005. Washington, DC, 2006, chapter 1.
* ———. International Energy Outlook 2006. Washington, DC, 2006, chapter 1.
* United States Environmental Protection Agency (EPA). Trends in Air Emissions, 2005.
* Smil, V. "Energy in the Twentieth Century: Resources, Conversions, Costs, Uses and Consequences." Annual Review of Energy and the Environment 25 (2000): 21-51.
** Fouquest, R., and P. Pearson. "A Thousand Years of Energy Use in the United Kingdom." The Energy Journal 19, no. 4 (1998): 1-41.
*** ———. "Seven Centuries of Energy Services: The Price and Use of Light in the United Kingdom (1300-2000)." The Energy Journal 27, no. 1 (2006): 139-177.
Review of the Basics of Supply, Demand and Price Formation in Competitive Markets
* Pindyck and Rubinfeld. 2005, chapter 2.
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Energy Demand: Short Run and Long Run Price and Income Elasticities
Introduction to Multivariate Regression Analysis
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Energy Demand: Short Run and Long Run Price and Income Elasticities
* Hausman, J. "Individual Discount Rates and the Purchase and Utilization of Energy-Using Durables." The Bell Journal of Economics 10, no. 1 (1979): 33-54.
* Baughman, M., and P. Joskow. "The Effects of Fuel Prices on Residential Appliance Choice in the United States." Land Economics 51, no. 1 (1975): 41-49.
* Hughes, J., C. Knittel, and D. Sperling. "Evidence of a Shift in the Short-Run Price Elasticity of Gasoline Demand." Center for the Study of Energy Markets, Working Paper 159 (2006). (PDF)#
** Kamerschen D., and D. Porter. "The Demand for Residential, Industrial and Total Electricity, 1973-1998." Energy Economics 26 (2004): 87-100.
 *** Slade, M., C. Kolstad, and R. Weiner. "Buying Energy and Nonfuel Minerals." Chapter 20 in Handbook of Natural Resource and Energy Economics. Vol. 3. Edited by A. Kneese and J. Sweeney. San Diego, CA: Elsevier Science Publishers, 1993. ISBN: 0444878009.
Introduction to Multivariate Regression Analysis
* Sykes, A. "An Introduction to Regression Analysis." Chicago Working Paper in Law and Economics No. 20 (October 1993). (PDF)#
Handout: Econometrics (PDF) (Courtesy of Arthur Campbell. Used with permission.)
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Energy Supply and the Economics of Depletable Resources |
* Pindyck and Rubinfeld. 2005, section 15.8.
* Krautkraemer J., and M. Toman. "Fundamental Economics of Depletable Energy Supply." Resources for the Future, Discussion Paper 03-01 (2003).
* Flynn, E. "Impact of Technological Change and Productivity on the Coal Market." Energy Information Administration, Issues in Midterm Analysis and Forecasting 2000 (2000).
** Heal, G. "The Optimal Use of Exhaustible Resources." Chapter 18 in Handbook of Natural Resource and Energy Economics. Vol. 3. Edited by A. Kneese and J. Sweeney. San Diego, CA: Elsevier Science Publishers, 1993. ISBN: 0444878009.
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World Oil Markets and Energy Security |
* Deffeyes, K. Hubbert's Peak: The Impending World of Oil Shortage. Princeton, NJ: Princeton University Press, 2001, chapter 1. ISBN: 0691116253. (PDF - 7.9 MB)#
* Lynch M. "The Pessimism About Petroleum Resources: Debunking the Hubbert Model (and Hubbert Modelers)." Minerals and Energy - Raw Materials Report 18, no. 1 (2003): 1-18.
* Watkins, G. "Oil Scarcity: What Have the Past Three Decades Revealed?" Energy Policy 34 (2006): 508-514.
* Smith, J. "Inscrutable OPEC? Behavioral Tests of the Cartel Hypothesis." The Energy Journal 25, no. 1 (2005): 51-82.
* Barsky, R., and L. Killian. "Oil and the Macroeconomy Since the 1970s." Journal of Economic Perspectives 18, no. 4 (2004): 115-134.
* Killian, L. "Exogenous Oil Supply Shocks: How Big Are They and How Much Do They Matter for the U.S. Economy?" Center for Economic Policy Research, Discussion Paper 5131 (July 2005).
* Council on Foreign Relations. "National Security Consequences of US Oil Dependency." Independent Task Force Report No. 58 (2006).
** Kaufman, R., S. Dees, P. Karadeloglou, and M. Sanchez. "Does OPEC Matter: An Econometric Analysis of Oil Prices." The Energy Journal 25, no. 4 (2004): 67-90.
** Pindyck, R. "Gains to Producers from Cartelization of an Exhaustible Resource." Review of Economics and Statistics 60, no. 2 (1978): 238-251.
*** Considine, T. "Is the Strategic Petroleum Reserve Our Ace in the Hole?" The Energy Journal 27, no. 3 (2006): 91-112. |
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Natural Gas Price Regulation, Deregulation and Markets |
* Leitzinger, J., and M. Collette. "A Retrospective Look at Wholesale Gas: Industry Restructuring." Journal of Regulatory Economics 21, no. 1 (2002): 79-101.
* National Petroleum Council. "Balancing Natural Gas Policy: Fueling the Demands of a Growing Economy." Volume I: Summary of Findings and Recommendations (September 2003). (PDF - 3.9 MB)#
* Mazighi, A. "An Examination of the International Gas Trade." OPEC Review 27, no. 4 (December 2003): 313.
** MacAvoy, P., and R. Pindyck. "Alternative Regulatory Policies for Dealing with the Natural Gas Shortage." The Bell Journal of Economics and Management Science 4, no. 2 (1973): 454-498.
** Cuddington, J., and Z. Wang. "Assessing the Degree of Spot Market Integration for U.S. Natural Gas: Evidence from Daily Price Data." Journal of Regulatory Economics 29 (2006): 195-210.
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Electricity |
* Joskow, P. "Deregulation and Regulatory Reform in the U.S. Electric Power Sector." Chapter 4 in Deregulation of Network Industries: What's Next? Edited by S. Peltzman and C. Whinston. Washington, D.C.: American Enterprise Institute Press, 2000, pp. 113-188.
* Borenstein, S. "The Trouble with Electricity Markets: Understanding California's Restructuring Disaster." Journal of Economic Perspectives 16, no. 1 (2002): 191-211.
* Joskow, P., and E. Kahn. "Quantitative Analysis of Pricing Behavior in California's Electricity Market During the Summer 2000." The Energy Journal 23, no. 4 (2002): 1-35.
* Joskow, P. "Incentive Regulation in Theory and Practice: Electricity Distribution and Transmission Networks." Working Paper (2006). (PDF)#
* ———. "Markets for Power in the United States: An Interim Assessment." The Energy Journal 27, no. 1 (January 2006).
** Wolfram, C. "Measuring Duopoly Power in the British Electricity Market." American Economic Review 89, no. 4 (1999): 805-826.
** Borenstein, S. "The Long Run Efficiency of Real-Time Electricity Pricing." The Energy Journal 26, no. 3 (2005): 93-116.
*** Borenstein, S., J. Bushnell, and F. Wolak. "Measuring Market Inefficiencies in California's Restructured Wholesale Electricity Market." The American Economic Review 92, no. 5 (2002): 1376-1405.
*** Park, H., J. Mjelde, and D. Bessler. "Price Dynamics Among U.S. Electricity Spot Markets." Energy Economics 28 (2006): 81-101.
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Risk Management, Futures Markets and Derivatives |
* Energy Information Administration. "Derivatives in Risk Management for Petroleum, Gas and Electricity" (October 2002).
* Mazighi, A. "The Efficiency of Natural Gas Futures Markets." OPEC Review (2003).
** Herce, M., J. Parsons, and R. Ready. "Using Futures Prices to Filter Short-Term Volatility and Recover a Latent, Long-Term Price Series for Oil." MIT Center for Energy and Environmental Policy Research Working Paper 06-005 (April 2006). (PDF)#
** Chinn, M., M. LeBlanc, and O. Coibion. "The Predictive Content of Energy Futures: An Update on Petroleum, Natural Gas, Heating Oil and Gasoline." National Bureau of Economic Research Working Paper 11033 (January 2005).
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Energy and Climate Change |
* Environmental Protection Agency. "Trends in Greenhouse Gas Emissions." (PDF - 2.6 MB)
* Intergovernmental Panel on Climate Change (IPCC). "Climate Change 2007: The Physical Science Basis: Summary for Policymakers" (February 2007). (PDF - 1.3 MB)#
*"Stern Review of the Economics of Climate Change." Pre-publication edition. London, UK: HM Treasury, October 2007 [anticipated final publication].
* Nordhaus, W. D. "The 'Stern Review' on the Economics of Climate Change." Mimeo (November 17, 2006).
* Sokolov, A. P., C. A. Schlosser, S. Dutkiewicz, S. Paltsev, D. W. Kicklighter, H. D. Jacoby, R. G. Prinn, C. E. Forest, J. Reilly, C. Wang, B. Felzer, M. C. Sarofim, J. Scott, P. H. Stone, J. M. Melillo, and J. Cohen. "The MIT Integrated Global System Model (IGSM) Version 2: Model Description and Baseline Evaluation." MIT Joint Program on the Science and Policy of Global Change, Report No. 124 (July 2005). (PDF - 1.5 MB)#
* Paltsev, S., J. M. Reilly, H. D. Jacoby, R. S. Eckaus, J. McFarland, M. Sarofim, M. Asadoorian, and M. Babiker. "The MIT Emissions Prediction and Policy Analysis (EPPA) Model: Version 4." MIT Joint Program on the Science and Policy of Global Change, Report No. 125 (August 2005). (PDF - 1.8 MB)#
** Mendelsohn, R., W. Nordhaus, and D. Shaw. "The Impact of Climate Change on U.S. Agriculture: A Ricardian Approach." The American Economic Review 84, no. 4 (1994): 753-771.
** Cline, W. "The Impact of Global Warming on Agriculture: Comment." The American Economic Review 86, no. 5 (1996): 1309-1311.
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Internalizing Environmental Externalities with a Focus on CO2 Emissions Cap and Trade Mechanisms |
* Pindyck and Rubinfeld. 2005, Chapter 18.
* Ellerman, A., P. Joskow, and D. Harrison. "Emissions Trading in the U.S.: Experience, Lessons and Considerations for Greenhouse Gases." Report for the Pew Centre on Global Climate Change (May 2003).
* Pizer, M. "The Evolution of a Global Climate Change Agreement." American Economics Association Papers and Proceedings 96, no. 2 (2006): 26-30.
* Nordhaus, W. "After Kyoto: Alternative Mechanisms to Control Global Warming." American Economics Association Papers and Proceedings 96, no. 2 (2006): 31-34.
* Olmstead, S., and R. Stavins. "An International Policy Architecture for the Post-Kyoto Era." American Economics Association Papers and Proceedings 96, no. 2 (2006): 35-38.
* Thomson, V. "Early Oobservations on the European Union's Greenhouse Gas Emissions Trading Scheme: Insights for United States Policymakers." Report in collaboration with Pew Centre on Global Climate Change (April 2006). (PDF)
** Joskow, P., R. Schmalensee, and E. Bailey. "The Market for Sulfur Dioxide Emissions." The American Economic Review 88, no. 4 (1998): 669-685.
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Coal |
* Freme, F. "U.S. Coal Supply and Demand: 2005 Review." Energy Information Administration (April 2006).
* Massachusetts Institute of Technology. "The Future of Coal: An Interdisciplinary MIT Study." March 2007.
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Nuclear Power |
* Massachusetts Institute of Technology. "The Future of Nuclear Power: An Interdisciplinary MIT Study." 2003.
* Deutch J., and E. Moniz. "Making the World Safe for Nuclear Energy." Survival 46, no. 4 (2004): 65-79.
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Energy Efficiency Policies |
* Hassett, K. and G. Metcalf. "Energy Conservation Investment: Do Consumers Discount the Future Correctly?" Energy Policy (June 1993): 710-716.
* Hausman, J., and P. Joskow. "Evaluating the Costs and Benefits of Appliance Efficiency Standards." The American Economic Review 72, no. 2 (1982): 220-225.
* Nadel, S. "Appliance and Equipment Efficiency Standards." Annual Review of Energy and the Environment 27 (2002): 159-192.
* Joskow, P., and D. Marron. "What Does a Negawatt Really Cost? Evidence from Utility Conservation Programs." The Energy Journal 13, no. 4 (1992): 41-67.
* Portney, P., and I. Parry. "Policy Watch: The Economics of Fuel Economy Standards." Journal of Economic Perspectives 17, no. 4 (2003): 203-217.
** Metcalf, G. "Energy Conservation in the United States: Understanding its Role in Climate Policy." MIT Joint Program on the Science and Policy of Global Change, Report No. 138 (2006). (PDF)#
*** Newell, R., A. Jaffe, and R. Stavins. "The Induced Innovation Hypothesis and Energy-Saving Technological Change." The Quarterly Journal of Economics 114, no. 3 (1999): 941-975.
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Renewable Energy Policies |
* McGowan, J., and S. Conners. "Windpower: A Turn of the Century Review." Annual Review of Energy and the Environment 25 (2000): 147-197.
* Palmer, K., and D. Bullaw. "Cost-Effectiveness of Renewable Electricity Policies." Energy Economics 27 (2005): 873-894.
* McDonlad, S., S. Robinson, and K. Thierfelder. "Impact of Switching Production to Bioenergy Crops: The Switchgrass Example." Energy Economics 28 (2006): 243-265.
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