Economics of Energy

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This two-volume set reprints the most significant theoretical and empirical research on energy economics that has been conducted during the last 70 years. The 48 contributions (published between 1931 and 1998) address key questions about the importance of the economics of energy. Some of the articles provide general surveys of issues to cover the broad range of relevant questions; others try to provide a sample of best-practice answers to illustrate how it might be done. Volume I includes a discussion of why energy matters together with demand side issues, conservation and modeling. Volume II looks at supply side issues, markets (players and prices), markets versus governments, and issues which concern developing countries. The volumes are not indexed. Edited by Paul Stevens of the Centre for Energy, Petroleum and Mineral Law and Policy, U. of Dundee. Annotation c. Book News, Inc., Portland, OR (
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Table of Contents

Pt. I Why Energy Matters
1 Oil and Economic Performance in Industrial Countries 3
2 Business Cycles and the Oil Market 62
3 Framework for Analysing the Implications of the Rise in Oil Prices 86
4 Natural Resources and the Macroeconomy: A Theoretical Framework 99
Pt. II Demand Side Issues
5 Historical Relations Between Energy and Economic Growth 135
6 Economic Growth and Energy Consumption in the UK, 1700-1975 151
7 Reassessing Energy Intensities: A Quest for New Realism 165
8 The Economic Analysis of Energy Demand: Perspectives of a Practitioner 205
9 Energy Demand Analysis in Developing Countries: A Review 273
10 Lifecycle Analysis of Gasoline Expenditure Patterns 306
11 Economies of Scale in Energy Use in Adult-Only Households 318
12 Energy Policy, Merit Goods, and Social Security 328
Pt. III Conservation
13 Energy Conservation Policy in Developing Countries: The Case for Market Solutions 351
14 Discount Rates in Consumers' Energy-Related Decisions: A Review of the Literature 385
15 Energy Conservation Investment: Do Consumers Discount the Future Correctly? 396
16 Do Consumers Discount the Future Correctly? A Market-Based Valuation of Residential Fuel Switching 403
17 Barriers to Improvements in Energy Efficiency 416
18 Vehicle Use and Fuel Economy: How Big is the "Rebound" Effect? 425
Pt. IV Modelling
19 The Allocation of Energy Resources 455
20 Applied General Equilibrium Models for Energy Studies: A Survey 503
21 Models of the Oil Market Revisited 523
Name Index 543
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