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The Econometrics of Energy Systems
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Energy is today, more than ever, at the core of the world economy and its evolution. One of the major challenges of the century is to generate more energy, to facilitate access to energy and economic development of the poor, but also to manage climate change properly in a perspective of sustainable develop- ment. The growing importance of energy matters in the daily functioning of the world economy reinforces the need for a stronger relationship between energy economics and econometrics. Econometrics is expected to improve the understanding of the numerous, interconnected, energy markets and to provide quantitative arguments that facilitate the decision-making pro- cess for energy companies, energy consumers, governments, regulators and international organizations. Econometrics is a tool for meeting the energy and environmental challenges of the twenty-first century.
The academic field of energy economics has been completely transformed in the last twenty years. Market liberalization and globalization have accel- erated for the oil industry, but also, more dramatically, for the natural gas and power industries. New economic issues that emerge in energy economics are combining macro-economics, investment decisions, economy policy, but also industrial organization and the economics of regulation. In addition, the approach to energy economics has to be multi-energy because the growing complexity of markets open new opportunities for inter-fuel substitution and fuel arbitrages. Another factor is rapidly emerging: the concern for protect- ing the environment by reducing greenhouse gas emissions. All these changes have to be explained and analysed, with the econometric instruments that have been developed recently. Historically, the energy sector has always had very good data infrastructure – even if these data are sometimes in dire need of interpretation. This data base and the growing complexity of energy markets allow the extensive use of econometric techniques.
Jan Horst Keppler Régis Bourbonnais and Jacques Girod - Personal Name
1st Edtion
13: 978–1–4039–8748–
NONE
The Econometrics of Energy Systems
Economics
English
Palgrave Macmillan
2007
USA
1-293
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