An Economic Analysis
In this Appendix, we describe the data sources used to calibrate the model. In each subsection, we first describe data used to calibrate the short-run version of the model, and then we describe the data used in the long-run version. The base year of the model is 2000, and all prices and costs are measured in 2000 USD. B.1 END-USER DEMAND There are 16 model countries; Austria, Belgium (including Luxembourg), Denmark, Finland, France, Germany, Greece, Ireland, Italy, Netherlands, Norway, Portugal, Spain, Sweden, Switzerland and United Kingdom (UK). In addition, there is supply and demand for some goods in Algeria, Australia, Canada, China, COVE (Colombia and Venezuela), Indonesia, Poland, Russia, South Africa, Ukraine, the United States of America, ‘Rest of Annex B’ (Bulgaria, Estonia, Hungary, Iceland, Japan, Latvia, Lithuania, Croatia, New Zealand, Romania, Slovakia, Slovenia and Czech Republic),1 ‘Rest of the OECD’ (Korea, Mexico and Turkey), and ROW (rest of world). That is, all countries in the world are included. Period Length Fossil fuels are traded in annual markets, whereas electricity is traded in two season markets (summer and winter), and each season consists of six periods (starting at 07:00, 09:00, 13:00, 16:00, 20:00 and 00:00). The length of each period is specified to capture demand variations throughout the day. By assumption, each season is six months long. Quantities Demand in each model country is divided into three end-user groups or sectors, denoted ‘household’, ‘industry’ and ‘transport’. Household demand covers services and agriculture in...
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