Table of Contents

International Handbook on the Economics of Energy

International Handbook on the Economics of Energy

Elgar original reference

Edited by Joanne Evans and Lester C. Hunt

As an essential component for economic growth, energy has a significant impact on the global economy. The need to meet growing energy demand has prompted cutting-edge innovation in clean technology in an attempt to realise environmental and cost objectives, whilst ensuring the security of energy supply. This Handbook offers a comprehensive review of the economics of energy, including contributions from a distinguished array of international specialists. It provides a thorough discussion of the major research issues in this topical field of economics.

Chapter 15: Energy–Economy–Environment Modelling: A Survey

Claudia Kemfert and Truong Truong

Subjects: economics and finance, energy economics, public sector economics

Extract

Claudia Kemfert and Truong Truong 1 Introduction Concern about fossil-fuel resource depletion in the early 1970s has led to the development of theoretical and applied economic models of energy–economy linkages with a detailed representation of the energy market. Pioneering energy–economy modelling efforts focused primarily on the representation of scarce resources such as oil and its impact on world economies. More recently, not only the scarcity of energy resources, but also other natural resources in the environment played a major role in economic modelling. The complexity of models has increased considerably, especially in areas relating to global environmental issues such as acid rain, ozone depletion and climate change. Take the issue of climate change as an example. Here, it is generally agreed (or assumed) that one of the important cause of this likely phenomenon is anthropogenic greenhouse gas (GHG) emissions which originate mainly from fossil-fuel consumption. To prevent or mitigate against this likely event, integrated energy–environmental strategies and policies are required which need to take into account the complex interactions between climate, ecological and economic systems. Such integrated policies and strategies are often studied within the framework of the so-called integrated assessment modelling (IAM) approach.1 Existing literature on IAM focuses mainly on a comparison of modelling results.2 The aim of this chapter is to provide an overview of the theoretical backgrounds, the methodologies and model designs. Section 2 explains the theories and general methodologies of different models, and Section 3 looks at applied models. Section 4 considers some...

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