Resource and Energy Economics最新文献

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Implicit discount rates and energy efficiency gap in air conditioning: Evidence from the Chinese market

IF 2.6 3区经济学 Q1 ECONOMICS

Resource and Energy Economics

Pub Date : 2025-04-10 DOI: 10.1016/j.reseneeco.2025.101497

Xiao-Bing Zhang , Yinxin Fei , Hongbo Duan , Ugur Soytas , Patricia Crifo , Thomas Sterner

As one of the most common adaptation or coping strategies to a warming world, air conditioning consumes a large amount of energy. While the adoption of energy-efficient air conditioners (ACs) could reduce energy consumption, it usually comes with a higher upfront cost. This paper investigates consumers’ tradeoffs between upfront (purchase) costs and future energy costs in AC purchases, using product-level data from the AC market in China for 274 cities from 2013 to 2018. The results show that the Chinese consumers are over-discounting future energy costs in AC purchases, with an implicit discount rate of 24 %, indicating the existence of energy efficiency gap in air conditioning in China. Besides, the implicit discount rates are found to be lower for consumers in cities with higher per-capita GDP, higher education, larger household size, and in southern China, and are lower for the purchases of relatively cheaper ACs. On average, over-discounting in energy costs leads to an increase in annual energy consumption by around 7.5 % and a welfare loss of 8.24 billion Yuan for Chinese AC consumers. With global warming, consumer welfare loss caused by over-discounting will increase by 69 %-104 % by mid-century in different Shared Socioeconomic Pathways (SSP) scenarios.

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引用次数: 0

“Green” steel investments in the EU: Pie in the sky?

IF 2.6 3区经济学 Q1 ECONOMICS

Resource and Energy Economics

Pub Date : 2025-04-10 DOI: 10.1016/j.reseneeco.2025.101494

Per-Olov Johansson , Bengt Kriström

The steel industry accounts for approximately 7%–8% of global carbon dioxide emissions. To address this, several initiatives aim to establish carbon-neutral steel production by replacing coal with hydrogen derived from fossil-free electricity. These projects, however, depend on substantial state subsidies, raising questions about their economic viability, especially under comprehensive carbon policies, such as those outlined in the EU’s Fit-for-55 package. Our analysis employs a cost–benefit framework grounded in general equilibrium theory, which explicitly considers the direct and indirect effects of policies on primary and secondary markets, as well as broader economic interdependencies. By integrating the EU Emissions Trading System (ETS) and Carbon Border Adjustment Mechanisms (CBAMs) into this framework, we provide a rigorous evaluation of the social desirability of hydrogen-based steel production. Our findings, based on a case study of a large-scale plant in northern Sweden, indicate significant social losses, with potentially far-reaching implications for similar projects across the EU. We might see a da capo of the 1970s European steel crisis.

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引用次数: 0

A simulation-based method for testing an abnormally high incidence of specific choice patterns in discrete choice data

IF 2.6 3区经济学 Q1 ECONOMICS

Resource and Energy Economics

Pub Date : 2025-04-09 DOI: 10.1016/j.reseneeco.2025.101496

Petr Mariel , Alaitz Artabe

This paper introduces a simulation-based method designed to detect unusually high frequencies of specific choice patterns in discrete choice data. Its empirical size and power are then evaluated through a series of simulation exercises. The results show that the empirical size is consistently lower than the assumed theoretical significance level, and that the test power approaches 100 % when the observed choice pattern appears approximately 2.5 times more frequently than expected. The proposed test is applied to a real data set obtained by means of a discrete choice experiment focused on air pollution in South Delhi, India.

本文介绍了一种基于模拟的方法，旨在检测离散选择数据中异常高频的特定选择模式。然后通过一系列模拟练习对该方法的经验大小和功率进行了评估。结果表明，经验大小始终低于假定的理论显著性水平，当观察到的选择模式出现的频率约为预期的 2.5 倍时，检验功率接近 100%。提出的检验方法适用于通过离散选择实验获得的真实数据集，该实验重点关注印度南德里的空气污染问题。

引用次数: 0

Fiscal, environmental, and bank regulation policies in a small open economy for the green transition

IF 2.6 3区经济学 Q1 ECONOMICS

Resource and Energy Economics

Pub Date : 2025-03-27 DOI: 10.1016/j.reseneeco.2025.101493

Patrick Grüning

This study develops a small open economy dynamic stochastic general equilibrium model with green and brown intermediate goods, banks subject to capital requirements, and public investment. The model is used to analyze which environmental, fiscal, and bank regulation policies are effective facilitators of the domestic economy’s green transition. Among the policies and structural changes that can generate an exogenously imposed and fixed emissions reduction, most costly is the exogenous world brown energy price increase, followed by the introduction of an emissions cap, while the introduction of domestic carbon taxes leads to the smallest decrease of GDP in the long run. Bank regulation policies are not capable of generating large emissions reductions, while fiscal policies can only generate smaller emissions reductions at higher costs than the aforementioned policies.

引用次数: 0

Social norms and energy conservation in China

IF 2.6 3区经济学 Q1 ECONOMICS

Resource and Energy Economics

Pub Date : 2025-02-13 DOI: 10.1016/j.reseneeco.2025.101491

Libo Wu , Yang Zhou

This paper investigates how social norms influence energy conservation behaviors in China. Through a field experiment, we demonstrate that simply providing social comparison information can lead to significant energy reductions, even when the potential consumption and monetary gains from energy savings are limited. Specifically, energy consumption was reduced by 0.42 kWh, sufficient to meet a household’s daily energy needs for lighting. Our findings further indicate that this conservation effect is only significant for households using convenient payment schemes (quick-pay) via other digital platforms, which only offer monetary costs without other information. Hence, attention and information on energy consumption are relatively lacking for these households. This result reveals the potential mechanism of social norms as a reminder, drawing users’ attention to their energy consumption behaviors. This study offers valuable insights into the application and mechanism of social norms, emphasizing the importance of providing additional reminder information as auto- and quick-pay schemes become more prevalent.

引用次数: 0

Split-incentives in energy efficiency investments? Evidence from rental housing

IF 2.6 3区经济学 Q1 ECONOMICS

Resource and Energy Economics

Pub Date : 2025-02-13 DOI: 10.1016/j.reseneeco.2025.101488

Puja Singhal , Stephan Sommer , Kathrin Kaestner , Michael Pahle

Rental housing, where tenants are responsible for their own energy bills but landlords are responsible for the dwelling’s energy performance, may pose a particular challenge for investments in energy efficiency. In this paper, we describe the severity of this split-incentive problem by comparing homes purchased for own use with those rented out on the German housing market, where the share of renters is particularly high and the majority of rented apartments is owned by private individuals. Using data on energy performance scores from Germany’s largest online housing market platform between 2019 and 2021, we find on average economically small differences in the energy efficiency levels between apartments that differ by tenure type. Even though there are heterogeneous effects, also across broker types, by and large, our findings suggest that there may not be a critical energy efficiency deficit in the German multi apartment building sector.

引用次数: 0

Costs and benefits of e-roads versus battery trucks: Uncertainty and coordination

IF 2.6 3区经济学 Q1 ECONOMICS

Resource and Energy Economics

Pub Date : 2025-02-10 DOI: 10.1016/j.reseneeco.2025.101492

Maria Börjesson , Stef Proost

The EU aims to achieve climate neutrality for trucks. This paper compares the user cost of diesel trucks, battery electric trucks, and trucks that rely on overhead lines in a decision context where the developments of battery costs and overhead line investment and maintenance costs are uncertain. The user costs contain the truck capital cost and the energy costs, the possible vehicle-to-grid benefits, driver costs, and other distance costs. User costs are compared for different distance profiles and optimized battery sizes. The possible user cost developments serve as input to an analysis of investment decisions in electric motorways (e-roads). The economics of e-roads is analyzed for two representations of the EU TEN-T network. In the first analysis, average EU truck flow (veh/h) and truck trip characteristics are used. In the second representation, we consider domestic and international truck transport between two neighbouring countries with strongly diverging average traffic flows and shares of international truck trips on their TEN-T network. This allows for the analysis of the non-cooperative and cooperative solutions of the two countries. The installation of e-roads appears to be a robust investment decision for the motorways of large countries that have dense truck traffic but not for less dense countries. Cooperation between countries may increase total benefits due to economies of scale.

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引用次数: 0

No end in sight: End-of-life management of oil wells in Alberta

IF 2.6 3区经济学 Q1 ECONOMICS

Resource and Energy Economics

Pub Date : 2025-02-06 DOI: 10.1016/j.reseneeco.2025.101479

Gregory Galay , Jennifer Winter

The development of oil and gas resources while maximizing production has been the primary objective of policymakers and regulators in Alberta, Canada for many decades. When oil prices were sufficiently high, environmental risks and other concerns received little attention. When oil prices collapsed in 2014, Alberta’s inventory of inactive, decommissioned, and orphaned wells grew dramatically. It is now a complex problem for operators, regulators, and policymakers and the return of high oil prices has not resolved the issue. This article uses a real options model to evaluate firms’ end-of-life decisions for oil wells in Alberta subject to mean-reverting oil prices, to understand the factors that affect a firm’s decision to reclaim an oil well at the end of its useful life versus leaving it unreclaimed. We focus on a firm’s optimal management of a representative oil well in response to different policy decisions, rather than a socially optimal outcome that internalizes the negative externalities of oil and gas development. Results under our baseline parameters show that firms operating a representative oil well will extract over 95 per cent of the reserves in place and reclaim the well. When the cost to decommission or cost to reclaim a well is larger than the cost of maintaining an inactive well, the firm will still extract over 95 per cent of reserves but will leave the well in an inactive state (not able to produce) and never reclaim the well. This suggests that some of the unreclaimed oil and gas wells have high decommissioning or reclamation costs. If those cleanup are correlated with environmental risks (groundwater contamination, gas migration, etc.) then the inventory of inactive oil and gas wells could be populated with the riskiest wells, adding an additional level of complexity to the issue of unreclaimed oil and gas wells in Alberta. We examine the effect of a time limit on inactivity or a bond has on end-of-life decisions. Our results suggest that neither policy on its own ensure wells with high decommissioning or reclamation costs are reclaimed at the end of useful life. However, a combination of a time limit on inactivity and a bond could be useful policy instruments to help ensure high-cost oil and gas wells are reclaimed at the end of their life.

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引用次数: 0

Does lower electric vehicle production cost spur traditional automaker electrification? Spillovers of cost-reduction investments

IF 2.6 3区经济学 Q1 ECONOMICS

Resource and Energy Economics

Pub Date : 2025-02-01 DOI: 10.1016/j.reseneeco.2025.101477

Zhenyang Pi , Ke Wang

Cost-reduction investments by leading electric vehicle (EV) automakers like Tesla are essential in lowering EV prices and accelerating market adoption. However, the impact of these investments on the electrification strategies of traditional gasoline vehicle (GV) automakers remains unclear, particularly when spillovers to GV automakers producing perfectly substitutable EVs are possible. This study examines the interaction between these factors within a Cournot competition model involving one EV automaker and one GV automaker, revealing three key insights. First, the EV automaker’s cost-reduction investments do not necessarily encourage the GV automaker to pursue electrification, even with significant spillovers; the outcome also depends on product substitutability between GVs and EVs. Second, the EV automaker tends to increase investments under low spillovers and decrease them under high spillovers in response to GV automaker electrification. Nevertheless, these investments cannot fully offset the profit erosion caused by GV automaker electrification. Third, these findings remain qualitatively robust across several extended scenarios, including asymmetric consumer reservation prices, imperfect EV substitution, a shift from quantity to price competition, and a Stackelberg game framework. The model is also extended to evaluate the effects of three government interventions—purchase subsidies, carbon taxes, and emission standards—alongside the impact of oligopolistic competition.

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引用次数: 0

Does quantity matter for distance decay? Evidence from two choice experiments on urban green

IF 2.6 3区经济学 Q1 ECONOMICS

Resource and Energy Economics

Pub Date : 2025-02-01 DOI: 10.1016/j.reseneeco.2024.101472

Malte Welling , Jette Bredahl Jacobsen , Søren Bøye Olsen , Thomas Lundhede

The value of environmental goods to individuals often depends on spatial features such as distance. The most common approach of accounting for distance decay is to model utility as some function of distance. It has been suggested to instead model the value as a function of the quantity of an environmental good within a certain distance. We develop three novel quantity-within-distance models that may be more suited for evaluating quantity changes in an environmental good. We argue that these models could capture spatial patterns better than distance-based models when i) secondary benefits are a relevant source of welfare, ii) the environmental change is spatially scattered, iii) the distribution of the endowment, i.e. the present availability of the environmental good, matters. Using data from choice experiments on the extension of green space and trees in two urban areas, we compare required assumptions, model fit, and size and precision of aggregated welfare estimates. Our results indicate limited differences in model fit. However, the quantity-within-distance models consistently produce aggregate welfare estimates roughly half of common distance decay models and have narrower confidence intervals. While it is not possible to infer which is more accurate, the large differences can have considerable policy implications.

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引用次数: 0

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