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Energy Economics 2nd edition [Mīkstie vāki]

  • Formāts: Paperback / softback, 440 pages, height x width: 246x174 mm, weight: 893 g, 8 Tables, black and white; 71 Line drawings, black and white; 7 Halftones, black and white; 78 Illustrations, black and white
  • Sērija : Routledge Textbooks in Environmental and Agricultural Economics
  • Izdošanas datums: 24-Oct-2022
  • Izdevniecība: Routledge
  • ISBN-10: 0367755173
  • ISBN-13: 9780367755171
  • Mīkstie vāki
  • Cena: 88,52 €
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  • Formāts: Paperback / softback, 440 pages, height x width: 246x174 mm, weight: 893 g, 8 Tables, black and white; 71 Line drawings, black and white; 7 Halftones, black and white; 78 Illustrations, black and white
  • Sērija : Routledge Textbooks in Environmental and Agricultural Economics
  • Izdošanas datums: 24-Oct-2022
  • Izdevniecība: Routledge
  • ISBN-10: 0367755173
  • ISBN-13: 9780367755171
Energy Economics outlines the fundamental issues and possible solutions to the challenges of energy production and use, presenting a framework for decisions based upon sound economic analysis. This approach considers market forces and policy goals, including economic prosperity, environmental protection, and societal well-being.

The second edition has been thoroughly updated, addressing dramatic shifts in the use of fuel and electricity, accelerated plans for the use of renewable energy, and pathways towards a lower-carbon future. A new chapter on electric vehicles examines its impact on transportation, the electricity market, and carbon emissions. Global examples throughout the book reflect the universal application of energy economics. With this economic foundation, coupled with perspectives from real-world applications, and perspectives from related disciplines, this text sharpens the students ability to understand, evaluate, and critique energy policy. A companion website provides reinforcement for students through multiple choice self-test quizzes and homework exercises, as well as additional materials for instructors.

This textbook should be essential reading for students of energy economics, environmental and natural resource economics, energy-related disciplines, and general readers seeking to expand their knowledge of energy economics and policy.

Recenzijas

"Energy Economics by Professor Peter Schwarz describes and explores the challenges of the world's energy sector. It offers a modern and novel assessment of the operations, economics and management of conventional energy markets and a vivid analysis of the role of renewable energy, nuclear energy, the electrification of the transportation sector, and various government policies and regulations. I enjoyed the book's innovative assessment and focus on the future of energy and sustainability and recommend it to undergraduate and graduate students who care about how the energy sector functions and interacts with the environment, the economy and people's life."

Asher Tishler, professor and former dean of the Faculty of Management at Tel Aviv University.

"Peter Schwarzs Energy Economics is an essential component of the bookshelf for energy economists and, especially, environmental economists who are not steeped in the economics of energy. The second edition includes a number of chapters you cant find anywhere else (e.g., electric vehicles and next generation renewable alternatives). I look forward to using it as a supplement in my courses."John Whitehead, Professor, Department of Economics, Appalachian State University

"Professor Schwarzs 2nd Edition of Energy Economics is the perfect text for an undergraduate energy economics class. It is accessible and clearly applies economic principles to relevant energy topics. This focused text gives students applicable insight by incorporating very recent events in the energy sector, while also giving historical context. The accompanying instructor materials are extremely helpful for faculty who want to teach the subject, even if energy economics is not their main field."

Dan Groft, PhD., Director of H.C. Drew Center for Business and Economic Analysis, Associate Professor of Economics, McNeese State University

List of Figures
xv
List of Tables
xvii
Preface to the second edition xviii
Acknowledgments xx
List of abbreviations
xxii
PART I Fundamentals of energy economics
1(94)
1 Introduction
3(14)
Why energy economics?
3(6)
Oil market performance from the 1970s to the present
4(2)
The content of energy economics
6(3)
Economic approach
9(1)
Efficiency and inefficiency
9(1)
Market failure and government failure
10(1)
A roadmap
10(5)
References
15(2)
2 Energy, markets, and society
17(18)
Introduction
17(2)
What is different about energy?
19(2)
Efficiency
21(5)
Market failure
22(1)
Monopoly
22(1)
Economies of scale
23(1)
Externalities
23(1)
Public goods
23(1)
Other potential market failures
24(2)
Social welfare
26(2)
Pareto and Hicks-Kaldor efficiency
26(1)
Efficiency vs. equity
26(1)
Cost-benefit analysis
27(1)
Sustainability
28(2)
Sustainability may conflict with efficiency and social welfare
29(1)
Equity for future generations
29(1)
Summary
30(3)
References
33(2)
3 Static efficiency: applying supply and demand to energy markets
35(30)
Introduction
35(1)
Supply and demand
36(10)
Demand
36(4)
Supply
40(1)
Production
41(2)
Cost
43(1)
Additional cost concepts
44(1)
Combining supply and demand
45(1)
Equilibrium
45(1)
Perfect competition
46(5)
Assumptions of the perfectly competitive model
46(1)
Short-run equilibrium
47(1)
Long-run equilibrium
48(1)
Efficiency and social welfare
49(2)
Market failure
51(5)
Monopoly
51(2)
Externalities
53(1)
Public goods
54(2)
Coming full circle: social welfare
56(1)
Summary
57(1)
References
58(1)
Appendix 3A Supply and demand basics
59(3)
Appendix 3B The calculus behind supply and demand
62(3)
4 Dynamic efficiency: energy decisions over time
65(30)
Introduction
65(1)
Dynamic efficiency
66(3)
When to use dynamic efficiency
67(1)
Renewable vs. nonrenewable resources
67(2)
Competition in a dynamic framework
69(11)
MC = 0
69(7)
MC < 0
76(1)
Constant MC
76(2)
Increasing MC
78(1)
Hotelling's rule
79(1)
Monopoly
80(2)
Other factors influencing dynamic efficiency
82(5)
Change in demand
82(1)
Change in total reserves
83(1)
Change in technology
84(1)
Change in backstop technology
84(1)
Change in discount rate
85(1)
Social vs. private discount rate
86(1)
Implications for sustainability
87(1)
Managing energy price volatility
88(1)
Is the oil market dynamically efficient?
89(1)
Summary
90(2)
References
92(3)
PART II Conventional energy sources
95(96)
5 Oil: has it reached its peak?
97(25)
Introduction
97(1)
A brief economic history
98(6)
Rockefeller and Standard Oil
100(2)
The Majors
102(1)
Organization of Petroleum Exporting Countries (OPEC)
102(2)
Oil consumption
104(3)
Oil as a transportation fuel
104(1)
Other uses of petroleum
104(3)
Oil production
107(4)
The supply chain for oil and gasoline
109(2)
Market models of OPEC behavior
111(4)
Cartel model
112(1)
Saudi Arabia as swing producer
113(1)
Dominant firm price leadership model
114(1)
Environmental regulation
115(1)
Oil financial instruments
116(3)
Forwards and futures
116(1)
Futures contracts
116(2)
Options contracts
118(1)
Summary
119(1)
References
120(2)
6 Natural gas: a bridge to the future?
122(24)
Introduction
122(2)
Brief economic history of natural gas use
124(4)
Natural history
125(2)
Regulation and deregulation
127(1)
Natural gas production
128(3)
Supply chain
128(2)
Processing
130(1)
Delivery system
130(1)
Cost
131(4)
Levelized cost
132(1)
Capital costs
133(1)
Processing costs
134(1)
Capacity and reliability
134(1)
GHG emissions and other environmental impacts
135(1)
Determining price
136(5)
Determining price under regulation
136(2)
Market determination of price
138(3)
Summary
141(3)
References
144(2)
7 Coal: no longer king?
146(21)
Introduction
146(2)
A brief economic history of coal
148(1)
Production and the supply chain
149(4)
Extraction
150(1)
Mining operations--surface mining
150(1)
Mining operations--underground mining
150(1)
Location of supply
151(1)
Processing
151(1)
Transportation
152(1)
Cost
153(4)
Extraction
153(1)
Types of coal
153(2)
Capital costs
155(1)
Processing costs
155(1)
Transportation costs
156(1)
Cost to generate electricity
156(1)
Market structure
157(2)
Competition
157(1)
Noncompetitive markets
158(1)
Emissions and other environmental impacts
159(4)
Greenhouse gases and other emissions
160(1)
Water contamination
161(1)
Land degradation
162(1)
Human health effects
163(1)
Summary
163(2)
References
165(2)
8 Nuclear energy: too expensive to matter?
167(24)
Introduction
167(2)
A brief economic history of nuclear power
169(4)
Fission vs. fusion
171(2)
Private cost
173(3)
Levelized cost
173(1)
Capital costs
174(2)
Operating and Maintenance (O&M) costs
176(1)
Regulation
176(5)
Spent fuel
177(1)
Reprocessing
177(1)
Additional costs due to Fukushima
178(1)
Private cost revisited
179(2)
Social cost
181(4)
Nuclear waste
181(2)
Terrorist threats
183(1)
Carbon emissions
184(1)
Summary
185(2)
References
187(4)
PART III Alternative energy sources
191(72)
9 Renewable energy: cheap, clean, but complicated
193(22)
Introduction
193(1)
Why alternative fuels?
194(5)
Advantages of renewable fuels
196(2)
Political support
198(1)
Government support
199(4)
Renewable portfolio standards
200(2)
Feed-in tariffs
202(1)
Social cost comparison
203(4)
Intermittent and nondispatchable characteristics
204(2)
Environmental shortcomings
206(1)
Other currently available renewables
207(2)
Hydropower
207(2)
Geothermal
209(1)
Summary
209(3)
References
212(3)
10 Next-generation alternatives: the road to net-zero?
215(24)
Introduction
215(1)
What is a next-generation energy alternative?
216(1)
Incentives to develop next-generation energy alternatives
216(1)
Next-generation renewable energy
217(7)
Wind
217(1)
Onshore development
217(1)
Offshore wind
218(1)
Solar
219(1)
Solar PV vs. thermal
219(1)
Next-generation solar
220(2)
Next-generation biofuels
222(1)
Alternatives to food-based ethanol
222(1)
Next-generation biodiesel
223(1)
Nonrenewables
224(6)
Carbon capture, use, and storage
224(2)
Nuclear energy
226(1)
Small nuclear reactors
226(1)
Alternative designs and fuels
227(1)
Nuclear fusion
228(2)
Other next-generation alternatives
230(4)
Water power
230(1)
Small-scale hydro
230(1)
Wave power, tidal power, and ocean thermal energy conversion
230(1)
Hydrogen
231(1)
Fuel cells
232(1)
Electricity
233(1)
The role of markets and governments in next-generation technology
234(1)
Summary
234(1)
References
235(4)
11 Energy efficiency: an offer we can't refuse?
239(24)
Introduction
239(1)
Energy efficiency and economic efficiency
240(4)
Energy efficiency vs. economic efficiency
240(3)
Energy intensity
243(1)
Energy efficiency in production
244(5)
Energy input--product output relationship
244(1)
Short run
245(1)
Long run
246(2)
Energy input--energy output relationship
248(1)
Energy efficiency in consumption
249(1)
Energy efficiency gap
250(5)
Reasons for an energy efficiency gap
252(1)
High discount rate
252(1)
Bounded rationality
252(1)
Principal/agent problems
253(1)
Reasons why there may not be a gap
254(1)
Rebound effect
255(2)
Taxonomy of rebound effects
256(1)
Magnitude of rebound effects
256(1)
Government intervention to encourage energy efficiency
257(2)
Standards vs. incentive-based approaches
257(1)
Voluntary vs. mandatory standards
257(1)
Government failures
258(1)
Free riders
258(1)
Picking winners
259(1)
Summary
259(1)
References
260(3)
PART IV Electricity
263(84)
12 Traditional electricity regulation: is monopoly still natural?
265(29)
Introduction
265(1)
A brief economic history of electricity and its regulation
266(3)
The origins of electricity
266(1)
Predecessors to electric lighting
267(1)
The evolution of U.S. electric utility regulation
268(1)
Overview of the electric industry
269(5)
Customer sectors
270(1)
Industrial sector
270(1)
Commercial sector
271(1)
Residential sector
271(1)
Global trends in electricity use
272(1)
The electric system supply chain
272(1)
Generation
273(1)
Transmission
274(1)
Distribution
274(1)
Regulating the electricity industry
274(8)
State regulations
274(1)
Who regulates?
274(2)
Rate-of-return regulation
276(6)
Alternative forms of regulation
282(8)
Marginal cost pricing
282(1)
Peak load pricing
282(4)
Critical peak pricing
286(1)
Demand response
286(3)
Other alternatives
289(1)
Energy efficiency
289(1)
Decoupling
289(1)
Incentive regulation
289(1)
Summary
290(2)
References
292(2)
13 Electricity restructuring and deregulation: a better way?
294(28)
Introduction
294(1)
A brief economic history of electricity deregulation and restructuring
295(1)
Restructuring
296(6)
Challenges for electricity restructuring
297(3)
Transactions costs
300(2)
Two paths to restructuring
302(10)
The U.K.
302(7)
California
309(3)
Other examples of electricity deregulation and restructuring
312(5)
PJM
312(3)
ERCOT
315(1)
European Union
316(1)
Summary
317(2)
References
319(3)
14 Electric vehicles: charging ahead?
322(25)
Introduction
322(2)
Enabling technologies
324(5)
Computerization
324(1)
Batteries
325(1)
Range anxiety and range serenity
325(2)
Repair costs
327(1)
Technologies for fuel economy and emissions compliance
327(2)
Markets and market failures
329(3)
Canbon emissions
329(1)
Other emissions
330(1)
Battery considerations
331(1)
Perspectives of market participants
332(8)
Individual consumers
332(1)
Charging options
332(2)
Corporate and fleet customers
334(1)
Electric utilities
335(1)
Electricity pricing
335(1)
Impact on production
335(1)
Impact on distribution system
336(1)
Regional infrastructure considerations
336(1)
Charging networks
337(1)
Charging network models
337(2)
Automakers
339(1)
Emissions and regulations
339(1)
Development and production cost
339(1)
Performance
339(1)
Government intervention
340(2)
Subsidies and their redistributive effects
340(2)
Benefits and costs
342(1)
Summary
343(1)
References
344(3)
PART V Energy policy
347(82)
15 Energy and the environment: paying the full social cost of our energy choices
349(19)
Introduction
349(1)
Growth of the environmental movement
350(8)
Regulation
358(7)
Environmental regulation of energy production
358(1)
Oil production
358(2)
Natural gas production
360(1)
Environmental regulation of electricity production
360(1)
Federal
360(2)
State
362(1)
International
362(1)
Policy options
363(2)
Summary
365(1)
References
366(2)
16 Energy and sustainability: what do we owe the future?
368(21)
Introduction
368(1)
Meaning of sustainability
369(4)
Limits to growth revisited
370(2)
Ethics
372(1)
Dynamic energy market conditions
373(4)
Impacts of growing global demand for energy
373(2)
Supply considerations
375(2)
Sustainable energy
377(5)
Wind and solar energy
377(1)
Biomass energy
378(1)
Hydroelectric
379(1)
Algae
380(1)
Nuclear
380(1)
Coal
381(1)
Advanced combustion
381(1)
Carbon capture, utilization, and storage
382(1)
Energy efficiency and conservation
382(3)
Negawatts vs. megawatts
383(1)
Energy efficiency
384(1)
Challenges of applying economics to sustainability
385(1)
Summary
385(2)
References
387(2)
17 Energy security: old and new dilemmas
389(22)
Introduction
389(1)
Definition of energy security
390(1)
History of oil security since 1973
391(3)
OPEC and the 1973 oil embargo
391(3)
Prices and price volatility
394(1)
Current issues in primary energy source security
394(4)
Energy, other resource prices, and imports
394(1)
Natural gas
395(1)
Climate change
395(1)
Nuclear energy
396(1)
Energy infrastructure
397(1)
Electricity and energy security
398(3)
Outages
399(1)
Microgrids
400(1)
Grid modernization
400(1)
Cybersecurity
401(1)
Costs and benefits of energy security
402(5)
Oil prices and oil price shocks
402(1)
Strategic petroleum reserve
403(1)
Military costs
403(1)
Electricity reliability and resilience
404(2)
Smart grid
406(1)
Summary
407(1)
References
408(3)
18 A comprehensive energy policy: the big picture
411(18)
Introduction
411(2)
First-best and second-best policies
413(2)
Incentive-based policies vs. command-and-control
414(1)
Energy-using sectors
415(9)
Transportation
415(3)
Electric utilities
418(3)
Industry
421(1)
Buildings and commercial users
422(1)
Buildings and residential users
423(1)
Markets and government
424(1)
Summary
424(3)
References
427(2)
Index 429
Peter M. Schwarz is Professor of Economics and Associate, Energy Production and Infrastructure (EPIC) at UNC Charlotte. He has published numerous articles on energy, environment, and electricity pricing that have appeared in such journals as the American Economic Review, the RAND Journal of Economics, and the Energy Journal. He has traveled internationally to present his work in these areas, including Israel, Turkey, Greece, Germany, and China (six times).