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Energy-Efficiency Investments and Public Policy

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  • Adam B. Jaffe
  • Robert N. Stavins

Abstract

Concern about carbon dioxide as a greenhouse gas has focused renewed attention on energy conservation because fossil fuel combustion is a major source of CO2 emissions. Since it is generally acknowledged that energy use could be significantly reduced through broader adoption of existing technologies, policy makers need to know how effective various policy instruments might be in accelerating the diffusion of these technologies. We examine the factors that determine the rate of diffusion, focusing on (i) potential market failures: information problems, principal-agent slippage, and unobserved costs, and (ii) explanations that do not represent market failures: private information costs, high discount rates, and heterogeneity among potential adopters. Through a series of simulations we explore how alternative policy instruments--both economic incentives and more conventional, direct regulations-could hasten the diffusion of energy-conserving technologies.

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Bibliographic Info

Article provided by International Association for Energy Economics in its journal The Energy Journal.

Volume (Year): Volume15 (1994)
Issue (Month): Number 2 ()
Pages: 43-66

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Handle: RePEc:aen:journl:1994v15-02-a03

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Cited by:
  1. Nilsson, Mats, 2007. "Red light for Green Paper: The EU policy on energy efficiency," Energy Policy, Elsevier, vol. 35(1), pages 540-547, January.
  2. Schleich, Joachim & Gruber, Edelgard, 2008. "Beyond case studies: Barriers to energy efficiency in commerce and the services sector," Energy Economics, Elsevier, vol. 30(2), pages 449-464, March.
  3. Giraudet, Louis-Gaëtan & Guivarch, Céline & Quirion, Philippe, 2012. "Exploring the potential for energy conservation in French households through hybrid modeling," Energy Economics, Elsevier, vol. 34(2), pages 426-445.
  4. Leonardo Meeus & Erik Delarue, 2011. "Mobilizing Cities towards a Low Carbon Future: Tambourines, Carrots and Sticks," RSCAS Working Papers 2011/04, European University Institute.
  5. Mills, Bradford F. & Schleich, Joachim, 2009. "Profits or preferences? Assessing the adoption of residential solar thermal technologies," Energy Policy, Elsevier, vol. 37(10), pages 4145-4154, October.
  6. Koomey, Jonathan G. & Webber, Carrie A. & Atkinson, Celina S. & Nicholls, Andrew, 2001. "Addressing energy-related challenges for the US buildings sector: results from the clean energy futures study," Energy Policy, Elsevier, vol. 29(14), pages 1209-1221, November.
  7. Sanstad, Alan H & Blumstein, Carl & Stoft, Steven E, 1995. "How high are option values in energy-efficiency investments?," Energy Policy, Elsevier, vol. 23(9), pages 739-743, September.
  8. O'Malley, Eoin & Scott, Susan & Sorrell, Steve, 2003. "Barriers to Energy Efficiency: Evidence from Selected Sectors," Research Series, Economic and Social Research Institute (ESRI), number PRS47.
  9. Varone, Frederic & Aebischer, Bernard, 2001. "Energy efficiency: the challenges of policy design," Energy Policy, Elsevier, vol. 29(8), pages 615-629, June.
  10. Zhang, X.L. & Groenendaal, W.J.H. van, 2001. "The Role of Institutional Support in Energy Technology Diffusion in Rural China," Discussion Paper 2001-6, Tilburg University, Center for Economic Research.
  11. Mills, Bradford & Schleich, Joachim, 2010. "What's driving energy efficient appliance label awareness and purchase propensity?," Energy Policy, Elsevier, vol. 38(2), pages 814-825, February.
  12. Schleich, Joachim, 2009. "Barriers to energy efficiency: A comparison across the German commercial and services sector," Ecological Economics, Elsevier, vol. 68(7), pages 2150-2159, May.
  13. Sutherland, Ronald J, 1996. "The economics of energy conservation policy," Energy Policy, Elsevier, vol. 24(4), pages 361-370, April.
  14. Axsen, Jonn & Mountain, Dean C. & Jaccard, Mark, 2009. "Combining stated and revealed choice research to simulate the neighbor effect: The case of hybrid-electric vehicles," Resource and Energy Economics, Elsevier, vol. 31(3), pages 221-238, August.
  15. Dobroschke, Stephan, 2012. "Energieeffizienzpotenziale und staatlicher Lenkungsbedarf," FiFo Discussion Papers - Finanzwissenschaftliche Diskussionsbeiträge 12-1, University of Cologne, FiFo Institute for Public Economics.
  16. McConnell, Virginia, 2013. "The New CAFE Standards: Are They Enough on Their Own?," Discussion Papers dp-13-14, Resources For the Future.
  17. Stefan Zundel & Immanuel Stieß, 2011. "Beyond Profitability of Energy-Saving Measures—Attitudes Towards Energy Saving," Journal of Consumer Policy, Springer, vol. 34(1), pages 91-105, March.
  18. Axsen, Jonn & Mountain, Dean C. & Jaccard, Mark, 2009. "Combining stated and revealed choice research to simulate the neighbor effect: The case of hybrid-electric vehicles," Institute of Transportation Studies, Working Paper Series qt02n9j6cv, Institute of Transportation Studies, UC Davis.
  19. Jaccard, Mark & Murphy, Rose & Rivers, Nic, 2004. "Energy-environment policy modeling of endogenous technological change with personal vehicles: combining top-down and bottom-up methods," Ecological Economics, Elsevier, vol. 51(1-2), pages 31-46, November.
  20. Nic Rivers & Mark Jaccard, 2005. "Combining Top-Down and Bottom-Up Approaches to Energy-Economy Modeling Using Discrete Choice Methods," The Energy Journal, International Association for Energy Economics, vol. 0(Number 1), pages 83-106.
  21. Gale Boyd & Mark Curtis, 2013. "Evidence Of An “Energy-Management Gap” In U.S. Manufacturing: Spillovers From Firm Management Practices To Energy Efficiency," Working Papers 13-25, Center for Economic Studies, U.S. Census Bureau.

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