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Net energy analysis in a ramsey-hotelling growth model

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  • Arturo Macías

    () (Banco de España)

  • Mariano Matilla-García

    () (Universiad Nacional de Educación a Distancia)

Abstract

This article presents a dynamic growth model with energy as an input in the production function. The available stock of energy resources is ordered by a quality parameter based on energy accounting: the “Energy Return on Energy Invested” (EROI). To our knowledge this is the first paper where EROI fits in a neoclassical growth model (with individual utility maximization and market equilibrium), setting the economic use of “net energy analysis” on firmer theoretical ground. All necessary concepts to link neoclassical economics and EROI are discussed before their use in the model, and a comparative static analysis of the steady states of a simplified version of the model is presented.

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File URL: http://www.bde.es/webbde/SES/Secciones/Publicaciones/PublicacionesSeriadas/DocumentosTrabajo/12/Fich/dt1217e.pdf
File Function: First version, March 2012
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Bibliographic Info

Paper provided by Banco de España in its series Banco de España Working Papers with number 1217.

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Length: 36 pages
Date of creation: Mar 2012
Date of revision:
Handle: RePEc:bde:wpaper:1217

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Keywords: EROI; net energy analysis; growth; Ramsey-Hotelling; energy depletion;

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  1. Zon, Adriaan van & Yetkiner, I. Hakan, 2003. "An endogenous growth model with embodied energy-saving technical change," Open Access publications from Maastricht University urn:nbn:nl:ui:27-14917, Maastricht University.
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  3. Mark J. Koetse & Henri L.F. de Groot & Raymond J.G.M. Florax, 2006. "Capital-Energy Substitution and Shifts in Factor Demand: A Meta-Analysis," Tinbergen Institute Discussion Papers 06-061/3, Tinbergen Institute.
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  7. Philip F. Henshaw & Carey King & Jay Zarnikau, 2011. "System Energy Assessment (SEA), Defining a Standard Measure of EROI for Energy Businesses as Whole Systems," Sustainability, MDPI, Open Access Journal, vol. 3(10), pages 1908-1943, October.
  8. Daniel Danxia Xie, 2011. "A Generalized Fact and Model of Long-Run Economic Growth: Kaldor Fact as a Special Case," Working Paper Series WP11-4, Peterson Institute for International Economics.
  9. Stephen P. Holland, 2008. "Modeling Peak Oil," The Energy Journal, International Association for Energy Economics, vol. 0(Number 2), pages 61-80.
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