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Does oil price uncertainty affect energy use?

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  • Kuper, Gerhard H.
  • Soest, Daan P. van

    (Groningen University)

Abstract

Theory predicts that the presence of fixed costs affects the relationship between energy use and energy price changes, as the firm's output and investment decisions respond differently to energy price increases and decreases. The asymmetry in response to energy price changes is exacerbated by uncertainty with respect to future energy prices, but to date the empirical literature does not explicitly take uncertainty into account. The contribution of this paper is twofold. First, we develop a new measure of energy price uncertainty. Second, we apply the measure to explain energy use in 8 OECD countries between 1978 and 1996, trying to identify whether indeed energy price uncertainty effects the asymmetry resulting from changes in energy use.

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File URL: http://irs.ub.rug.nl/ppn/249569434
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Bibliographic Info

Paper provided by University of Groningen, CCSO Centre for Economic Research in its series CCSO Working Papers with number 200306.

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Date of creation: 2003
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Handle: RePEc:dgr:rugccs:200306

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  1. Nathan S. Balke & Stephen P.A. Brown & Mine K. Yucel, 2002. "Oil Price Shocks and the U.S. Economy: Where Does the Asymmetry Originate?," The Energy Journal, International Association for Energy Economics, vol. 0(Number 3), pages 27-52.
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Cited by:
  1. Yang, Ming & Blyth, William & Bradley, Richard & Bunn, Derek & Clarke, Charlie & Wilson, Tom, 2008. "Evaluating the power investment options with uncertainty in climate policy," Energy Economics, Elsevier, vol. 30(4), pages 1933-1950, July.
  2. Yang, Ming & Nguyen, François & De T'Serclaes, Philippine & Buchner, Barbara, 2010. "Wind farm investment risks under uncertain CDM benefit in China," Energy Policy, Elsevier, vol. 38(3), pages 1436-1447, March.
  3. Halova Wolfe, Marketa & Rosenman, Robert, 2014. "Bidirectional causality in oil and gas markets," Energy Economics, Elsevier, vol. 42(C), pages 325-331.
  4. Kasparian, Jérôme, 2009. "Contribution of crude oil price to households' budget: The weight of indirect energy use," Energy Policy, Elsevier, vol. 37(1), pages 111-114, January.
  5. Dobroschke, Stephan, 2012. "Energieeffizienzpotenziale und staatlicher Lenkungsbedarf," FiFo Discussion Papers - Finanzwissenschaftliche Diskussionsbeiträge 12-1, University of Cologne, FiFo Institute for Public Economics.

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