Energy security, energy modelling and uncertainty
The paper develops a framework to analyze energy security in an expected utility framework, where there is a risk of disruption of imported energy. The analysis shows the importance of an energy tax as a tool in maximizing expected utility, and how the level of that tax varies according to the key parameters of the system: risk aversion, probability of disruption, demand elasticity and cost of disruption.
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References listed on IDEAS
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- Costantini, Valeria & Gracceva, Francesco & Markandya, Anil & Vicini, Giorgio, 2007.
"Security of energy supply: Comparing scenarios from a European perspective,"
Elsevier, vol. 35(1), pages 210-226, January.
- Giorgio Vicini & Francesco Gracceva & Anil Markandya & Valeria Costantini, 2005. "Security of Energy Supply: Comparing Scenarios From a European Perspective," Working Papers 2005.89, Fondazione Eni Enrico Mattei.