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A comparative study of energy saving technical progress in a vintage capital model

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Listed author(s):
  • Perez-Barahona, Agustin
  • Zou, Benteng

Abstract

We analyzed the hypothesis about the effectiveness of energy saving technologies to reduce the trade-off between economic growth and energy preservation. In a general equilibrium vintage capital model with embodied energy saving technical progress, we show that the success of energy saving technologies is questionable in a scenario of deceasing energy supply. Only constant returns to scale, with constant energy suply, yields long run growth.

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Article provided by Elsevier in its journal Resource and Energy Economics.

Volume (Year): 28 (2006)
Issue (Month): 2 (May)
Pages: 181-191

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Handle: RePEc:eee:resene:v:28:y:2006:i:2:p:181-191
Contact details of provider: Web page: http://www.elsevier.com/locate/inca/505569

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Find related papers by JEL classification:
  • C68 - Mathematical and Quantitative Methods - - Mathematical Methods; Programming Models; Mathematical and Simulation Modeling - - - Computable General Equilibrium Models
  • O31 - Economic Development, Innovation, Technological Change, and Growth - - Innovation; Research and Development; Technological Change; Intellectual Property Rights - - - Innovation and Invention: Processes and Incentives
  • O41 - Economic Development, Innovation, Technological Change, and Growth - - Economic Growth and Aggregate Productivity - - - One, Two, and Multisector Growth Models
  • Q32 - Agricultural and Natural Resource Economics; Environmental and Ecological Economics - - Nonrenewable Resources and Conservation - - - Exhaustible Resources and Economic Development
  • Q43 - Agricultural and Natural Resource Economics; Environmental and Ecological Economics - - Energy - - - Energy and the Macroeconomy

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  1. Xepapadeas, Anastasios, 2005. "Economic growth and the environment," Handbook of Environmental Economics,in: K. G. Mäler & J. R. Vincent (ed.), Handbook of Environmental Economics, edition 1, volume 3, chapter 23, pages 1219-1271 Elsevier.
  2. Smulders, Sjak & de Nooij, Michiel, 2003. "The impact of energy conservation on technology and economic growth," Resource and Energy Economics, Elsevier, vol. 25(1), pages 59-79, February.
  3. d'Autume, Antoine & Michel, Philippe, 1993. "Endogenous growth in Arrow's Learning by Doing model," European Economic Review, Elsevier, vol. 37(6), pages 1175-1184, August.
  4. Mulder, Peter & de Groot, Henri L. F. & Hofkes, Marjan W., 2003. "Explaining slow diffusion of energy-saving technologies; a vintage model with returns to diversity and learning-by-using," Resource and Energy Economics, Elsevier, vol. 25(1), pages 105-126, February.
  5. Raouf Boucekkine & David de la Croix & Omar Licandro, 2006. "Vintage Capital," Economics Working Papers ECO2006/8, European University Institute.
  6. Pranab Bardhan, 1969. "Equilibrium Growth in a Model with Economic Obsolescence of Machines," The Quarterly Journal of Economics, Oxford University Press, vol. 83(2), pages 312-323.
  7. Boucekkine, Raouf & Germain, Marc & Licandro, Omar, 1997. "Replacement Echoes in the Vintage Capital Growth Model," Journal of Economic Theory, Elsevier, vol. 74(2), pages 333-348, June.
  8. Martin Neil Baily, 1981. "Productivity and the Services of Capital and Labor," Brookings Papers on Economic Activity, Economic Studies Program, The Brookings Institution, vol. 12(1), pages 1-66.
  9. Dixit, Avinash K & Stiglitz, Joseph E, 1977. "Monopolistic Competition and Optimum Product Diversity," American Economic Review, American Economic Association, vol. 67(3), pages 297-308, June.
  10. T. W. Swan, 1956. "ECONOMIC GROWTH and CAPITAL ACCUMULATION," The Economic Record, The Economic Society of Australia, vol. 32(2), pages 334-361, November.
  11. BOUCEKKINE, Raouf & GERMAIN, Marc & LICANDRO, Omar, 1996. "General Equilibrium Vintage Capital Growth Models Displaying Periodic Solutions : A Theoretical Example," CORE Discussion Papers 1996032, Université catholique de Louvain, Center for Operations Research and Econometrics (CORE).
  12. R. M. Solow & J. Tobin & C. C. von Weizsäcker & M. Yaari, 1966. "Neoclassical Growth with Fixed Factor Proportions," Review of Economic Studies, Oxford University Press, vol. 33(2), pages 79-115.
  13. PEREZ-BARAHONA, Agustin & ZOU, Benteng, "undated". "Energy-saving technological progress in a vintage capital model," CORE Discussion Papers RP 1875, Université catholique de Louvain, Center for Operations Research and Econometrics (CORE).
  14. Théophile, AZOMAHOU & Raouf, BOUCEKKINE & Phu, NUYEN VAN, 2003. "Energy consumption, technological progress and economic policy," Discussion Papers (IRES - Institut de Recherches Economiques et Sociales) 2003025, Université catholique de Louvain, Institut de Recherches Economiques et Sociales (IRES).
  15. Richard G. Newell & Adam B. Jaffe & Robert N. Stavins, 1999. "The Induced Innovation Hypothesis and Energy-Saving Technological Change," The Quarterly Journal of Economics, Oxford University Press, vol. 114(3), pages 941-975.
  16. Boucekkine, Raouf & Pommeret, Aude, 2004. "Energy saving technical progress and optimal capital stock: the role of embodiment," Economic Modelling, Elsevier, vol. 21(3), pages 429-444, May.
  17. Swan, Trevor W, 2002. "Economic Growth," The Economic Record, The Economic Society of Australia, vol. 78(243), pages 375-380, December.
  18. Berndt, Ernst R & Wood, David O, 1975. "Technology, Prices, and the Derived Demand for Energy," The Review of Economics and Statistics, MIT Press, vol. 57(3), pages 259-268, August.
  19. Carraro, Carlo & Gerlagh, Reyer & Zwaan, Bob van der, 2003. "Endogenous technical change in environmental macroeconomics," Resource and Energy Economics, Elsevier, vol. 25(1), pages 1-10, February.
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Cited by:

  1. Agustin, PEREZ BARAHONA, 2007. "Capital Accumulation and Non-Renewable Energy Resources : a Special Functions Case," Discussion Papers (ECON - Département des Sciences Economiques) 2007008, Université catholique de Louvain, Département des Sciences Economiques.
  2. Jouvet, Pierre-André & Schumacher, Ingmar, 2012. "Learning-by-doing and the costs of a backstop for energy transition and sustainability," Ecological Economics, Elsevier, vol. 73(C), pages 122-132.
  3. Samuel Gamtessa & Adugna Olani, 2016. "How Does Energy-Cost Lead to Energy Efficiency? Panel Evidence from Canada," Working Papers 1368, Queen's University, Department of Economics.
  4. AZOMAHOU, Théophile & BOUCEKKINE, Raouf & NGUYEN-VAN, Phu, 2009. "Promoting clean technologies under imperfect competition," CORE Discussion Papers 2009011, Université catholique de Louvain, Center for Operations Research and Econometrics (CORE).
  5. Hritonenko, Natali & Yatsenko, Yuri, 2012. "Energy substitutability and modernization of energy-consuming technologies," Energy Economics, Elsevier, vol. 34(5), pages 1548-1556.
  6. Théophile T. Azomahou & Raouf Boucekkine & Phu Nguyen-Van, 2012. "Vintage capital and the diffusion of clean technologies," International Journal of Economic Theory, The International Society for Economic Theory, vol. 8(3), pages 277-300, 09.
  7. Steinbuks, Jevgenijs & Neuhoff, Karsten, 2014. "Assessing energy price induced improvements in efficiency of capital in OECD manufacturing industries," Journal of Environmental Economics and Management, Elsevier, vol. 68(2), pages 340-356.

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