IDEAS home Printed from https://ideas.repec.org/a/gam/jsusta/v15y2023i13p10076-d1179219.html
   My bibliography  Save this article

Comparing the Substitution of Nuclear Energy or Renewable Energy for Fossil Fuels between the United States and Africa

Author

Listed:
  • Bi-Huei Tsai

    (Department of Management Science, National Yang Ming Chiao Tung University, 1001 Ta-Hsueh Road, Hsinchu 300, Taiwan)

  • Yao-Min Huang

    (Department of Management Science, National Yang Ming Chiao Tung University, 1001 Ta-Hsueh Road, Hsinchu 300, Taiwan)

Abstract

This study explores the differences in energy consumption between the highly economically developed United States and economically underdeveloped Africa. This study conducted the parameter estimation and equilibrium analysis of a Lotka–Volterra model to investigate the short-term and long-term relations of different types of energy, respectively. The parameter estimation results show that nuclear energy consumption increases the consumption of fossil fuels in the United States but decreases fossil fuel consumption in Africa. This implies that Africa can replace fossil fuels with nuclear energy in the short run. Given the current state of energy consumption, the results of the equilibrium analysis indicate that the United States’ nuclear and fossil fuel consumption will reach a stable long-term equilibrium. However, Africa will experience significant fluctuations in nuclear and fossil fuel consumption, and both nuclear and fossil fuel consumption will eventually be depleted. The highly economically developed United States arranges energy consumption in an environmentally friendly way and reshapes economies to achieve sustainability, so its long-term energy consumption is more stable than economically underdeveloped Africa. Accuracy analysis results show that the nuclear or renewable energy consumption predicted by the Lotka–Volterra model is more accurate than that of a Bass model since the Lotka–Volterra model considers energy interactions.

Suggested Citation

  • Bi-Huei Tsai & Yao-Min Huang, 2023. "Comparing the Substitution of Nuclear Energy or Renewable Energy for Fossil Fuels between the United States and Africa," Sustainability, MDPI, vol. 15(13), pages 1-16, June.
  • Handle: RePEc:gam:jsusta:v:15:y:2023:i:13:p:10076-:d:1179219
    as

    Download full text from publisher

    File URL: https://www.mdpi.com/2071-1050/15/13/10076/pdf
    Download Restriction: no

    File URL: https://www.mdpi.com/2071-1050/15/13/10076/
    Download Restriction: no
    ---><---

    References listed on IDEAS

    as
    1. Huafang Huang & Sharafat Ali & Yasir Ahmed Solangi, 2023. "Analysis of the Impact of Economic Policy Uncertainty on Environmental Sustainability in Developed and Developing Economies," Sustainability, MDPI, vol. 15(7), pages 1-19, March.
    2. Sonja Simon & Tobias Naegler & Hans Christian Gils, 2018. "Transformation towards a Renewable Energy System in Brazil and Mexico—Technological and Structural Options for Latin America," Energies, MDPI, vol. 11(4), pages 1-26, April.
    3. Andr� Betzer & Markus Doumet & Ulf Rinne, 2013. "How policy changes affect shareholder wealth: the case of the Fukushima Dai-ichi nuclear disaster," Applied Economics Letters, Taylor & Francis Journals, vol. 20(8), pages 799-803, May.
    4. Tsai, Bi-Huei & Chang, Chih-Jen & Chang, Chun-Hsien, 2016. "Elucidating the consumption and CO2 emissions of fossil fuels and low-carbon energy in the United States using Lotka–Volterra models," Energy, Elsevier, vol. 100(C), pages 416-424.
    5. Fields, M. Andrew & Janjigian, Vahan, 1989. "The effect of Chernobyl on electric-utility stock prices," Journal of Business Research, Elsevier, vol. 18(1), pages 81-87, January.
    6. Pan, Yuling & Dong, Feng, 2022. "Dynamic evolution and driving factors of new energy development: Fresh evidence from China," Technological Forecasting and Social Change, Elsevier, vol. 176(C).
    7. Peter A. Lang, 2017. "Nuclear power learning and deployment rates: disruption and global benefits forgone," CAMA Working Papers 2017-04, Centre for Applied Macroeconomic Analysis, Crawford School of Public Policy, The Australian National University.
    8. Ruxing Gao & Hyo On Nam & Won Il Ko & Hong Jang, 2017. "National Options for a Sustainable Nuclear Energy System: MCDM Evaluation Using an Improved Integrated Weighting Approach," Energies, MDPI, vol. 10(12), pages 1-24, December.
    9. Hoang, Anh Tuan & Sandro Nižetić, & Olcer, Aykut I. & Ong, Hwai Chyuan & Chen, Wei-Hsin & Chong, Cheng Tung & Thomas, Sabu & Bandh, Suhaib A. & Nguyen, Xuan Phuong, 2021. "Impacts of COVID-19 pandemic on the global energy system and the shift progress to renewable energy: Opportunities, challenges, and policy implications," Energy Policy, Elsevier, vol. 154(C).
    10. Huiru Zhao & Guo Huang & Ning Yan, 2018. "Forecasting Energy-Related CO 2 Emissions Employing a Novel SSA-LSSVM Model: Considering Structural Factors in China," Energies, MDPI, vol. 11(4), pages 1-21, March.
    11. Bowen, Robert M. & Castanias, Richard P. & Daley, Lane A., 1983. "Intra-Industry Effects of the Accident at Three Mile Island," Journal of Financial and Quantitative Analysis, Cambridge University Press, vol. 18(1), pages 87-111, March.
    12. Sovacool, Benjamin K., 2008. "Valuing the greenhouse gas emissions from nuclear power: A critical survey," Energy Policy, Elsevier, vol. 36(8), pages 2940-2953, August.
    13. Chul-Yong Lee & Min-Kyu Lee, 2017. "Demand Forecasting in the Early Stage of the Technology’s Life Cycle Using a Bayesian Update," Sustainability, MDPI, vol. 9(8), pages 1-15, August.
    14. Frank M. Bass, 1969. "A New Product Growth for Model Consumer Durables," Management Science, INFORMS, vol. 15(5), pages 215-227, January.
    15. Heui-Yung Chang & Rong-Horng Chen & Chi-Ming Lai, 2018. "Numerical Simulation of the Thermal Performance of a Dry Storage Cask for Spent Nuclear Fuel," Energies, MDPI, vol. 11(1), pages 1-9, January.
    16. Laura Rodríguez-Penalonga & B. Yolanda Moratilla Soria, 2017. "A Review of the Nuclear Fuel Cycle Strategies and the Spent Nuclear Fuel Management Technologies," Energies, MDPI, vol. 10(8), pages 1-16, August.
    17. Jewell, Jessica, 2011. "Ready for nuclear energy?: An assessment of capacities and motivations for launching new national nuclear power programs," Energy Policy, Elsevier, vol. 39(3), pages 1041-1055, March.
    18. Pan, Yuling & Dong, Feng, 2023. "Factor substitution and development path of the new energy market in the BRICS countries under carbon neutrality: Inspirations from developed European countries," Applied Energy, Elsevier, vol. 331(C).
    19. Peter A. Lang, 2017. "Nuclear Power Learning and Deployment Rates; Disruption and Global Benefits Forgone," Energies, MDPI, vol. 10(12), pages 1-21, December.
    20. Haider Mahmood & Maham Furqan & Muhammad Shahid Hassan & Soumen Rej, 2023. "The Environmental Kuznets Curve (EKC) Hypothesis in China: A Review," Sustainability, MDPI, vol. 15(7), pages 1-32, April.
    21. George Halkos & George Ekonomou, 2023. "Can Business and Leisure Tourism Spending Lead to Lower Environmental Degradation Levels? Research on the Eurozone Economic Space," Sustainability, MDPI, vol. 15(7), pages 1-16, March.
    22. Fan, Zhi-Ping & Che, Yu-Jie & Chen, Zhen-Yu, 2017. "Product sales forecasting using online reviews and historical sales data: A method combining the Bass model and sentiment analysis," Journal of Business Research, Elsevier, vol. 74(C), pages 90-100.
    Full references (including those not matched with items on IDEAS)

    Most related items

    These are the items that most often cite the same works as this one and are cited by the same works as this one.
    1. Grossi, Luigi & Heim, Sven & Waterson, Michael, 2014. "A vision of the European energy future? The impact of the German response to the Fukushima earthquake," ZEW Discussion Papers 14-051, ZEW - Leibniz Centre for European Economic Research.
    2. Lopatta, Kerstin & Kaspereit, Thomas, 2014. "The cross-section of returns, benchmark model parameters, and idiosyncratic volatility of nuclear energy firms after Fukushima Daiichi," Energy Economics, Elsevier, vol. 41(C), pages 125-136.
    3. Katarzyna Zawalińska & Jouko Kinnunen & Piotr Gradziuk & Dorota Celińska-Janowicz, 2020. "To Whom Should We Grant a Power Plant? Economic Effects of Investment in Nuclear Energy in Poland," Energies, MDPI, vol. 13(11), pages 1-26, May.
    4. Grossi, Luigi & Waterson, Michael, 2013. "German Energy Market Fallout from the Japanese Earthquake," CAGE Online Working Paper Series 157, Competitive Advantage in the Global Economy (CAGE).
    5. Zhang, Tianyu & Dong, Peiwu & Zeng, Yongchao & Ju, Yanbing, 2022. "Analyzing the diffusion of competitive smart wearable devices: An agent-based multi-dimensional relative agreement model," Journal of Business Research, Elsevier, vol. 139(C), pages 90-105.
    6. Andr� Betzer & Markus Doumet & Ulf Rinne, 2013. "How policy changes affect shareholder wealth: the case of the Fukushima Dai-ichi nuclear disaster," Applied Economics Letters, Taylor & Francis Journals, vol. 20(8), pages 799-803, May.
    7. Sandrine Boulerne & Jean-Philippe Lafontaine & Bruno Pecchioli, 2016. "Fukushima, quel impact sur les entreprises françaises cotées de la filière de production d'électricité d'origine nucléaire ?," Post-Print hal-01902423, HAL.
    8. Pan, Yuling & Dong, Feng, 2023. "The impacts of energy finance policies and renewable energy subsidy on energy vulnerability under carbon peaking scenarios," Energy, Elsevier, vol. 273(C).
    9. Timothy H. Mills & Clyde L. Posey & Dwight C. Anderson, 1994. "Stock Market Reactions To the Tax Reform Act of 1986: an Analysis of the Agribusiness Industry," Public Finance Review, , vol. 22(2), pages 222-238, April.
    10. Jinah Yang & Daiki Min & Jeenyoung Kim, 2020. "The Use of Big Data and Its Effects in a Diffusion Forecasting Model for Korean Reverse Mortgage Subscribers," Sustainability, MDPI, vol. 12(3), pages 1-17, January.
    11. Lars Sorge & Anne Neumann & Christian von Hirschhausen & Ben Wealer, 2019. "Nuclear Power, Democracy, Development, and Nuclear Warheads: Determinants for Introducing Nuclear Power," Discussion Papers of DIW Berlin 1811, DIW Berlin, German Institute for Economic Research.
    12. Hong, Zhaofu & Li, Mengfan & Han, Xiaoya & He, Xuhuai, 2020. "Innovative green product diffusion through word of mouth," Transportation Research Part E: Logistics and Transportation Review, Elsevier, vol. 134(C).
    13. Ili, Dragan & Mollet, Janick Christian, 2015. "Voluntary Corporate Climate Initiatives and Regulatory Loom: Batten Down the Hatches," Working papers 2015/06, Faculty of Business and Economics - University of Basel.
    14. Alina Ștefania Chenic & Alin Ioan Cretu & Adrian Burlacu & Nicolae Moroianu & Daniela Vîrjan & Dragos Huru & Mihaela Roberta Stanef-Puica & Vladimir Enachescu, 2022. "Logical Analysis on the Strategy for a Sustainable Transition of the World to Green Energy—2050. Smart Cities and Villages Coupled to Renewable Energy Sources with Low Carbon Footprint," Sustainability, MDPI, vol. 14(14), pages 1-30, July.
    15. Eryarsoy, Enes & Delen, Dursun & Davazdahemami, Behrooz & Topuz, Kazim, 2021. "A novel diffusion-based model for estimating cases, and fatalities in epidemics: The case of COVID-19," Journal of Business Research, Elsevier, vol. 124(C), pages 163-178.
    16. William Bodel & Kevin Hesketh & Grace McGlynn & Juan Matthews & Gregg Butler, 2021. "Generic Feasibility Assessment: Helping to Choose the Nuclear Piece of the Net Zero Jigsaw," Energies, MDPI, vol. 14(5), pages 1-17, February.
    17. Capelle-Blancard, Gunther & Laguna, Marie-Aude, 2010. "How does the stock market respond to chemical disasters?," Journal of Environmental Economics and Management, Elsevier, vol. 59(2), pages 192-205, March.
    18. Reinhard Haas & Marlene Sayer & Amela Ajanovic & Hans Auer, 2023. "Technological learning: Lessons learned on energy technologies," Wiley Interdisciplinary Reviews: Energy and Environment, Wiley Blackwell, vol. 12(2), March.
    19. Dragan Ilić & Janick Christian Mollet, 2022. "Voluntary corporate climate initiatives and regulatory threat," International Economics and Economic Policy, Springer, vol. 19(1), pages 157-184, February.
    20. Evgenidis, Anastasios & Hamano, Masashige & Vermeulen, Wessel N., 2021. "Economic consequences of follow-up disasters: Lessons from the 2011 Great East Japan Earthquake," Energy Economics, Elsevier, vol. 104(C).

    Corrections

    All material on this site has been provided by the respective publishers and authors. You can help correct errors and omissions. When requesting a correction, please mention this item's handle: RePEc:gam:jsusta:v:15:y:2023:i:13:p:10076-:d:1179219. See general information about how to correct material in RePEc.

    If you have authored this item and are not yet registered with RePEc, we encourage you to do it here. This allows to link your profile to this item. It also allows you to accept potential citations to this item that we are uncertain about.

    If CitEc recognized a bibliographic reference but did not link an item in RePEc to it, you can help with this form .

    If you know of missing items citing this one, you can help us creating those links by adding the relevant references in the same way as above, for each refering item. If you are a registered author of this item, you may also want to check the "citations" tab in your RePEc Author Service profile, as there may be some citations waiting for confirmation.

    For technical questions regarding this item, or to correct its authors, title, abstract, bibliographic or download information, contact: MDPI Indexing Manager (email available below). General contact details of provider: https://www.mdpi.com .

    Please note that corrections may take a couple of weeks to filter through the various RePEc services.

    IDEAS is a RePEc service. RePEc uses bibliographic data supplied by the respective publishers.