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The Causality Link between Energy Prices, Technology and Energy Intensity

In: The Econometrics of Energy Systems

Author

Listed:
  • Marie Bessec
  • Sophie Méritet

Abstract

This chapter deals with a field of renewed interest in energy economics: the relationship between energy prices and energy intensity, which is measured by the ratio of final energy consumption to total output (GDP).1 For years, economic papers have been studying energy intensity through the decomposition of the energy demand (Wing and Eckaus, 2004, and Liu, 2005). The link between energy prices and energy intensity has not really been analysed and is nowhere nearly as well established as other relations. A third variable, technological progress, may interfere in this relation. In a first analysis, it appears that technological changes can be stimulated by energy price increases and more efficient equipment reduces the energy demand. At the same time, an increase of energy demand is possible through a change in habits of consumption (changes in energy services, or energy use, and so forth). The causality link is complicated by this variable technology and its effects on energy consumption.

Suggested Citation

  • Marie Bessec & Sophie Méritet, 2007. "The Causality Link between Energy Prices, Technology and Energy Intensity," Palgrave Macmillan Books, in: Jan Horst Keppler & Régis Bourbonnais & Jacques Girod (ed.), The Econometrics of Energy Systems, chapter 6, pages 121-145, Palgrave Macmillan.
  • Handle: RePEc:pal:palchp:978-0-230-62631-7_6
    DOI: 10.1057/9780230626317_6
    as

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