Energy Economics最新文献_第2页

Wealth maximisation and residential energy-efficiency retrofits: Insights from a real options model 财富最大化与住宅节能改造：实物期权模型的启示

IF 13.6 2区经济学

Energy Economics Pub Date : 2024-11-05 DOI: 10.1016/j.eneco.2024.108022

Anthony Britto, Joris Dehler-Holland, Wolf Fichtner

{"title":"Wealth maximisation and residential energy-efficiency retrofits: Insights from a real options model","authors":"Anthony Britto, Joris Dehler-Holland, Wolf Fichtner","doi":"10.1016/j.eneco.2024.108022","DOIUrl":"10.1016/j.eneco.2024.108022","url":null,"abstract":"<div><div>The slow adoption of residential energy-efficiency retrofits continues to hamper the energy transition. We study incentives for adoption by proposing a model of optimal investment under uncertainty where the wealth-maximising agent has the option to delay. Stochastic portfolio returns and energy prices are taken into account. An extension of the model where the energy carrier is switched, e.g. from gas to electricity, is also considered. Exercise boundaries for the optimal stopping problem are estimated numerically for recent case studies of German buildings. Investment is generally not optimal at current energy prices and market conditions. Increasing correlation between gas and electricity prices erodes the value of technology switching. Comparative statics reveal that energy-efficiency investments become optimal at relatively lower energy prices as wealth, income, and savings behaviour increase, and portfolio drift and volatility decrease. Consequently, incentive to invest in retrofits is far more heterogeneous along wealth dimensions than standard discounted cash flow analyses suggest. An examination of retrofit subsidies demonstrates how free-riding by wealthier agents occurs when subsidies are not appropriately targeted. We show that the pursuit of economic efficiency in subsidy design might have regressive effects on the wealth distribution.</div></div>","PeriodicalId":11665,"journal":{"name":"Energy Economics","volume":"140 ","pages":"Article 108022"},"PeriodicalIF":13.6,"publicationDate":"2024-11-05","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"142660148","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":2,"RegionCategory":"经济学","ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":"OA","EPubDate":null,"PubModel":null,"JCR":null,"JCRName":null,"Score":null,"Total":0}

引用次数: 0

Aligning common prosperity with sustainable development goals 3 and 7 through sustainable insurance 通过可持续保险使共同繁荣与可持续发展目标 3 和 7 相一致

IF 13.6 2区经济学

Energy Economics Pub Date : 2024-11-05 DOI: 10.1016/j.eneco.2024.108033

Wei Zhou , Xuelian Li , Jyh-Horng Lin , Chuen-Ping Chang , Yujie Cai

{"title":"Aligning common prosperity with sustainable development goals 3 and 7 through sustainable insurance","authors":"Wei Zhou , Xuelian Li , Jyh-Horng Lin , Chuen-Ping Chang , Yujie Cai","doi":"10.1016/j.eneco.2024.108033","DOIUrl":"10.1016/j.eneco.2024.108033","url":null,"abstract":"<div><div>This paper develops a capped-call option model to evaluate sustainable insurance for achieving common prosperity. It integrates policyholder protection (Sustainable Development Goal 3 (SDG 3)) and the cap-and-trade mechanism (SDG 7) in modeling the Gini coefficient, thereby connecting SDGs 3 and 7 with common prosperity. The main findings are as follows. Life insurance policies that prioritize saving features enhance policyholder protection (SDG 3) but can detract from common prosperity. This impact is magnified when the regulatory cap within the cap-and-trade scheme for carbon-intensive manufacturers becomes stricter. High investment risks for carbon-intensive manufacturers reduce policyholder protection but support common prosperity. A stricter cap-and-trade scheme (SDG 7) also reduces policyholder protection and contradicts common prosperity. This paper avoids concluding any inherent inconsistency between the SDGs and common prosperity, as our analysis is based on the structure-conduct-performance paradigm rather than a macro perspective. Policymakers should carefully balance objectives between SDG 3 and common prosperity to ensure that policies promoting individual security do not compromise broader societal well-being and economic equality, as outlined by the SDGs.</div></div>","PeriodicalId":11665,"journal":{"name":"Energy Economics","volume":"140 ","pages":"Article 108033"},"PeriodicalIF":13.6,"publicationDate":"2024-11-05","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"142660776","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":2,"RegionCategory":"经济学","ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":"","EPubDate":null,"PubModel":null,"JCR":null,"JCRName":null,"Score":null,"Total":0}

引用次数: 0

Domestic and foreign cap-and-trade regulations, carbon tariffs, and product tariffs during international trade conflicts: A multiproduct cost-efficiency analysis 国际贸易冲突中的国内外限额交易法规、碳关税和产品关税：多产品成本效益分析

IF 13.6 2区经济学

Energy Economics Pub Date : 2024-11-05 DOI: 10.1016/j.eneco.2024.108034

Yonghong Zhao , Fu-Wei Huang , Ching-Hui Chang , Jyh-Jiuan Lin

{"title":"Domestic and foreign cap-and-trade regulations, carbon tariffs, and product tariffs during international trade conflicts: A multiproduct cost-efficiency analysis","authors":"Yonghong Zhao , Fu-Wei Huang , Ching-Hui Chang , Jyh-Jiuan Lin","doi":"10.1016/j.eneco.2024.108034","DOIUrl":"10.1016/j.eneco.2024.108034","url":null,"abstract":"<div><div>This paper develops a down-and-out call option model with structural breaks to examine the effects of domestic environmental policies on carbon-intensive firms amid international trade conflicts. The findings reveal that stricter cap-and-trade regulations, carbon tariffs, and product tariffs exacerbate pollutant-specific diseconomies of scale, limit economies of scope, and reduce firm equity. The positive impact on pollutant-specific diseconomies of scale leads to higher pollution, hindering progress toward Sustainable Development Goal 7 (SDG 7: Affordable and Clean Energy) from a multiproduct cost-efficiency perspective. Meanwhile, the negative impact on economies of scope results in fewer products and pollutants, aligning with SDG 7 but conflicting with Sustainable Development Goal 8 (SDG 8: Decent Work and Economic Growth), as the scope measure accounts for efficiency in both products and pollutants. Additionally, the negative impact on firm equity discourages progress toward both SDGs, especially during trade conflicts. In summary, environmental policies distinctly affect firm multiproduct cost efficiency and equity, particularly under varying trade conflict conditions.</div></div>","PeriodicalId":11665,"journal":{"name":"Energy Economics","volume":"140 ","pages":"Article 108034"},"PeriodicalIF":13.6,"publicationDate":"2024-11-05","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"142660771","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":2,"RegionCategory":"经济学","ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":"","EPubDate":null,"PubModel":null,"JCR":null,"JCRName":null,"Score":null,"Total":0}

引用次数: 0

Bank-firm common ownership, green credit and enterprise green technology innovation: Evidence from Chinese credit markets 银行-企业共同所有权、绿色信贷与企业绿色技术创新：来自中国信贷市场的证据

IF 13.6 2区经济学

Energy Economics Pub Date : 2024-11-04 DOI: 10.1016/j.eneco.2024.108014

Minghao Liu , Kun Xu , Lihong Zhai

{"title":"Bank-firm common ownership, green credit and enterprise green technology innovation: Evidence from Chinese credit markets","authors":"Minghao Liu , Kun Xu , Lihong Zhai","doi":"10.1016/j.eneco.2024.108014","DOIUrl":"10.1016/j.eneco.2024.108014","url":null,"abstract":"<div><div>Bank-firm common ownership can tackle the innovation dilemma of bank loans on firms' green development. This paper constructs indicators of common ownership and green technological innovation and then investigates the impact of bank-firm common ownership on corporates' green technological innovation using Chinese A-share listed enterprises samples from 2004 to 2021. Our conducted experiments reveal that bank-firm common ownership shareholders not only make banks and lending firms have the same goal, promote the total level, quantity, and quality of technological innovation for the green development of lending firms, and profit from the firms' short- and long-term market responses. Our findings are prominent in private enterprises, small-capitalization enterprises, and bull market cycles. In addition, we discover that shareholder reduction restrictions and policies restricting corporate shareholding in financial institutions enhance bank-firm common ownership shareholders on corporate green technological innovation development. Common ownership shareholders reduce information asymmetry between banks and lending enterprises and provide green loans to support enterprise green technology innovations. Furthermore, alleviating financing constraints and strengthening the supervisory role are important influence mechanisms. In this regard, carried PSE analysis indicates the direct effect of bank-firm common ownership shareholders to promote enterprise green development of technological innovation accounts for about 41% of the total effect, the intermediary effect of “financing mechanism” and “supervision mechanism” account for about 50% and 9%, and the “financing mechanism” is more important than the “supervision mechanism.” The findings of this paper can optimize the credit market to serve the green and high-quality development of Chinese enterprises better.</div></div>","PeriodicalId":11665,"journal":{"name":"Energy Economics","volume":"140 ","pages":"Article 108014"},"PeriodicalIF":13.6,"publicationDate":"2024-11-04","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"142660428","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":2,"RegionCategory":"经济学","ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":"","EPubDate":null,"PubModel":null,"JCR":null,"JCRName":null,"Score":null,"Total":0}

引用次数: 0

Does climate risk as barometers for specific clean energy indices? Insights from quartiles and time-frequency perspective 气候风险是特定清洁能源指数的晴雨表吗？从四分位数和时间频率角度看问题

IF 13.6 2区经济学

Energy Economics Pub Date : 2024-11-03 DOI: 10.1016/j.eneco.2024.108003

Hongjun Zeng , Mohammad Zoynul Abedin , Vineet Upreti

{"title":"Does climate risk as barometers for specific clean energy indices? Insights from quartiles and time-frequency perspective","authors":"Hongjun Zeng , Mohammad Zoynul Abedin , Vineet Upreti","doi":"10.1016/j.eneco.2024.108003","DOIUrl":"10.1016/j.eneco.2024.108003","url":null,"abstract":"<div><div>This study presents the first analysis of the nexus between the Southern Oscillation Index (SOI), a measure of climate risk, and segmented clean energy indices (such as solar, renewable, and bioenergy). Our research findings indicate that (i) the Granger quantile causality significance of SOI on segmented clean energy indices is asymmetric across different conditional quantiles. Significant predictability of SOI is observed only at the 0.25 and 0.75 quantile levels for all segmented clean energy indices, except for the WilderHill Clean Energy Index and NASDAQ OMX Fuel Cell Index. (ii) The clean energy market is significantly influenced by SOI under bullish market conditions. Impacts of SOI on all clean energy markets are nearly negligible when clean energy indices are at the median and lower quantile levels. (iii) The influence of strong La Niña episodes on segmented clean energy indices is more pronounced than during periods of intense El Niño phenomena. (iv) SOI exhibited a positive correlation at mid-term and long-term frequencies with segmented Clean Energy sectors, excluding bioenergy, for the majority of the sample period. Our conclusions provide deeper insights for investors managing clean energy investments in extreme climate conditions. Additionally, they offer useful information for policymakers to formulate viable economic policies addressing climate change, ensuring energy security, and facilitating a safer transition to clean energy.</div></div>","PeriodicalId":11665,"journal":{"name":"Energy Economics","volume":"140 ","pages":"Article 108003"},"PeriodicalIF":13.6,"publicationDate":"2024-11-03","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"142660147","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":2,"RegionCategory":"经济学","ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":"OA","EPubDate":null,"PubModel":null,"JCR":null,"JCRName":null,"Score":null,"Total":0}

引用次数: 0

Predicting the volatility of major energy commodity prices: The dynamic persistence model 预测主要能源商品价格的波动：动态持续性模型

IF 13.6 2区经济学

Energy Economics Pub Date : 2024-11-02 DOI: 10.1016/j.eneco.2024.107982

Jozef Baruník , Lukáš Vácha

引用次数: 0

The service trade with AI and energy efficiency: Multiplier effect of the digital economy in a green city by using quantum computation based on QUBO modeling 人工智能与能源效率的服务贸易：基于 QUBO 模型的量子计算：绿色城市数字经济的乘数效应

IF 13.6 2区经济学

Energy Economics Pub Date : 2024-11-02 DOI: 10.1016/j.eneco.2024.107976

Da Huo , Wenjia Gu , Dongmei Guo , Aidi Tang

{"title":"The service trade with AI and energy efficiency: Multiplier effect of the digital economy in a green city by using quantum computation based on QUBO modeling","authors":"Da Huo , Wenjia Gu , Dongmei Guo , Aidi Tang","doi":"10.1016/j.eneco.2024.107976","DOIUrl":"10.1016/j.eneco.2024.107976","url":null,"abstract":"<div><div>This research examines the energy efficiency of city districts through the Malmquist–DEA model and investigates the spatial effects of the service trade and the digital economy on energy efficiency in urban green development. The study also delves into the specific context of the AI service trade to gain insights into and align with the emerging digital intelligence industry. The interplay of the service trade with the digital economy, alongside the AI service trade with innovation, significantly enhances urban energy efficiency and demonstrates positive externalities. Building on the empirical findings, this research employs cluster analysis to explore the green development of city districts and uses AI technology to program green communication and cooperation mechanisms across district clusters, employing quantum computation based on QUBO modeling. This study contributes to a deeper understanding of the cofunction of the service trade and the digital economy in terms of energy efficiency and aids in developing new quality productivities for green cities through quantum-based AI advancements. This research has clear implications for cutting-edge interdisciplinary applications of green AI technologies in social computing science.</div></div>","PeriodicalId":11665,"journal":{"name":"Energy Economics","volume":"140 ","pages":"Article 107976"},"PeriodicalIF":13.6,"publicationDate":"2024-11-02","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"142660777","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":2,"RegionCategory":"经济学","ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":"","EPubDate":null,"PubModel":null,"JCR":null,"JCRName":null,"Score":null,"Total":0}

引用次数: 0

Key effects contributing to changes in energy imports in the EU-27 between 2000 and 2020: A decomposition analysis based on the Sankey diagram 2000 至 2020 年间欧盟 27 国能源进口变化的主要影响：基于桑基图的分解分析

IF 13.6 2区经济学

Energy Economics Pub Date : 2024-11-02 DOI: 10.1016/j.eneco.2024.108009

Rocío Román-Collado , Virginia Casado Ruíz

{"title":"Key effects contributing to changes in energy imports in the EU-27 between 2000 and 2020: A decomposition analysis based on the Sankey diagram","authors":"Rocío Román-Collado , Virginia Casado Ruíz","doi":"10.1016/j.eneco.2024.108009","DOIUrl":"10.1016/j.eneco.2024.108009","url":null,"abstract":"<div><div>The aim of this paper is to analyse the key effects contributing to changes in energy imports in the European Union (EU-27) in the period 2000–2020. Using the Logarithmic Mean Divisia Index (LMDI), the analysis examines the effect of changes in six factors—energy structure, energy dependence, energy transformation efficiency, energy yield after transformation, energy efficiency and activity—on imports of oil, natural gas and other sources of energy. The results of the analysis reveal that the decarbonisation process has fostered the abandonment of the most polluting fossil fuel sources; however, there has been an increase in energy dependence on less polluting sources that are not produced domestically. In contrast, there has been an opportunity for change through improved energy efficiency, which has made it possible to reduce energy requirements per unit produced. In short, in order to achieve a sustainable and secure energy future, it is crucial to implement policies and actions that promote both the diversification of the energy mix—particularly renewable energies—and efficiency in consumption. Doing so will enable countries to move towards true decarbonisation and minimise vulnerability in their energy supply.</div></div>","PeriodicalId":11665,"journal":{"name":"Energy Economics","volume":"140 ","pages":"Article 108009"},"PeriodicalIF":13.6,"publicationDate":"2024-11-02","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"142660097","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":2,"RegionCategory":"经济学","ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":"","EPubDate":null,"PubModel":null,"JCR":null,"JCRName":null,"Score":null,"Total":0}

引用次数: 0

Forecasting carbon futures returns using feature selection and Markov chain with sample distribution 利用特征选择和带有样本分布的马尔可夫链预测碳期货收益率

IF 13.6 2区经济学

Energy Economics Pub Date : 2024-11-01 DOI: 10.1016/j.eneco.2024.107962

Yuan Zhao , Xue Gong , Weiguo Zhang , Weijun Xu

引用次数: 0

Probability density prediction for carbon allowance prices based on TS2Vec and distribution Transformer 基于 TS2Vec 和分布式变压器的碳补贴价格概率密度预测

IF 13.6 2区经济学

Energy Economics Pub Date : 2024-10-29 DOI: 10.1016/j.eneco.2024.107986

Xuerui Wang, Lin Wang, Wuyue An

{"title":"Probability density prediction for carbon allowance prices based on TS2Vec and distribution Transformer","authors":"Xuerui Wang, Lin Wang, Wuyue An","doi":"10.1016/j.eneco.2024.107986","DOIUrl":"10.1016/j.eneco.2024.107986","url":null,"abstract":"<div><div>Carbon allowance price is an important tool to reduce carbon emissions and achieve carbon neutrality. It is necessary to establish a predictive model to provide accurate and reliable information to managers and participants in the carbon trading market. Therefore, a novel probability density prediction model, called TS2Vec-based distribution Transformer (TDT), is proposed. TDT consists of two stages: contrastive unsupervised pre-training and supervised training. In the contrastive unsupervised training stage, time series to vector (TS2Vec) is used to represent the dynamic trends and unique features of the data. Then, these representations are fed into the distribution Transformer (DT) to fit the hypothetical probability distribution. Experimental results show that the prediction results of the proposed TDT are more accurate and reliable than other benchmark models. In addition, our research indicates reliable probability density predictions provide enterprises with opportunities to control carbon emission costs and increase economic returns, thereby improving the competitiveness of enterprises and promoting carbon emission reduction.</div></div>","PeriodicalId":11665,"journal":{"name":"Energy Economics","volume":"140 ","pages":"Article 107986"},"PeriodicalIF":13.6,"publicationDate":"2024-10-29","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"142660762","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":2,"RegionCategory":"经济学","ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":"","EPubDate":null,"PubModel":null,"JCR":null,"JCRName":null,"Score":null,"Total":0}

引用次数: 0