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A Practitioner's Perspective on Modeling Prices and Trade in a Globalizing Natural Gas Market

This paper advances some principles for practical application of natural gas models that were used during the EMF 23 study. These principles emphasize a decision-focused perspective, embrace uncertainty, demand consistency of model results with observable facts, are capable of navigating the complexity of systems, and distinguish insight from unattainable precision. The principles are designed to foster the assistance of better decision making by models and modelers.

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Energy Specializations: Energy Modeling – Energy Data, Modeling, and Policy Analysis; Natural Gas – Markets and Prices

JEL Codes:
E61 - Policy Objectives; Policy Designs and Consistency; Policy Coordination
L13 - Oligopoly and Other Imperfect Markets

Keywords: Natural gas markets, gas prices, trade policy, EMF 23

DOI: 10.5547/ISSN0195-6574-EJ-Vol30-NoSI-2

Published in Volume 30, Special Issue of The Quarterly Journal of the IAEE's Energy Economics Education Foundation.