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Energy-Output Coefficients: Complex Realities Behind Simple Ratios

G. C. Watkins and E. R. Berndt

Year: 1983
Volume: Volume 4
Number: Number 2
DOI: 10.5547/ISSN0195-6574-EJ-Vol4-No2-8
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Abstract:
The demand for energy is a derived demand, since it is transmitted from demands for goods and services that incorporate energy as an input. Trends in the ratio of energy consumption to the level of output the so-called energy coefficient-are often used to examine energy demand in the industrial and other demand sectors.' In a market economy, the inference of this approach is that at a time of increasing energy prices, a rise in the energy coefficient is an indication of waste and inefficiency or of a perverse price response. Correspondingly, a fall in the energy coefficient is evidence of the efficacy of the price mechanism and government regulations inpromoting energy conservation.



Modeling Energy Demand: The Choice Between Input and Output Energy Measures

E. R. Berndt and G. C. Watkins

Year: 1986
Volume: Volume 7
Number: Number 2
DOI: 10.5547/ISSN0195-6574-EJ-Vol7-No2-5
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Abstract:
Analysis of factors affecting various types of energy demand has been the focus of a large number of studies in the last decade. One common point of agreement is that the demand for any fuel is tied closely to the technical, engineering, and thermodynamic characteristics of the energy-using capital or appliance stock.



The Hotelling Principle: Autobahn or Cul de Sac?

G. C. Watkins

Year: 1992
Volume: Volume 13
Number: Number 1
DOI: 10.5547/ISSN0195-6574-EJ-Vol13-No1-1
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Abstract:
The economics of relations between prices and resource stocks has been dominated by the Hotelling Principle. But seemingly little attention has been given to the Principle by the oil and gas industry itself. In this paper the Principle is appraised, some new empirical results based on the value of oil and gas reserves sales are introduced, models which relax more of the Hotelling assumptions are reviewed, and the industry milieu in the context of a Hotelling Style framework is discussed. The Principle is seen as affording fundamental theoretical insights, but is not found to cope well with industry realities.





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