abstractthe reform of energy subsidies has affected economic growth, as a result of household and firms’ behavior. however, despite the energy consumption and economic growth decrease in the short run, it is expected that economic growth will increase as a result of an adjustment in economic agents’ behavior over the mid- and long-terms. as is appropriate with these changes, energy consumption ...

This paper proposes to investigate the impact of …nancialization on energy markets (oil, gas, coal and electricity European forward prices) during both normal times and extreme ‡uctuation periods through an original behavioral and emotional approach. To this aim, we propose a new theoretical and empirical framework based on a heterogeneous agents model in which fundamentalists and chartists co-...

The authors found that, concurrent with the rapidly growing index investment in commodity markets since the early 2000s, prices of non-energy commodity futures in the United States have become increasingly correlated with oil prices; this trend has been significantly more pronounced for commodities in two popular commodity indices. This finding reflects the financialization of the commodity mar...

387 R ecent increases in international oil prices have resulted in substantial fuel subsidies in many developing and emerging market economies. After a long period of stability over the last two decades, international oil prices increased substantially from 2002. Prices increased from around US$25 per barrel in January 2003 to over US$65 per barrel by August 2005, an increase of about 260 perce...

A twoto four-fold increase in corn prices in recent years over historical trends has prompted many questions about alternatives to corn for dairy rations. As corn is a low protein high energy feedstuff, its continued use even with high prices or concern over its partial replacement is mainly confined to rations for lactating cows where meeting the energy requirements of milk production is impor...

In this paper, we present several mean-reversion jump di usion models to describe energy commodity spot prices. We incorporate multiple jumps, regime-switching and stochastic volatility in these models. Prices of various energy commodity derivatives are obtained under each model. We show how the electricity derivatives can be used to evaluate generation and transmission capacity. We also show f...

Electricity markets are systems for affecting the purchase and sale of electricity using supply and demand to set energy prices. Electricity can be traded in organized markets or by negotiating forward bilateral contracts. Demand response (DR) refers to participation by customers in electricity markets, seeing and responding to prices as they change over time. Customers may adopt several basic ...

In this paper a method is developed to derive prices for natural goods from information about material and energy flows within ecosystems. The derivation is based on an analogy between ecological and economic systems: both systems are characterized by flows of material and energy. To derive ecosystem prices the mathematical structure of Koopman’s economic linear production model — his activity ...

Energy efficient systems are the most desirable systems. Due to huge rise in energy prices and lack of availability of energy, the effective use of energy has become the need of time. Energy recovery both in heating systems as well as in air-conditioning systems saves a lot of energy. In this paper energy recovery system has been designed and optimized for central air-conditioning systems for v...