Energy Efficiency Economics and Policy
Kenneth Gillingham (),
Richard Newell () and
No 15031, NBER Working Papers from National Bureau of Economic Research, Inc
Energy efficiency and conservation are considered key means for reducing greenhouse gas emissions and achieving other energy policy goals, but associated market behavior and policy responses have engendered debates in the economic literature. We review economic concepts underlying consumer decision making in energy efficiency and conservation and examine related empirical literature. In particular, we provide an economic perspective on the range of market barriers, market failures, and behavioral failures that have been cited in the energy efficiency context. We assess the extent to which these conditions provide a motivation for policy intervention in energy-using product markets, including an examination of the evidence on policy effectiveness and cost. Although theory and empirical evidence suggests there is potential for welfare-enhancing energy efficiency policies, many open questions remain, particularly relating to the extent of some key market and behavioral failures.
JEL-codes: H23 Q41 Q48 (search for similar items in EconPapers)
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Published as Kenneth Gillingham & Richard G. Newell & Karen Palmer, 2009. "Energy Efficiency Economics and Policy," Annual Review of Resource Economics, Annual Reviews, vol. 1(1), pages 597-620, 09.
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Journal Article: Energy Efficiency Economics and Policy (2009)
Working Paper: Energy Efficiency Economics and Policy (2009)
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