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| Author: | Dumagan, J. C. Mount, T. D. |
| Title: | Measuring the consumer welfare effects of carbon penalties: theory and applications to household energy demand |
| Journal: | Energy Economics
1992 : APR, VOL. 14:2, p.82-93 |
| Index terms: | CONSUMER BEHAVIOUR HOUSEHOLD ECONOMICS ENERGY DEMAND WELFARE |
| Language: | eng |
| Abstract: | Based on observable demand functions, a money metric approximation to the Hicksian equivalent variation (HEV) is introduced. A generalized logit demand system is also implemented, that conforms better to the theory of consumer behaviour than other models. The generalized logit model was estimated using New York state level and company level data on residential consumption of electricity, natural gas and fuel oil. The demand model and money metric were combined to measure the welfare effects of carbon penalties on electricity and fuel. These methods can encompass a wider range of applications than conventional methods of analysis. |
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