The impact of energy prices on energy consumption and energy efficiency: evidence from Taiwan

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• 作者：Ku-Hsieh Chen ; Hao-Yen Yang ; Joe-Ming Lee ; Ching-Fang Chi
• 关键词：JEL ClassificationsC23 ; D24 ; O13 ; P48
• 刊名：Energy Efficiency
• 出版年：2016
• 出版时间：December 2016
• 年：2016
• 卷：9
• 期：6
• 页码：1329-1349
• 全文大小：1,078 KB
• 刊物类别：Earth and Environmental Science
• 刊物主题：Environment
  Environment
  Environmental Economics
  Energy Economics
  Renewable Energy Sources
  
• 出版者：Springer Netherlands
• ISSN：1570-6478
• 卷排序：9

文摘

This study aims to explore the impact of energy prices on energy consumption and energy efficiency using industry data for Taiwan over the period of 1982–2011. A frontier-based framework is proposed with a microeconomic foundation to measure energy efficiency and decompose energy consumption into energy utilization and energy wastage in the short and the long run. We learn that the traditional energy efficiency indicators are essentially ambiguous measures. In contrast, the frontier-based framework can focus the measure on energy relatively specifically and capture the essence of a proper efficiency measure more precisely. The empirical analyses reveal that the values of short- and long-run energy efficiency in the Taiwan manufacturing sector are on average 0.6016 and 0.8040, respectively. Moreover, energy utilization is price inelastic in the short run, but in the long run, it is elastic at −0.79. The energy price elasticity of energy wastage in the short run is −0.61, which is somewhat higher than the −0.52 in the long run. The energy price elasticity of energy efficiency in the short run is 0.077 and that in the long run is 0.144. All the energy price elasticities obtained using the frontier-based framework are lower than those obtained using the common framework of the past without distinguishing the heteroscedasticity between the energy utilization and energy wastage.