Access this chapter
Tax calculation will be finalised at checkout
Purchases are for personal use only
Preview
Unable to display preview. Download preview PDF.
References
Adelman, M.A.: 1995, The Genie Out of the Bottle, MIT Press, Cambridge, MA, USA, p. 190.
Alhajji, A.F. and Huettner, David: 2000, “OPEC and World Crude Oil Markets from 1973 to 1994: Cartel, Oligopoly or Competitive?” Energy Journal 21:3, pp. 31–60.
Arnott, Robert: 2002, “Supply Side Aspects of Depletion,” Journal of Energy Literature 8:1, pp. 3–21.
Ballonoff, Paul: 1999, “On the Failure of Market Failure,” Regulation 22:2, pp. 17–19.
Barresi, Paul: 1997, “Beyond Fairness to Future Generations: An Intergenerational Alternative to Intergenerational Equity in the International Environmental Arena,” Tulane Environmental Law Journal 11:1, pp. 59–88.
Barsky, Robert and Kilian, Lutz: 2004, “Oil and the Macroeconomy Since the 1970s,” National Bureau of Economic Research, Working Paper 10855, [online] www.nber.org/papers/w10855, accessed July 2006.
Bartis, James, LaTourrette, Tom, Dixon, Lloyd, Peterson, D.J., and Cecchine, Gary: 2005, Oil Shale Development in the United States: Prospects and Policy Issues, Rand Corporation, Santa Monica, CA, USA.
Bernanke, Ben, Gertler, Mark, and Watson, Mark: 1997, “Systematic Monetary Policy and U.S. Aggregate Economic Activity,” Brookings Papers on Economic Activity 1, pp. 91–142.
Bohi, Douglas: 1981, Analyzing Demand Behavior: A Survey of Energy Elasticities, Johns Hopkins University Press, Baltimore, MD, USA.
Bradley, Robert L. and Fulmer, Richard: 2004, Energy: The Master Resource, Kendall/Hunt, Dubuque, IA, USA.
Brown, Marilyn: 2001, “Market Failures and Barriers as a Basis for Clean Energy Policies,” Energy Policy 29:14, pp. 1197–1207.
Brown, Marilyn and Mihlmester, Philip: 1995, “Actual Vs. Anticipated Savings from DSM Programs: An Assessment of the California Experience,” International Energy Program Evaluation Conference, Proceedings of the 1995 International Energy Program Evaluation Conference, Chicago, IL, USA, pp. 295–301.
Coase, Ronald: 1960, “The Problem of Social Cost,” Journal of Law and Economics 3, pp. 1–44.
Congressional Research Service: 1992, “The External Costs of Oil Used in Transportation,” CRS Report for Congress, 92–574ENR, Washington, DC, USA.
Considine, Timothy: 2004, “A Short-Run Model of the World Crude Oil Market,” Pennsylvania State University, Department of Energy and Geo-Environmental Engineering Working Paper, pp. 21–22.
Cowen, Tyler: 1988, The Theory of Market Failure: A Critical Examination, George Mason University Press, Fairfax, VA, USA.
Deffeyes, Kenneth: 2005, Beyond Oil: The View from Hubbert’s Peak, Hill & Wang, New York, NY, USA.
Dixit, Avinash and Pindyck, Robert: 1994, Investment under Uncertainty, Princeton University Press, Princeton, NJ, USA.
Egan, Timothy: 2005, “Paying on the Highway to Get Out of First Gear,” New York Times, April 28, p. A1.
Electric Power Research Institute: 1993, 1992 Survey of Utility Demand-Side Management Programs, Vols. 1 and 2, EPRI TR-102193, EPRI, Palo Alto, CA, USA.
Espey, Molly: 2005, “Do Consumers Value Fuel Economy?” Regulation 28:4, Winter 2005–2006, pp. 8–10.
Faruqui, Ahmad and Earle, Robert: 2006, “Demand Response and Advanced Metering,” Regulation 29:1, pp. 24–27.
Faruqui, Ahmad, Chao, Hung-po, Niemeyer, Victor, Platt, Jeremy, and Stahlkopf, Karl: 2001, “Getting Out Of The Dark,” Regulation 24:3, pp. 58–62.
Fickett, Arnold, Gellings, Clark, and Lovins, Amory: 1990, “Efficient Use of Electricity,” Scientific American, pp. 65–74.
Fisher, Anthony and Rothkopf, Michael: 1989, “Market Failure and Energy Policy”, Energy Policy 17:4, pp. 397–406.
Forero, Juan: 2006, “For Venezuela, A Treasure in Oil Sludge,” New York Times, June 1, 2006, p. C1.
Goldman, C., Hopper, N., Bharvirkar, R., Neenan, B., Boisvert, R., Cappers, P., Pratt, D., and Butkins, K.: 2005, Customer Strategies for Responding to Day-Ahead Market Hourly Electricity Pricing, LBNL-57128, Lawrence Berkeley National Laboratory, Berkeley, CA, USA.
Hamilton, James and Herrera, Anna Maria: 2004, “Oil Shocks and Aggregate Macroeconomic Behavior,” Journal of Money, Credit, and Banking 36:2, pp. 265–286.
Hassett, Kevin and Metcalf, Gilbert: 1993, “Energy Conservation Investment: Do Consumers Discount the Future Correctly?” Energy Policy 21:6, pp. 710–716.
Heyes, Anthony: 2002–2003, “Determining the Price of Price-Anderson,” Regulation 25:4, pp. 26–30.
Hirsch, Robert, Bezdek, Roger, and Wendling, Robert: 2005, “Peaking of World Oil Production: Impacts, Mitigation, and Risk Management,” Report Commissioned by the U.S. Department of Energy, [online] http://www.hilltoplancers.org/stories/hirsch0502.pdf, accessed July 2006.
Hirst, Eric and Brown, Marilyn: 1990, “Closing the Energy Efficiency Gap: Barriers to the Efficient Use of Energy” Resources,” Conservation and Recycling 3, pp. 267–281.
Institute for the Analysis of Global Security: 2005, The Real Cost of Oil: How Much are We Paying for a Gallon of Gas? [online] http://www.iags.org/costofoil.html, accessed May 2005.
Jaffe, Adam and Stavins, Robert: 1994, “The Energy-Efficiency Gap: What Does it Mean?” Energy Policy 22:10, pp. 804–810.
Jervis, Robert: 2005, “Why the Bush Doctrine Cannot Be Sustained,” Political Science Quarterly 120:3, pp. 351–377.
Johnson, Ruth and Kaserman, David: 1983, “Housing Market Capitalization of Energy-Saving Durable Good Investments,” Economic Inquiry 21, pp. 374–386.
Jones, Donald, Leiby, Paul, and Paik, Inja: 2004, “Oil Shocks and the Macroeconomy: What Has Been Learned Since 1996,” Energy Journal 25:2, pp. 1–32.
Kalt, Joseph: 1981, The Economics and Politics of Oil Price Regulation, MIT Press, Cambridge, MA, USA.
Koomey, Jonathan, Sanstad, Alan, and Shown, Leslie: 1995 “Magnetic Fluorescent Ballasts: Market Data, Market Interventions, and Policy Success,” LBL-37702, Lawrence Berkeley Laboratory, Berkeley, CA.
Koplow, Douglas: 2006, “Problems with Federal Subsidy Estimates Generated by the US Energy Information Administration,” Earth Track, [online] http://earthtrack.net/ earthtrack/index.asp?page_id=201&catid=73, accessed February 2006.
Koplow, Douglas: 2004, “Federal Subsidies for Energy in 2003 – A First Look,” in National Commission on Energy Policy, Ending the Energy Stalemate: A Bipartisan Strategy to Meet America’s Energy Challenges, Technical Appendix, Washington, DC, USA, pp. 204–218.
Koplow, Douglas and Dernbach, John: 2001, “Federal Fossil Fuel Subsidies and Greenhouse Gas Emissions: A Case Study of Increasing Transparency for Fiscal Policy,” Annual Review of Energy and the Environment 26, pp. 361–389.
Koplow, Douglas and Martin, Aaron: 1998, “Fueling Global Warming: Federal Subsidies to Oil in the United States,” Greenpeace, Washington, DC, USA.
Landsburg, Steven: 1997, “Tax the Knickers Off Your Grandchildren,” Slate, [online] http://www.slate.com/id/2036/, accessed July 2006.
Loderer, Claudio: 1985, “A Test of the OPEC Cartel Hypothesis: 1974–1983,” Journal of Finance 40:3, pp. 991–1006.
Loughran, David and Kulick, Jonathan: 2004, “Demand-Side Management and Energy Efficiency in the United States,” Energy Journal 25:1, pp. 19–44.
Lovins, Amory and Lotspeich, Chris: 1999, “Energy Surprises for the 21st Century.” Journal of International Affairs 53:1, pp. 191–208.
Lynch, Michael: 2006, Crop Circles in the Dessert: The Strange Controversy Over Saudi Oil Production,” International Research Center for Energy and Economic Development, Occasional Paper 40, Boulder, CO, USA.
Lynch, Michael: forthcoming, “Effect on a Major Disruption of Persian Gulf Oil on the Oil Market,” Cato Institute, Washington, DC, USA.
Metcalf, Gilbert: 1994, “Economics and Rational Conservation Policy,” Energy Policy 22, pp. 819–825.
Metcalf, Gilbert and Rosenthal, Donald: 1995, “The ‘New’ View of Investment Decisions and Public policy Analysis: An Application of Green Lights and Cold Refrigerators,” Journal of Policy Analysis and Management 14:4, pp. 517–531.
Meyers, S., McMahon, J.E., McNeil, M., and Liu, X.: 2003, “Impacts of U.S. federal energy efficiency standards for residential appliances,” Energy 28: pp. 755–767.
Milliman, Jerome: 1982, “Can Water Pollution Policy Be Efficient?” Cato Journal 2:1, Spring, pp. 165–196, particularly pp. 179–184.
McKay, Peter: 2006, “Demand for Ethanol Aggravates Pain at the Pump,” Wall Street Journal, June 19, p. C4.
Nichols, Albert: 1992, “How Well Do Market Failures Support the Need for Demand Side Management?” National Economic Research Associates, Cambridge, MA, USA, pp. 22–25.
O’Toole, Randal: 2005, “Vanishing Automobile Update #54,” May 15, [online] http://ti.org/ vaupdate54.html, accessed July 2006.
Parra, Francisco: 2004, Oil Politics: A Modern History of Petroleum, I.B. Tauris, New York, NY, USA.
Parry, Ian W.H., and Small, Kenneth A.: 2005, “Does Britain or the United States Have the Right Gasoline Tax?” American Economic Review 95:4, pp. 1276–1289.
Pigou, A.C.: 1920, The Economics of Welfare, Macmillan, London, UK.
Pindyck, Robert: 1979, “Inter-Fuel Substitution and the Industrial Demand for Energy: An International Comparison,” Review of Economics and Statistics, May, pp. 169–179.
Rothbard, Murray: 1982, “Law, Pollution Rights, and Air Pollution,” Cato Journal 2:1, Spring, pp. 55–99.
Schoenbrod, David: 1993, Power Without Responsibility: How Congress Abuses the People Through Delegation, Yale University Press, New Haven, CT, USA.
Simmons, Matthew: 2005, Twilight in the Dessert: The Coming Saudi Oil Shock and the World Economy, Wiley, Indianapolis, IN, USA.
Small, Kenneth, Winston, Clifford, and Evans, Carol: 1989, Road Work, Brookings, Washington, DC, USA.
Small, Kenneth, Clifford, Winston, and Jia, Yan: 2006, “Differentiated Road Pricing, Express Lanes, and Carpools: Exploiting Heterogenous Preferences in Policy Design” AEI-Brookings Joint Center Working Paper 06-06-02, [online] SSRN: http://ssrn.com/abstract=893163, accessed July 2006.
Smith, James: 2005, “Inscrutable OPEC? Behavioral Tests of the Cartel Hypothesis,” Energy Journal 26:1, pp. 51–82.
Sundqvist, Thomas and Soderholm, Patrik: 2002, “Valuing the Environmental Impacts of Electricity Generation: A Critical Survey,” Journal of Energy Literature 8:2, pp. 3–41.
Surowiecki, James: 2005, “Oil Change,” The New Yorker, May 2, p. 46.
Sutherland, Ronald: 2003, “The High Costs of Federal Energy Efficiency Standards for Residential Appliances,” Policy Analysis 504, Cato Institute, Washington, DC, USA, pp. 8–12.
Sutherland, Ronald: 2001, “ ‘Big Oil’ at the Public Trough? An Examination of Petroleum Subsidies,” Policy Analysis 390, Cato Institute, Washington, DC, USA.
Taylor, Jerry: 2003, “Blood for Oil?” Cato Commentary, Cato Institute, Washington, DC, March 18, [online] http://www.cato.org/pub_display.php?pub_id=3029, accessed July 2006.
Taylor, Jerry and Van Doren, Peter: 2006, “Economic Amnesia: The Case against Oil Price Controls and Windfall Profit Taxes,” Policy Analysis 561, Cato Institute, Washington, DC, USA.
Taylor, Jerry and Van Doren, Peter: 2005, “The Case Against the Strategic Petroleum Reserve,” Policy Analysis 555, Cato Institute, Washington, DC, USA.
Taylor, Jerry and Van Doren, Peter: 2002, “Evaluating the Case for Renewable Energy: Is Government Support Warranted,” Policy Analysis 422, Cato Institute, Washington, DC, USA.
Taylor, Jerry and Van Doren, Peter: 2001, “Nuclear Power Play,” Washington Post, May 18.
Togeby, Mikael and Larsen, Anders: 1995, “The Potential for Electricity Conservation in Industry: From Theory to Practice,” Into the 21st Century: Harmonizing Energy Policy, Environment, and Sustainable Economic Growth, Cleveland: International Association for Energy Economics, Cleveland, OH, USA, pp. 48–55.
Tullock, Gordon: 1997, “Excess Benefit,” Water Resources Research 3, pp. 643–644.
U.S. Department of Transportation, Federal Highway Administration, Office of Highway Policy Information: 2005, “Monthly Motor Fuel Reported by States,” April, p. 13; [online] www.fhwa.dot.gov/ohim/mmfr/apr05.pdf, accessed July 2006.
U.S. Energy Information Administration: 1992, “Federal Energy Subsidies: Direct and Indirect Interventions in Energy Markets,” United States Department of Energy, Washington, DC, USA, p. x.
U.S. Energy Information Administration: 2000, “Federal Intervention and Subsidies in Energy Markets 1999: Energy Transformation and End Use,” SR/OIAF/200–02, Washington, DC, USA, p. xi.
U.S. Energy Information Administration: 2005, Annual Energy Review 2004, Table 5.18, Crude Oil Domestic First Purchase Prices, EIA, Washington, DC, [online] http://www.eia.doe.gov/emeu/aer/, accessed July 2006.
U.S. Energy Information Administration: 2006, International Energy Outlook 2006, U.S. Department of Energy, Washington, DC, USA, pp. 25–35.
Van Doren, Peter: 1991, Politics, Markets, and Policy Choices, University of Michigan Press, Ann Arbor, MI, USA.
Viscusi, W. Kipp, Magat, Wesley A., Carlin, Alan, and Dreyfus, Mark K.P: 1994, “Environmentally Responsible Energy Pricing,” Energy Journal 15:2, pp. 23–42.
Weiss, Edith: 1989, In Fairness to Future Generations, Transnational Publishers, Dobbs Ferry, NY, USA.
West, Sarah and Williams, Roberton: 2004, “Empirical Estimates for Environmental Policy Making in a Second-Best Setting,” Working Paper 10330, National Bureau of Economic Research [online] http://papers.nber.org/papers/w10330, accessed July 2006.
Wirl, Franz: 1997, The Economics of Conservation Programs, Kluwer Academic Publishers, Norwell, MA, USA.
Wirl, Franz: 2000, “Lessons from Utility Conservation Programs,” Energy Journal 21:1, pp. 87–108.
Weitzman, Martin: 1974, “Prices vs. Quantities,” Review of Economic Studies 41, pp. 477–491.
Wolf, Charles: 1991, Markets or Government: Choosing Between Imperfect Alternatives, MIT Press, Cambridge, MA, USA.
World Energy Council: 2004, Survey of Energy Resources, World Energy Council, London.
Author information
Authors and Affiliations
Editor information
Editors and Affiliations
Rights and permissions
Copyright information
© 2007 Springer
About this chapter
Cite this chapter
Taylor, J., Doren, P.V. (2007). Energy Myth Five – Price Signals are Insufficient to Induce Efficient Energy Investments. In: Sovacool, B.K., Brown, M.A. (eds) Energy and American Society – Thirteen Myths. Springer, Dordrecht. https://doi.org/10.1007/1-4020-5564-1_6
Download citation
DOI: https://doi.org/10.1007/1-4020-5564-1_6
Publisher Name: Springer, Dordrecht
Print ISBN: 978-1-4020-5563-8
Online ISBN: 978-1-4020-5564-5
eBook Packages: Earth and Environmental ScienceEarth and Environmental Science (R0)