Abstract
At equilibrium the international prices of all forms of energy at all locations are uniquely related to the one price, that of the marker crude. These unique prices are those found in the market place after time lags. A two or multiple tier price structure is unstable and, in time, reverts to a single tier price structure.1–4,6)
Copy of Working Paper read to the meeting of the British Institute of Energy Economics, Chatham House, 9 St. James’ Square, London SW1 4LE, on 27 January, 1982.
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References
Deam, R. J. and Leather, J., ‘World Energy Modelling’, Energy: Demand, Conservation and Institutional Problems, MIT Press, 1974, pp. 71-77.
Deam, R.J. et al., ‘World Energy Modelling Part 1: Concepts and Methods’, Journal of Energy Policy (special publication) on ‘Energy Modelling’, pp. 70-90, (October 1973).
Deam, R.J. et al., ‘World Energy Modelling Part 2: Preliminary Results from the Petroleum/Natural Gas Model’, ibid, pp. 91-117.
Deam, R.J., Laughton, M.A., Hale, J.G., Isaac, J.R., Leather, J., O’Carroll, F.M., Ward, P., ‘World Energy Modelling: The Development of Western European Oil Prices’, Journal of Energy Policy, pp. 21-34 (June 1973).
Deam, R.J., ‘Long Range Pricing of Crude Oil’, in Mathematical Modelling of Energy Systems, I Kavrakoglu (editor), Sijthoff and Noordhoff, 1981, pp. 229-246.
Deam, R.J., ‘Understanding Energy’, ibid.
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© 1983 British Institute of Energy Economics
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Deam, R.J., Giescke, C. (1983). Towards Three ‘Laws’ of Energy Substitution. In: Tempest, P. (eds) Energy Economics in Britain. Springer, Dordrecht. https://doi.org/10.1007/978-94-011-7355-1_16
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DOI: https://doi.org/10.1007/978-94-011-7355-1_16
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