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Article dans une revue

Macroeconomic consistency issues in E3 modeling: The continued fable of the elephant and the rabbit

Abstract : Starting from a short presentation of the limits of using conventional production functions to hybridize energy-economy relationships, this paper presents a methodology aiming at a better integration of bottom-up policy scenarios in a top-down static general equilibrium framework. Along the lines of Ahmad's innovation possibility curve, the methodology consists in implementing top-down envelopes of production and demand functions, whose variable point elasticities of substitution provide a flexible interface for calibration on any bottom-up expertise. Numerical experiments assessing the impact of a rising carbon tax on the global 2030 economy compare the application of this methodology to that of two standard CES-based approaches. Results confirm that, in case of large departures from reference scenarios or of strong convexities in bottom-up results, the use of conventional CES production and utility functions may lead to a significant bias in cost assessment. Copyright © 2006 by the IAEE. All rights reserved.
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Soumis le : mardi 10 juillet 2012 - 13:34:03
Dernière modification le : dimanche 25 octobre 2020 - 07:06:35

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  • HAL Id : hal-00716324, version 1

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F. Ghersi, Jean Charles Hourcade. Macroeconomic consistency issues in E3 modeling: The continued fable of the elephant and the rabbit. Energy Journal, International Association for Energy Economics, 2006, 27 (SPEC. ISS. OCT.), pp.39. ⟨hal-00716324⟩

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