Firm-level Estimates of Fuel Substitution: An Application toCarbon Pricing
利用企业数据估计电力、天然气和石油之间的价格弹性，发现电力需求对价格变化的反应比部分弹性显示的更敏感，并模拟了碳税对二氧化碳排放的影响。
We estimate partial and total own and cross price elasticities between electricity, gas and oil, using firm-level data. We find that, based on the partial elasticity measure, electricity is the least-responsive fuel to changes in its own price and in the price of other fuels. The total elasticity measure, which adjusts the partial elasticity for changes in aggregate energy demand induced by individual fuel price changes, reveals that the demand for electricity is much more price responsive than the partial elasticity suggests. Our results illustrate the importance of accounting for the feedback effect between interfactor and interfuel elasticities when considering the effectiveness of environmental taxation. We use the estimated elasticities to simulate the impact of a €15/tCO2 carbon tax on average energy-related CO2 emissions.