General-equilibrium analysis of U. S. energy policies

Thesis/Dissertation · Fri Jan 01 04:00:00 EST 1982

OSTI ID:6208174

Goulder, L H

This dissertation project involves the construction and application of a large-scale simulation model designed to assess the effects of changing energy conditions and policies on the U.S. economy. The simulation model differs from most other applied energy models in combining a fully integrated, general-equilibrium treatment of energy and non-energy markets with a significant amount of industry and consumer detail. The economic equilibria described by the model result from the interaction of consumers, producers, the government and the foreign sector. The model identifies twelve household groups according to income, and determines the behavior of each group according to homothetic utility functions defined over leisure, present consumption and future consumption. The model divides US industry into five energy and four non-energy sectors. The model represents the taxation, expenditure and production roles of government in detail. Foreign trade in goods as well as international capital flows are modelled; special attention is given to the investment in the US of surplus revenues enjoyed by the oil exporting countries. With this structure the model simulates energy-economy interactions over the period 1973 to 2001. A number of energy policies are also analyzed in terms of their impacts on economic growth, the composition of output, and the level and distribution of consumer welfare. A windfall profits tax is shown to have generally favorable effects on savings and investment and to benefit capital owners.

• OSTI ID: 6208174
• Country of Publication: United States
• Language: English

Related Subjects

29 ENERGY PLANNING, POLICY, AND ECONOMY
290100 -- Energy Planning & Policy-- Energy Analysis & Modeling
290200 -- Energy Planning & Policy-- Economics & Sociology
293000* -- Energy Planning & Policy-- Policy
Legislation
& Regulation
ECONOMIC ANALYSIS
ECONOMIC IMPACT
ECONOMICS
ENERGY POLICY
EQUILIBRIUM
GOVERNMENT POLICIES
SIMULATION