Khademvatani, Asgar; Gordon, Daniel V. - In: Energy Economics 38 (2013) C, pp. 153-159
Economists are well aware of the importance of marginal versus average measures of energy efficiency. Yet in the energy … literature, there is no consensus on the appropriate method for defining and measuring energy efficiency. This paper sets out the … shadow value of energy as a proper and meaningful marginal energy efficiency index. A restricted profit function is used to …