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...

This paper examines the price transmission mechanisms between domestic ethanol and imported ethanol in the US market using a multivariate Johansen approach. The data and model support one cointegrating relationship between the prices of domestically produced ethanol, imported ethanol, and other...

Following deregulations in the European gas market, spot trading of natural gas has been established in the UK, Belgium and the Netherlands, while long-term contracts remain the dominant pricing process in continental Europe. In this paper we investigate the degree of market integration between...