Energy security,energy modelling and uncertainty |
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Authors: | Anil Markandya Malcolm Pemberton |
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Affiliation: | 1. Basque Centre for Climate Change, Spain;2. University of Bath, UK;3. University College London, UK |
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Abstract: | The paper develops a framework to analyze energy security in an expected utility framework, where there is a risk of disruption of imported energy. The analysis shows the importance of an energy tax as a tool in maximizing expected utility, and how the level of that tax varies according to the key parameters of the system: risk aversion, probability of disruption, demand elasticity and cost of disruption. |
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