PONTIFICIA UNIVERSIDAD CATLICA DE CHILE

INSTITUTO DE ECONOMA / J unio de 2009

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CURSO : ECONOMA DE LA ENERGA Y EL CAMBIO CLIMTICO
TRADUCCIN : ENERGY ECONOMICS AND CLIMATE CHANGE
SIGLA : EAE215A
CRDITOS : 10
MDULOS : 02
REQUISITOS : EAE210B
CARCTER : OPTATIVO
(PROFUNDIZACIN PARA LOS ALUMNOS DE INGENIERA COMERCIAL)
DISCIPLINA : ECONOMA


I. DESCRIPCIN

Los temas de la energa y el cambio climtico han recibido una importante atencin en los ltimos aos. Esta
atencin se ha debido tanto a factores internacionales, como han sido las fluctuaciones que han tenido los
precios de los commodities y los acuerdos de polticas globales del cambio climtico, como nacionales, por
efecto del vulnerable suministro energtico de los ltimos aos debido a los cortes de gas que ha sufrido
nuestro pas.


II. OBJETIVOS

1. Examinar el rol de la economa en una poltica energtica y en una poltica de cambio climtico, tanto
global como nacional.
2. Discutir conceptos como economa del mercado energtico as como su seguridad de suministro,
economa del cambio climtico, eficiencia, externalidades e instrumentos de formulacin de polticas.
3. Analizar temas como decisiones intertemporales, incertidumbre, costos de suministro, mitigacin y
adaptacin, as como problemas con la cooperacin internacional, basados en la aplicacin de los
principios econmicos generales. Abordar las iniciativas de poltica en discusin.


III. CONTENIDOS

1. Economa de la energa.
1.1. Introduccin y panorama general de la energa.
1.2. Oferta de energa y economa de los recursos agotables.
1.3. Demanda de energa: formacin de precios de corto y largo plazo y elasticidades.
1.4. Mercado del petrleo y seguridad energtica.
1.5. Gas natural.
1.6. Electricidad.
1.7. Risk Management, mercado de futuros y derivados.
1.8. Carbn.
1.9. Energa nuclear.
1.10. Polticas de eficiencia energtica.
1.11. Polticas de energas renovables.

2. Economa del cambio climtico.
2.1. Introduccin y panorama general del cambio climtico.
2.2. Efectos, instituciones y poltica global del cambio climtico.
2.3. Principios econmicos del cambio climtico.
2.4. Aplicaciones econmicas del control de los GHG.
2.5. Anlisis costo - beneficio de la mitigacin de los GHG.
2.6. Impuestos y sistemas de transacciones.
2.7. Decisiones bajo incertidumbre.




PONTIFICIA UNIVERSIDAD CATLICA DE CHILE
INSTITUTO DE ECONOMA / J unio de 2009
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IV. METODOLOGA

- Clases expositivas.
- Participacin de los alumnos.
- Discusin de papers y casos.


V. EVALUACIN

- Tareas.
- Proyecto.
- Prueba.
- Examen Final.


VI. BIBLIOGRAFA

1. Economa de la energa.

1.1. Introduccin y panorama general de la energa.

The power and the glory: a special report on energy. The Economist, J une 2008.

International Energy Outlook 2006. Washington, DC, 2006, Chapter 1.

United States Energy Information Annual Energy Review 2005. Washington, DC, 2006, chapter 1.
Agency (EIA)

International Energy Agency World Energy Outlook 2008.

Comisin Nacional de Energa Poltica Energtica: Nuevos Lineamientos. 2008.

Galetovic,A.; Inostroza, J.R.; Muoz, C. Gas y electricidad: Qu hacer ahora? Centro de Estudios Pblicos,
2005.

1.2. Oferta de energa y economa de los recursos agotables.

Sachs, J . Economa para un planeta abarrotado. Debate, 2008.

Fang, Y.; Sickles, R. Energy Economics. The New Palgrave Dictionary of Economics,
Second Edition. Palgrave Macmillan, 2008.

Krautkraemer J .; Toman, M. Fundamental Economics of Depletable Energy Supply. Resources
for the Future, 2003, Discussion Paper 03-01.

1.3. Demanda de energa: formacin de precios de corto y largo plazo y elasticidades.

Stoft, S. Power System Economics: Designing Markets for Electricity.
Wiley-IEEE Press, 2002.

Hughes, J ., C. Knittel, and D. Sperling Evidence of a Shift in the Short-Run Price Elasticity of Gasoline
Demand. Center for the Study of Energy Markets, 2006, Working
Paper 159.





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Publicaciones peridicas

Benavente, J.M.; Galetovic, A.; S Estimando la demanda residencial por electricidad en Chile: El
anhueza, R.; Serra, P. consumo es sensible al precio. Cuadernos de Economa, 42, Mayo
2005: 31-61.

Kamerschen D., and D. Porter The Demand for Residential, Industrial and Total Electricity, 1973-
1998. Energy Economics 26, 2004: 87-100.

1.4. Mercado del petrleo y seguridad energtica.

Deffeyes, K. Hubbert's Peak The Impending World of Oil Shortage. Princeton, NJ, Princeton
University Press, 2001, chapter 1.

Publicaciones peridicas

Watkins, G. Oil Scarcity: What Have the Past Three Decades Revealed? Energy
Policy 34, 2006: 508-514.

Smith, J . Inscrutable OPEC? Behavioral Tests of the Cartel Hypothesis. The
Energy J ournal 25, no. 1 (2005): 51-82.

Barsky, R., and L. Killian Oil and the Macroeconomy Since the 1970s. J ournal of Economic
Perspectives 18 (4), 2004: 115-134.


1.5. Gas natural

National Petroleum Council Balancing Natural Gas Policy: Fueling the Demands of a Growing
Economy. Volume I: Summary of Findings and Recommendations,
September, 2003.

Mazighi, A. An Examination of the International Gas Trade. OPEC Review 27
(4), December 2003: 313.

1.6. Electricidad.

Stoft, S. Power System Economics: Designing Markets for Electricity.
Wiley-IEEE Press, 2002.

Moreno, R., Barroso, L.A., Auction Approaches to Ensure Resource Adequacy in Electricity
Rudnick, H., Mocarquer, S., Markets, re submitted to IEEE Transactions on Power Systems,
Bezerra, M. 2008.


Moreno, R., Rudnick, H. and First price and second price auction modelling for energy contracts
Barroso, L. in Latin American electricity markets, 16
th
. Glasgow, Scotland,
Power Systems Computation Conference, J uly, 2008.

J oskow, P. Incentive Regulation in Theory and Practice: Electricity
Distribution and Transmission Networks, 2006 Working Paper.






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1.7. Risk Management, mercado de futuros y derivados.

Energy Information Administration Derivatives in Risk Management for Petroleum, Gas and
Electricity. October, 2002.

Mazighi, A. The Efficiency of Natural Gas Futures Markets. OPEC Review,
2003.

Herce, M., J . Parsons, and R. Ready Using Futures Prices to Filter Short-Term Volatility and Recover a
Latent, Long-Term Price Series for Oil." MIT Center for Energy
and Environmental Policy Research, 2006, Working Paper 06-005.

1.8. Carbn.

Massachusetts Institute of Technology The Future of Coal: An Interdisciplinary MIT Study. March 2007.

1.9. Energa nuclear.

Massachusetts Institute of Technology The Future of Nuclear Power: An Interdisciplinary MIT Study.
2003.

1.10. Polticas de eficiencia energtica.

Hassett, K. and G. Metcalf Energy Conservation Investment: Do Consumers Discount the
Future Correctly? Energy Policy, J une 1993: 710-716.

Hausman, J., and P. J oskow Evaluating the Costs and Benefits of Appliance Efficiency
Standards. The American Economic Review 72 (2), 1982: 220-225.

1.11. Polticas de energas renovables.

Palmer, K., and D. Bullaw Cost-Effectiveness of Renewable Electricity Policies. Energy
Economics 27, 2005: 873-894.

Galetovic, A.; Muoz, C. Energas Renovables No Convencionales: Cunto nos van a
costar? Centro de Estudios Pblicos, Enero, 2008.

2. Economa del cambio climtico.

2.1. Introduccin y panorama general del cambio climtico.

Stern Review of the Economics of Climate Change. London, UK: HM Treasury, October 2007

Sachs, J . Economa para un planeta abarrotado. Debate, 2008.

Environmental Protection Agency Trends in Greenhouse Gas Emissions. USA.

Intergovernmental Panel on Climate Climate Change 2007: The Physical Science Basis: Summary for
Change (IPCC) Policymakers. February, 2007.

Nordhaus, W. D. The 'Stern Review' on the Economics of Climate Change. Mimeo,
November 17, 2006.

Sokolov, A. P., C. A. Schlosser, S. The MIT Integrated Global System Model (IGSM) Version 2:
Dutkiewicz, S. Paltsev, et. al Model Description and Baseline Evaluation. MIT J oint Program on
the Science and Policy of Global Change, Report No. 124, July,
2005.

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Paltsev, S., J . M. Reilly, H. D. The MIT Emissions Prediction and Policy Analysis (EPPA) Model:
J acoby, et. al Version 4. MIT J oint Program on the Science and Policy of Global
Change, Report No. 125, August, 2005.

2.2. Efectos, instituciones y poltica global del cambio climtico.

A Guide to the Climate Change Convention and the Kyoto Protocol.
United Nations Framework Convention on Climate Change (UNFCCC), 2007, pp. 7-38

Intergovernmental Panel on Climate Summary for Policymakers, Climate Change 2007, Fourth
Change (IPCC ) Assessment Report.

Bali Action Plan Decision -/CP.13. Framework Convention on Climate Change,
UNFCCC, December 2007.

Aldy, Joseph E. and Robert N. Stavins Designing the Next International Climate Agreement. RFF Weekly
Policy Commentary, September 24, 2007.

Publicaciones peridicas

Aldy, Barrett, Stavins Thirteen plus one: a comparison of global climate policy
architectures, Climate Policy 3, 2003: 373-397.

2.3. Principios econmicos del cambio climtico.

The Economics of Climate Change: A Primer. US Congressional Budget Office, 2003, chapter 1, 3, 4.

Pindyck and Rubinfeld Microeconomics. 2005, Chapter 18.

Callan, Scott, and Thomas Environmental Economics and Management: Theory, Policy and
Applications, 4th ed. Florence, KY, South-Western, 2006, chapter
2, 3.

Kolstad, C. Environmental Economics. New York, NY, Oxford University
Press, 1999, chapter 4, pp. 49-77.

Goulder, Lawrence and William Pizer The Economics of Climate Change. The New Palgrave Dictionary
of Economics, Second Edition. 2005.

Toman, Michael Economic Analysis and the Formulation of U.S. Climate Policy.
RFF Discussion, 2003, Paper 02-59.

Kolstad, Charles and Michael Toman The Economics of Climate Policy, Discussion Paper 00-40REV,
Resources for the Future. Washington DC.,2001.

Publicaciones peridicas

Fullerton, D. and Robert N. Stavins How Economists see the Environment. Nature 395, 1998: 433-434.

Nordhaus, W. Discounting in Economics and Climate Change. Climatic Change
37, 1997: 315-328.






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2.4. Aplicaciones econmicas del control de los GHG.

The Role of Coal in Energy Growth and CO2 Emissions. Chapter 2."The Future of Coal: An Interdisciplinary
MIT Study." March 2007.

Executive Summary, Reducing U.S. Greenhouse Gas Emissions: How Much at What Cost?
McKinsey & Company, 2007.

McKinsey Greenhouse Gas Reports

Pizer, William Choosing Price or Quantity Controls for Greenhouse Gases. In
Climate Change Economics and Policy: An RFF Anthology.
Washington, DC, Resources for the Future, 2001.

J affe, Adam, Richard Newell, and Energy-Efficient Technologies and Climate Change Policies: Issues
Robert Stavins and Evidence. In Climate Change Economics. SSRN, December,
1999.

Babiker, Mustafa, J ohn Reilly, and The Kyoto Protocol and Developing Countries. MIT J oint
Henry J acoby Program on the Science and Policy of Global Change, Report No.
56, October 1999.

Publicaciones peridicas

Kruger, J oe and Billy Pizer Greenhouse Gas Trading in Europe: The New Grand Experiment.
Environment 46, 2004: 8-23.

2.5. Anlisis costo - beneficio de la mitigacin de los GHG.

Climate Change Science Program Executive Summary, Scenarios of Greenhouse Gas Emissions and
Anthropogenic Concentrations. U.S., Synthesis and Assessment
Product 2.1a, 2007.

Nordhaus, William, and J oseph Warming the World: Economic Models of Global Warming.
Boyer Cambridge, MA, MIT Press, 2003, chapter 4, 7.

Stern, Nicholas Economic Modeling of Climate Change Impacts. In The
Economics of Climate Change: The Stern Review. Cambridge, UK,
Cambridge University Press, 2007.

Aldy, J oseph, and Robert Stavins Introduction: International Policy Architecture for Global Climate
Change." Chapter 1 in Architectures for Agreement: Addressing
Global Climate Change in the Post-Kyoto World. Cambridge, UK,
Cambridge University Press, 2007.

EIA Energy Market and Economic Impacts of S. 280, the Climate
Stewardship and Innovation Act of 2007. SR/OIAF/2007-04.
Washington, DC, EIA, 2007.

Publicaciones peridicas

Olmstead, S., and R. Stavins An International Policy Architecture for the Post-Kyoto Era.
American Economics Association Papers and Proceedings 96 (2),
2006: 35-38.

Oppenheimer, Michael Defining Dangerous Anthropogenic Interference: The Role of
Science, the Limits of Science. Risk Analysis 25, 2005: 1399-1407.

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Pizer, M. The Evolution of a Global Climate Change Agreement. American
Economics Association Papers and Proceedings 96 (2), 2006: 26-
30.

Nordhaus, W. After Kyoto: Alternative Mechanisms to Control Global Warming.
American Economics Association Papers and Proceedings 96 (2),
2006: 31-34.

Toth, Ferenc, et al. Exploring Options for Global Climate Policy: A New Analytical
Framework. Environment 44, 2002: 23-33.

2.6. Impuestos y sistemas de transacciones.

Ellerman, A. Denny, Paul Joskow, Emissions Trading in the U.S.: Experience, Lessons and
and David Harrison, J r. Considerations for Greenhouse Gases. Washington, DC, Pew
Center for Global Climate Change.

Thomson, V. Early Observations on the European Union's Greenhouse Gas
Emissions Trading Scheme: Insights for United States
Policymakers. Report in collaboration with Pew Centre on Global
Climate Change, April, 2006.

Parry, Ian and William Pizer Emissions Trading versus CO2 Taxes versus Standards.
Washington, DC, Resources for the Future, 2007.

Stavins, R. A U.S. Cap-and-Trade System to Address Global Climate Change.
Harvard University, 2007, Discussion Paper 2007-13.

Metcalf, Gilbert E. A Proposal for a U.S. Carbon Tax Swap. Washington, DC, The
Brookings Institution, 2007.

Stavins, R. A U.S. Cap-and-Trade System to Address Global Climate Change.
Harvard University, 2007, Discussion Paper 2007-13.

Publicaciones peridicas

Paltsev, Sergey, et al. Assessment of U.S. GHG Cap-and-Trade Proposals. Climate Policy
8, 2008: 395-420.

Parry, Ian, and William Pizer Combating Global Warming: Is Taxation or Cap-and-Trade a
Better Strategy for Reducing Greenhouse Emissions? Regulation
30, 2007: 18-22.

2.7. Decisiones bajo incertidumbre.

Viscusi,W.K. (1996) Economic Foundation of the Current Regulatory Reform Efforts.
J ournal of Economic Perspectives 10, 1996: 119-134.

Webster, Mort, et al. Uncertainty Analysis of Climate Change and Policy Response.
Climatic Change 61, 2003: 295-320.

Webster, Mort. Communicating Climate Change Uncertainty to Policy-Makers and
the Public. Climatic Change 61, 2003: 1-8.

Webster, Mort, Lisa J akobovitz, Learning about Climate Change and Implications for Near-Term
and J ames Norton Policy. Climatic Change 89, 2008: 67-85.