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Taux d'actualisation et prix de l'énergie

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  • Claude Fourgeaud
  • Bernard Lenclud
  • Pierre Michel

Abstract

[fre] On présente un modèle permettant de mettre en évidence l'influence des prix de l'énergie sur le taux d'actualisation à long terme pour une économie soumise à une contrainte extérieure. Le modèle comporte un bien agrégé produit à l'aide de trois facteurs : main-d'œuvre, capital, énergie. On étudie l'évolution du modèle avec un taux d'épargne constant et le régime stationnaire associé. Si par unité produite la consommation en énergie est fonction croissante du capital, le renché­rissement des prix de l'énergie conduit à long terme à une réduction du taux d'actualisation. C'est l'inverse qui se produit dans le cas opposé. Le résultat est confirmé par l'étude d'un modèle d'optimisation. Les résultats théoriques sont illustrés par une étude économétrique sur données françaises. [eng] On the social rate of discount and the energy price . Claude Fourgeaud, Bernard Lenclud Et Pierre Michel. When a country imports the energy necessary for production, increases of energy prices certainly have consequences ont the value of social rate of discount in the long run. In order to study this problem, we consider a simple macroeconomic model with one single produced good and three factors : labor, capital and energy. The energy consumption simultaneously depends on the level of production and on the level of capital.. We first study the evolution of the economy and the corresponding steady state with a constant rate of saving. In the case where the energy input for one unit of production is an increasing function of the level of capital (or equivalently the elasticity of energy input per head with respect to production per head exceeds 1), the increase of energy prices leads in the long run to a reduction of the discount rate. We obtain the opposite result in the other case.. This result is conforted by the study of an optimal growth model with an inter­temporal utility function depending on consumption per head. The study concerns the linearization of the optimal growth path near the steady state. Finally we make an econometric estimation on French data.

Suggested Citation

  • Claude Fourgeaud & Bernard Lenclud & Pierre Michel, 1983. "Taux d'actualisation et prix de l'énergie," Revue Économique, Programme National Persée, vol. 34(2), pages 253-276.
  • Handle: RePEc:prs:reveco:reco_0035-2764_1983_num_34_2_408712
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    References listed on IDEAS

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    1. Jean Tirole, 1981. "Taux d'actualisation et optimum second," Revue Économique, Programme National Persée, vol. 32(5), pages 829-869.
    2. E. J. Mishan, 1967. "Criteria for Public Investment: Some Simplifying Suggestions," Journal of Political Economy, University of Chicago Press, vol. 75(2), pages 139-139.
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    Cited by:

    1. Yuriy N. Gavrilets & Irina V. Tarakanova, 2013. "Optimality And Equilibrium In A Single-Product Economic Model With Collective Good (Computer Experiments)," Montenegrin Journal of Economics, Economic Laboratory for Transition Research (ELIT), vol. 9(4), pages 7-20.

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