East Asia's gas-market failure and distinctive economics—A case study of low oil prices

Shi, X; Variam, HMP

East Asia's gas-market failure and distinctive economics—A case study of low oil prices

Shi, X

Variam, HMP

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Publication Type:: Journal Article
Citation:: Applied Energy, 2017, 195 pp. 800 - 809
Issue Date:: 2017-01-01

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Field	Value	Language
dc.contributor.author	Shi, X https://orcid.org/0000-0001-9653-7395	en_US
dc.contributor.author	Variam, HMP	en_US
dc.date.available	2020-05-25T19:13:15Z
dc.date.issued	2017-01-01	en_US
dc.identifier.citation	Applied Energy, 2017, 195 pp. 800 - 809	en_US
dc.identifier.issn	0306-2619	en_US
dc.identifier.uri	http://hdl.handle.net/10453/107380
dc.description.abstract	© 2017 Elsevier Ltd This paper proposes that the gas economics in East Asia (including Southeast Asia and Northeast Asia) is different from standard economics due to its exogenous oil-indexed pricing and certain region-specific and industry-specific factors. Based on a hypothesis of distinctive economics, this paper proposes an analytical framework that studies East Asian gas markets. We demonstrate this framework through a case study of the effects of a low oil prices. The qualitative and quantitative results demonstrate that low oil prices, and subsequent oil-indexed gas prices, have affected gas supply and demand, and trade and pricing dynamics in ways that can be explained by the distinctive gas economics. This paper demonstrates that the distinctive economics may cause market failure and that the analytical framework based on the distinctive economics can be used to assess policy options to address these market failures.	en_US
dc.relation.ispartof	Applied Energy	en_US
dc.relation.isbasedon	10.1016/j.apenergy.2017.03.091	en_US
dc.rights	info:eu-repo/semantics/openAccess
dc.subject.classification	Energy	en_US
dc.title	East Asia's gas-market failure and distinctive economics—A case study of low oil prices	en_US
dc.type	Journal Article
utslib.citation.volume	195	en_US
utslib.for	0905 Civil Engineering	en_US
utslib.for	1401 Economic Theory	en_US
utslib.for	09 Engineering	en_US
utslib.for	14 Economics	en_US
pubs.embargo.period	Not known	en_US
pubs.organisational-group	/University of Technology Sydney
pubs.organisational-group	/University of Technology Sydney/DVC (International)
pubs.organisational-group	/University of Technology Sydney/DVC (International)/Australia-China Relations Institute
utslib.copyright.status	open_access	*
pubs.publication-status	Published	en_US
pubs.volume	195	en_US

Abstract:

© 2017 Elsevier Ltd This paper proposes that the gas economics in East Asia (including Southeast Asia and Northeast Asia) is different from standard economics due to its exogenous oil-indexed pricing and certain region-specific and industry-specific factors. Based on a hypothesis of distinctive economics, this paper proposes an analytical framework that studies East Asian gas markets. We demonstrate this framework through a case study of the effects of a low oil prices. The qualitative and quantitative results demonstrate that low oil prices, and subsequent oil-indexed gas prices, have affected gas supply and demand, and trade and pricing dynamics in ways that can be explained by the distinctive gas economics. This paper demonstrates that the distinctive economics may cause market failure and that the analytical framework based on the distinctive economics can be used to assess policy options to address these market failures.

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http://hdl.handle.net/10453/107380