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Adonis Yatchew Professor of Economics, University of Toronto Editor-in-Chief, The Energy Journal Contact
information
Department of Economics University of Toronto 150 St. George St., Room 278 Toronto M5S 3G7 Tel:
(416) 978-7128 RECENT AWARDS AND
DISTINCTIONS
Outstanding Contributions to the Profession, International
Association for Energy Economics, June 2018. For details and previous award
winners see http://www.iaee.org/en/inside/award-profession.aspx.
Senior Fellow, US Association for Energy Economics, June 2014. For
details and previous award winners see https://www.usaee.org/awards.aspx.
TEACHING 2020-2021
Graduate Courses ECO 2401S Econometrics II, Ph.D. (joint with Ismael Mourifié) This
course develops the conventional econometric tools of the applied economist.
Subjects include asymptotic and bootstrap inference methods, general least
squares and its applications (e.g. heteroscedasticity, autocorrelation,
multivariate regression, mixed estimation, panel data), models where right
hand side variables are correlated with residuals (e.g. errors in variables,
simultaneity), GMM estimation, basic elements of time series analysis
(stationary models, unit roots and co-integration, spectral analysis) and
nonparametric and semiparametric methods. Time permitting, additional topics which
may be covered include duration data and hazard function models,
and limited dependent variable models. ECO 2403S Topics in Econometrics (team taught) This a special topics course, team taught by
econometricians in the Economics Department. ECO 3502S Energy and Regulation This
course provides a general treatment of the economics of energy markets and
the use of regulation in addressing environmental and other issues. A central
theme is the search for an appropriate balance between market forces and
regulatory/government intervention. Topics include oil, natural gas, coal and
electricity markets, global warming and other externalities, networks,
feed-in-tariffs, carbon taxes, ‘cap-and-trade’ and incentive regulation. (This course is cross-listed
as a senior undergraduate course, Eco 414S. See below.) ECO 4051F: Topics in Covid Economics (team
taught) This is a
special topics course, team taught by members of the Economics Department. Participating
faculty include Victor Aguirregabiria, Christian Gourieroux,
Jiaying Gu, Yoram Halevy, Philip Oreopoulos, Aloysius Siow, Clémentine Van Effenterre ,
Ronald Woltoff and Adonis Yatchew. Undergraduate Courses ECO 314F Energy and the Environment The
Covid-19 pandemic has led to enormous changes in energy markets. Oil demand plummeted as did oil prices. At one point, Canadian oil was selling for about the price of
a latté. This course surveys important features of energy markets and related
environmental challenges in a rapidly changing world. One of the central
objectives is to provide an understanding of the key economic tools needed to
analyse these markets and to develop an appreciation for the political and
geopolitical centrality of energy issues. A related objective is the
development of a framework for understanding the public discourse on energy
and the environment. Topics include the hydrocarbon economy (oil, natural gas
and coal), electricity markets, global warming and other externalities,
renewable energy and conservation, carbon pricing, sustainability, the
geopolitics of energy, and the impacts of the current pandemic on energy
markets. ECO 414S Energy and Regulation This
course provides a general treatment of the economics of energy markets and
the use of regulation in addressing environmental and other issues. A central
theme is the search for an appropriate balance between market forces and
regulatory/government intervention. Topics include oil, natural gas, coal and
electricity markets, global warming and other externalities, networks,
feed-in-tariffs, carbon taxes, ‘cap-and-trade’ and incentive regulation.
(This course is cross-listed as graduate course Eco
3502S. See above.) ENV462S Energy and Environment: Economics,
Politics, and Sustainability This is an
interdisciplinary course that examines key ideas in economics, politics and
security that are essential to understanding energy and environmental issues.
The course will cover energy markets, energy security, and the increasing
role that sustainability plays in setting policies. RESEARCH
Books, Edited
Volumes
Semiparametric Regression for the Applied Econometrician, A. Yatchew, 2003, Themes in Modern Econometrics, Cambridge
University Press. For details, data and code see below. Chinese Energy Economics, Special Issue of The
Energy Journal, Edited by Ying Fan and Adonis Yatchew, 2016. Selected Papers
How
Scalability is Transforming Energy Industries Energy Regulation Quarterly, 2019, 7:2, 35-44. Discerning Trends in Commodity Prices, A. Yatchew and D.
Dimitropoulos, Macroeconomic Dynamics,
2017, Vol.22, Special Issue 3, Dynamics of Oil and
Commodity Prices, 683-701, doi:10.1017/S1365100516000511. Rational
vs. ‘Feel-Good’ Carbon Policy – Transferability, Subsidiarity and Separation,
A. Yatchew, 2016, Energy Regulation Quarterly, 4:3, 31-40. Integration of Renewables into the Ontario Electricity System,
B. Rivard and A. Yatchew, 2016, The
Energy Journal, vol 37, Special Issue 2, pp. 221-242. Is Productivity Growth in Electricity Distribution Negative? An
Empirical Analysis Using Ontario Data, D. Dimitropoulos and A. Yatchew, 2017,
The Energy Journal. Economics
of Energy: Big Ideas for the
Non-Economist, A. Yatchew, 2014 Energy
Research and Social Science, 1(1), 74-82. Support Schemes for Renewable
Energy: An Economic Analysis, R. Green and A. Yatchew 2012, Economics of Energy & Environmental
Policy, 1, 83-98. Ontario Feed-in-Tariff Programs, A. Yatchew and A. Baziliauskas
2011, Energy Policy, 39, 3885-3893. Nonparametric Least Squares Estimation in Derivative Families,
Peter Hall and A. Yatchew 2010, Journal
of Econometrics, 157, 362-374. Nonparametric
Estimation When Data on Derivatives are Available, Peter Hall and A.
Yatchew 2007, Annals of Statistics,
35:1, 300-323. International Welfare Comparisons and Nonparametric Testing of
Multivariate Stochastic Dominance, A. Yatchew and B. McCaig, 2007, Journal of Applied Econometrics, 22:5, 951-969. Nonparametric State Price Density Estimation Using Constrained
Least Squares and the Bootstrap A. Yatchew and W. Haerdle,
2006, Journal of Econometrics, 133:2, 579-599. Unified Approach to Testing Functional Hypotheses In Semiparametric Contexts, with Peter Hall and A.
Yatchew, 2005, Journal of Econometrics, 127, 225-252. Efficient Estimation of Semi-parametric Equivalence Scales With
Evidence From South Africa , A. Yatchew, Y. Sun and C. Deri, Journal of Economic and Business
Statistics, 2003, 21, 247-257, Working
Paper Version. Hydro
One Transmission and Distribution: Should They Remain Combined Or Be
Separated , with Stephen C. Littlechild and A. Yatchew 2002. Household Gasoline Demand in Canada, A. Yatchew and J.A. No,
2001, Econometrica, 69,
1697-1710. Incentive Regulation of Distributing Utilities Using Yardstick Competition, A.
Yatchew, 2001, Electricity Journal, 56-60. Scale Economies in Electricity Distribution: A Semiparametric
Analysis, 2000 A. Yatchew, Journal of Applied Econometrics, 15,
187-210. An Elementary Nonparametric Differencing Test of Equality of
Regression Functions, 1999, A. Yatchew,
Economics Letters, 271-8. Nonparametric Regression Techniques in Economics, 1998, A. Yatchew, Journal
of Economic Literature, 36, 669-721. An Elementary Estimator of the Partial Linear Model, 1997, Economics
Letters, A. Yatchew, 57, 135-43. See also Vol. 59, 1998 403-5. Nonparametric
Least Squares Estimation and Testing of Economic Models A. Yatchew
and L. Bos 1997, Journal of Quantitative Economics, 13, 81-131. Energy and Carbon
Flow Diagrams
An especially useful visual representation of
the supply of, and demand for energy is depicted in Energy Flow diagrams,
(also known as Sankey Diagrams). ‘Pipe’ diameters are intended to be roughly
proportional to energy flows. The boxes on the left margin depict supplies of
energy from various sources such as hydrocarbons (natural gas, coal,
petroleum), renewables (hydraulic, wind, solar, geothermal and biomass) and
nuclear. Next, consider the demand side which is divided into residential,
commercial, industrial and transportation uses (pink boxes). The energy in
each sector either produces ‘energy services’ or is lost in the form of
‘rejected energy’ (gray boxes). The
least efficient sector is transportation where almost 80% of the energy is
‘rejected’. The most efficient is the
industrial sector where only 20% is ‘rejected’. Overall, it might appear that humans are
very inefficient, ‘wasting’ well over half of the energy we produce, but this
is primarily a reflection of the state of technology and the Second Law of
Thermodynamics which we will discuss below. In fact, we have already come a
long way. Fires used to heat and cook
in the pre-industrial era ‘wasted’ 95% or more of the energy embodied in the
wood they burned. Carbon Flow diagrams depict carbon dioxide emissions
resulting from the various types of energy sources. |
Monograph:
Semiparametric
Regression for the Applied Econometrician, A. Yatchew (2003),in Themes in Modern Econometrics,
ed. P.C.B. Phillips, Cambridge
University Cambridge
University Press web at www.cup.org in North America
and www.cambridge.org elsewhere. The paperback
and hardback ISBN numbers are 0-521-01226-0 and 0-521-81283-6 respectively.
There has been an explosion in nonparametric regression techniques in
statistics and econometrics, yet the use of these tools by applied economists
has been much more limited. The motivation and purpose of this book is to
provide an accessible collection of techniques for analyzing nonparametric and
semiparametric models. We focus on nonparametric regression, partial
linear and index models which collectively capture the dominant share in the
applied semiparametric literature.
One of the themes is the idea of
differencing which permits the removal of nonparametric effects from the data
in order to estimate parametric effects. The estimated parametric effects
are in turn removed from the original data and the nonparametric effects are
analyzed. The differencing device allows one to draw not only on the
reservoir of parametric human capital, but also to make use of existing
software.
A variety of testing procedures are
covered including simple goodness of fit tests and residual regression
tests. These procedures can be used to test hypotheses such as parametric
and semiparametric specification, significance, monotonicity and additive
separability. Other topics include endogeneity of parametric and
nonparametric effects, as well as heteroskedasticity and autocorrelation in the
residuals. Bootstrap procedures are provided.
Worked examples include estimation of
Engel curves and equivalence scales, household gasoline consumption, scale
economies, semiparametric Cobb-Douglas, translog and
CES cost functions, hedonic housing prices, option prices and state price
density estimation. The book should be of interest to a broad range
of economists including those working in industrial organization, labor,
development, urban, energy and financial economics.
Programs (most of which are in S-Plus) and data for
all exercises and examples in the book are available below. The data sets and programs are offered in
conjunction with the title and are for private use only. Reposting, republishing or other usage or
circulation is not permitted without the express written consent of the author.
Programs
- Chapter
1 Programs ©
- Chapter
2 Programs ©
- Chapter
3 Programs ©
- Chapter
4 Programs ©
- Chapter
5 Programs ©
- Chapter
6 Programs ©
- Chapter
7 Programs ©
- Chapter
8 Programs ©
·
Data
- Electricity
Distribution Data ©
- South
African Household Expenditure Data©
- Household
Gasoline Consumption Data©
- Housing
Prices ©
- Demand
for Electricity©