The Use and Misuse of Average and Marginal Energy Prices: Implications for Climate Policy

We thank Brian Copeland, Lucas Davis, Tatyana Deryugina, Jenya Kahn-Lang, Matthew Kotchen, Severin Borenstein, Stephanie Weber, Catherine Wolfram, and participants at the UC Berkeley Energy Camp for helpful discussions, Andrew Tang and Benji Reade Malagueno for excellent research assistance, and the Sloan Foundation through the Environmental and Energy Policy and the Economy series, the Cowles Foundation, the Yale Economic Growth Center, and the Stanford Institute for Economic Policy Research for funding. Any views expressed are those of the authors and not those of the U.S. Census Bureau, the Consumer Financial Protection Bureau, or the United States. The Census Bureau’s Disclosure Review Board and Disclosure Avoidance Officers have reviewed this information product for unauthorized disclosure of confidential information and have approved the disclosure avoidance practices applied to this release. This research was performed at a Federal Statistical Research Data Center under FSRDC Project Number 2309. (CBDRB-FY21-P2309-R8908) The views expressed herein are those of the authors and do not necessarily reflect the views of the National Bureau of Economic Research.