Energy economists have long recognized the fact that changes in energy prices can affect the demand for energy in several ways (e.g., see Fisher and Kaysen, 1962; Taylor, 1975). In the short run, energy users can change their utilization of a fixed appliance stock or a fixed set of capital equipment. In the long run, a user may change the makeup of his appliance stock by purchasing appliances he has never owned in the past, allowing certain appliances to retire unreplaced, and replacing worn-out devices with new ones of different operating efficiencies or of different fuel-using types. Recent works by economists have focused upon these various aspects of energy usage. (Prominent studies of short-run effects include Lawrence, 1982; George, 1982; Parti and Parti, 1980; and McFadden, Puig, and Kirshner, 1977.
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