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Frontiers in Energy Efficiency Economics and Modelling – FE3M

Research at Prague University of Economics and Business

This project aims at pushing the frontiers of research on energy economics and modelling, specially from the point of view of financial features of the decisions by consumers, firms and government instituions. It examines the causes of the energy efficiency gap, focusing on adoption and substitution of energy durables by households, and it also investigates to what extent consumers are willing to provide some flexibility to the energy system through demand response. The project uses both revealed and stated preferences, investigating their validity where appropriate. Standard bottom-up and top-down modelling tools are enriched to better represent household behaviour and to investigate financial implications of the decisions by the agents in the whole energy efficiency system. The project focuses on the uptake and use of energy efficient technologies, the welfare effects associated with environmental burden and the health externalities that energy production and energy use cause.The project uses both standard and advanced econometric techniques and it develops several hybrid models utilizing Agent Based Modelling, Energy System Optimisation, Computable General Equilibrium, Environmentally-Extended Multi-Regional Input-Output, and Impact Pathway Analysis, integrated in a comprehensive modelling tool.


  • prof. Anna Alberini – Charles University, main investigator
  • prof. Karel Janda – Department of Banking and Insurance, Faculty of Finance and Accounting, Prague University of Economics and Business, co-investigator

Team leader & members

  • prof. Karel Janda
  • Dr. Peter Molnar

Selected publications

  • Do, L. P. C., Lyócsa, Š., and Molnár, P. (2019). Impact of wind and solar production on electricity prices: Quantile regression approach. Journal of the Operational Research Society, 70(10), pp. 1752-1768.
  • Haugom, E., Molnár, P., and Tysdahl, M. (2020).  Determinants of the Forward Premium in the Nord Pool Electricity Market. Energies 13(5).
  • Janda, K. and Kristoufek, L. (2019). The Relationship between Fuel and Food Prices: Methods and Outcomes. Annual Review of Resource Economics 2019, vol. 11, pp. 195-216.
  • Janda, K. and Kourilek, J. (2020).Residual Shape Risk on Natural Gas Market with Mixed Jump Diffusion Price Dynamics. Energy Economics, vol. 85.


Prague University of Economics and Business (VŠE)
Faculty of Finance and Accounting
Department of Banking and Insurance
Prof. Karel Janda
email: karel.janda@vse.cz

More information


We are interested in motivated post graduate students interested in energy related financial economics.

Vysoká škola ekonomická v Praze