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Gasoline demand, pricing policy and social welfare in the Islamic Republic of Iran

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Author Info

  • Majid Ahmadian
  • Mona Chitnis
  • Lester C. Hunt

Abstract

This study estimates the gasoline demand function for the Islamic Republic of Iran, using the structural time series model over the period 1968-2002, and uses it to estimate the change in social welfare for 2003 and 2004, of a higher gasoline price policy. It is found that short- and long-run demand price elasticities are inelastic, although the response is greater in the long run. Hence, social welfare is estimated to fall because of the higher gasoline price (ceteris paribus). However, allowing all variables in the model to change, social welfare is estimated to increase since the changes in the other variables more than compensate for the negative effects of the policy. Copyright 2007 Organization of the Petroleum Exporting Countries.

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Bibliographic Info

Article provided by Organization of the Petroleum Exporting Countries in its journal OPEC Review.

Volume (Year): 31 (2007)
Issue (Month): 2 (06)
Pages: 105-124

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Handle: RePEc:bla:opecrv:v:31:y:2007:i:2:p:105-124

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Web page: http://onlinelibrary.wiley.com/journal/10.1111/%28ISSN%291753-0237

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Cited by:
  1. Adeyemi, Olutomi I. & Broadstock, David C. & Chitnis, Mona & Hunt, Lester C. & Judge, Guy, 2010. "Asymmetric price responses and the underlying energy demand trend: Are they substitutes or complements? Evidence from modelling OECD aggregate energy demand," Energy Economics, Elsevier, vol. 32(5), pages 1157-1164, September.
  2. Sa'ad, Suleiman, 2009. "An empirical analysis of petroleum demand for Indonesia: An application of the cointegration approach," Energy Policy, Elsevier, vol. 37(11), pages 4391-4396, November.
  3. Gately, Dermot & Al-Yousef, Nourah & Al-Sheikh, Hamad M.H., 2013. "The rapid growth of OPEC′s domestic oil consumption," Energy Policy, Elsevier, vol. 62(C), pages 844-859.

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