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Capital-energy substitution and shifts in factor demand: A meta-analysis

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Author Info
Koetse, Mark J.
de Groot, Henri L.F.
Florax, Raymond J.G.M.

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Abstract

This paper presents a meta-analysis of capital-energy substitution elasticities. We distinguish between Morishima elasticities, which measure technological substitution potential, and cross-price elasticities, which measure actual percentage changes in capital demand in response to energy price changes. We estimate a meta-regression model with separate coefficients for the two elasticity samples. The results show that the heterogeneity in both the cross-price and Morishima elasticity samples can to a large extent be explained by study differences in, among others, model specification, data characteristics, region and time period. Controlling for potential sources of misspecification and aggregation bias we subsequently calculate short- and long-run elasticities for different regions and time periods. The resulting elasticities show that technological substitution potential is large, especially in the long run for North America. Despite substantial differences across regions and time periods, the estimated cross-price elasticities suggest capital-energy substitutability without exception.

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Publisher Info
Article provided by Elsevier in its journal Energy Economics.

Volume (Year): 30 (2008)
Issue (Month): 5 (September)
Pages: 2236-2251
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Handle: RePEc:eee:eneeco:v:30:y:2008:i:5:p:2236-2251

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Web page: http://www.elsevier.com/locate/eneco

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References listed on IDEAS
Please report citation or reference errors to , or , if you are the registered author of the cited work, log in to your RePEc Author Service profile, click on "citations" and make appropriate adjustments.:
  1. Abay Mulatu & Raymond J.G.M. Florax & Cees A. Withagen, 2004. "Environmental Regulation and International Trade," Tinbergen Institute Discussion Papers 04-020/3, Tinbergen Institute. [Downloadable!]
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Cited by:
(explanations, Please report citation or reference errors to , or , if you are the registered author of the cited work, log in to your RePEc Author Service profile, click on "citations" and make appropriate adjustments.)

  1. Marin, Giovanni & Mazzanti, Massimiliano, 2009. "The dynamics of delinking in industrial emissions: The role of productivity, trade and R&D," MPRA Paper 17536, University Library of Munich, Germany. [Downloadable!]
  2. Sabirianova Peter, Klara, 2009. "Income Tax Flattening: Does It Help to Reduce the Shadow Economy?," IZA Discussion Papers 4223, Institute for the Study of Labor (IZA). [Downloadable!]
  3. Stern, David I., 2009. "Interfuel Substitution: A Meta-Analysis," MPRA Paper 13734, University Library of Munich, Germany. [Downloadable!]
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  4. Chengjun Lu & Duanming Zhou, 2009. "Industrial energy substitution and a revised Allen elasticity in China," Frontiers of Economics in China, Springer, vol. 4(1), pages 110-124, March. [Downloadable!] (restricted)
  5. Jon Nelson & Peter Kennedy, 2009. "The Use (and Abuse) of Meta-Analysis in Environmental and Natural Resource Economics: An Assessment," Environmental & Resource Economics, European Association of Environmental and Resource Economists, vol. 42(3), pages 345-377, March. [Downloadable!] (restricted)
  6. Suho Bae, 2009. "The responses of manufacturing businesses to geographical differences in electricity prices," The Annals of Regional Science, Springer, vol. 43(2), pages 453-472, June. [Downloadable!] (restricted)
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