Energy Demand with Declining Rate Schedules: An Econometric Model for the U.S. Commercial Sector
AbstractWe specify and estimate a model of the demand for electricity and natural gas in commercial buildings using data from the Commercial Building Energy Consumption Survey. Although not observed, declining rate schedules are approximated by a downward sloping function fitted to billing data for individual survey units. Marginal prices (rates), temperature variables and a large number of building characteristics are incorporated into the model as explanatory variables. Demand and rate schedule equations constitute a simultaneous system, with prices and quantities jointly determined. The effects on price elasticities of using (endogenous)marginal rather than (exogenous) average prices are estimated to be quite large.
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Bibliographic InfoArticle provided by University of Wisconsin Press in its journal Land Economics.
Volume (Year): 79 (2003)
Issue (Month): 1 ()
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Web page: http://le.uwpress.org/
Find related papers by JEL classification:
- Q41 - Agricultural and Natural Resource Economics; Environmental and Ecological Economics - - Energy - - - Demand and Supply; Prices
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- Contreras, Sergio & Smith, Wm. Doyle & Fullerton, Thomas M., Jr., 2010. "U.S. commercial electricity consumption," MPRA Paper 34855, University Library of Munich, Germany, revised 22 May 2011.
- Heshmati, Almas, 2012. "Survey of Models on Demand, Customer Base-Line and Demand Response and Their Relationships in the Power Market," IZA Discussion Papers 6637, Institute for the Study of Labor (IZA).
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