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Cointegration and the Demand for Gasoline

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Author Info
B. Bhaskara Rao
Gyaneshwar Rao

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Abstract

Since the early 1970s there has been a worldwide upsurge in the price of energy and in particular of gasoline. Therefore, demand functions for energy and its components like gasoline have received much attention. However, since confidence in the estimated demand functions is important for use in policy and forecasting, following Amarawickrama and Hunt (2008), this paper estimates the demand for gasoline is estimated with 6 alternative time series techniques with data from Fiji. Estimates with these 6 alternative techniques are very close and thus increase our confidence in them. We found that gasoline demand is both price and income inelastic.

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Paper provided by Economics and Econometrics Research Institute (EERI) in its series EERI Research Paper Series with number EERI_RP_2008_13.

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Length: 21 pages
Date of creation: 23 Oct 2008
Date of revision:
Handle: RePEc:eei:rpaper:eeri_rp_2008_13

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Related research
Keywords: Gasoline Demand; Income and price elasticities; Cointegration.;

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Find related papers by JEL classification:
Q40 - Agricultural and Natural Resource Economics; Environmental and Ecological Economics - - Energy - - - General
Q41 - Agricultural and Natural Resource Economics; Environmental and Ecological Economics - - Energy - - - Demand and Supply

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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. Polemis, Michael L., 2006. "Empirical assessment of the determinants of road energy demand in Greece," Energy Economics, Elsevier, vol. 28(3), pages 385-403, May. [Downloadable!] (restricted)
  2. M. Hashem Pesaran & Yongcheol Shin & Richard J. Smith, 2001. "Bounds testing approaches to the analysis of level relationships," Journal of Applied Econometrics, John Wiley & Sons, Ltd., vol. 16(3), pages 289-326. [Downloadable!]
  3. Banerjee, Anindya, et al, 1986. "Exploring Equilibrium Relationships in Econometrics through Static Models: Some Monte Carlo Evidence," Oxford Bulletin of Economics and Statistics, Department of Economics, University of Oxford, vol. 48(3), pages 253-77, August.
  4. Nicol, C. J., 2003. "Elasticities of demand for gasoline in Canada and the United States," Energy Economics, Elsevier, vol. 25(2), pages 201-214, March. [Downloadable!] (restricted)
  5. Wasserfallen, Walter & Guntensperger, Heinz, 1988. "Gasoline consumption and the stock of motor vehicles : An empirical analysis for the Swiss economy," Energy Economics, Elsevier, vol. 10(4), pages 276-282, October. [Downloadable!] (restricted)
  6. Alves, Denisard C. O. & De Losso da Silveira Bueno, Rodrigo, 2003. "Short-run, long-run and cross elasticities of gasoline demand in Brazil," Energy Economics, Elsevier, vol. 25(2), pages 191-199, March. [Downloadable!] (restricted)
  7. Bentzen, Jan, 1994. "An empirical analysis of gasoline demand in Denmark using cointegration techniques," Energy Economics, Elsevier, vol. 16(2), pages 139-143, April. [Downloadable!] (restricted)
  8. James MacKinnon, 1990. "Critical Values for Cointegration Tests," University of California at San Diego, Economics Working Paper Series 90-4, Department of Economics, UC San Diego. [Downloadable!]
  9. Neil R. Ericsson & James G. MacKinnon, 1999. "Distributions of error correction tests for cointegration," International Finance Discussion Papers 655, Board of Governors of the Federal Reserve System (U.S.). [Downloadable!]
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  10. Fouquet, Roger & Pearson, Peter & Hawdon, David & Robinson, Colin & Stevens, Paul, 1997. "The future of UK final user energy demand," Energy Policy, Elsevier, vol. 25(2), pages 231-240, February. [Downloadable!] (restricted)
  11. Himanshu A. Amarawickrama & Lester C. Hunt, 2007. "Electricity Demand for Sri Lanka: A Time Series Analysis," Surrey Energy Economics Centre (SEEC), Department of Economics Discussion Papers (SEEDS) 118, Surrey Energy Economics Centre (SEEC), Department of Economics, University of Surrey. [Downloadable!]
  12. Inder, Brett, 1993. "Estimating long-run relationships in economics : A comparison of different approaches," Journal of Econometrics, Elsevier, vol. 57(1-3), pages 53-68. [Downloadable!] (restricted)
  13. Paul Turner, 2006. "Response surfaces for an F -test for cointegration," Applied Economics Letters, Taylor and Francis Journals, vol. 13(8), pages 479-482, June. [Downloadable!] (restricted)
  14. Akinboade, Oludele A. & Ziramba, Emmanuel & Kumo, Wolassa L., 2008. "The demand for gasoline in South Africa: An empirical analysis using co-integration techniques," Energy Economics, Elsevier, vol. 30(6), pages 3222-3229, November. [Downloadable!] (restricted)
  15. Ramanathan, R., 1999. "Short- and long-run elasticities of gasoline demand in India: An empirical analysis using cointegration techniques," Energy Economics, Elsevier, vol. 21(4), pages 321-330, August. [Downloadable!] (restricted)
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Cited by:
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  1. Rao, B. Bhaskara & Vadlamannati, Krishna Chaitanya, 2009. "Estimates of the level and growth effects of human capital in India," MPRA Paper 17480, University Library of Munich, Germany. [Downloadable!]
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