Arqam Al-Rabbaie (Surrey Energy Economics Centre (SEEC), Department of Economics, University of Surrey) Lester C. Hunt () (Surrey Energy Economics Centre (SEEC), Department of Economics, University of Surrey)
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Aggregate energy demand functions for 17 OECD countries are estimated with data for 1960-2003 using the Structural Time Series Model (STSM) thus allowing for a stochastic Underlying Energy Demand Trend (UEDT). It is found that the estimated long-run income and price elasticities range from 0.5 to 1.5 and -0.1 to -0.4 respectively. Furthermore the stochastic form for the UEDT is preferred for all countries suggesting a wide variation in the exogenous effects of energy saving technical progress in addition to other pertinent exogenous factors such as economic structure, consumer preferences, and socio-economic influences.
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Find related papers by JEL classification: O57 - Economic Development, Technological Change, and Growth - - Economywide Country Studies - - - Comparative Studies of Countries Q41 - Agricultural and Natural Resource Economics; Environmental and Ecological Economics - - Energy - - - Demand and Supply
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