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Modelling OECD Industrial Energy Demand: Asymmetric Price Responses and Energy – Saving Technical Change

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Author Info
Olutomi I Adeyemi (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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Abstract

The industrial sector embodies a multifaceted production process consequently modelling the ‘derived demand’ for energy is a complex issue; made all the more difficult by the need to capture the effect of technical progress of the capital stock. This paper is an exercise in econometric modelling of industrial energy demand using panel data for 15 OECD countries over the period 1962 – 2003 exploring the issue of energy-saving technical change and asymmetric price responses. Although difficult to determine precisely, it is tentatively concluded that the preferred specification for OECD industrial energy demand incorporates asymmetric price responses but not exogenous energysaving technical change.

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File URL: http://www.seec.surrey.ac.uk/Research/SEEDS/SEEDS115.pdf
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Publisher Info
Paper provided by Surrey Energy Economics Centre (SEEC), Department of Economics, University of Surrey in its series Surrey Energy Economics Centre (SEEC), Department of Economics Discussion Papers (SEEDS) with number 115.

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Length: 38 pages
Date of creation: Dec 2006
Date of revision:
Publication status: Published in Energy Economics, 29(4), July 2007, pp. 693-709 (Revised Version).
Handle: RePEc:sur:seedps:115

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Related research
Keywords: OECD Industrial energy demand; Asymmetry; Energy-saving technical change; Modelling;

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Find related papers by JEL classification:
C33 - Mathematical and Quantitative Methods - - Multiple or Simultaneous Equation Models; Multiple Variables - - - Models with Panel Data
Q41 - Agricultural and Natural Resource Economics; Environmental and Ecological Economics - - Energy - - - Demand and Supply

Cited by:
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  1. Costantini Valeria & Crespi Francesco, 2009. "Public policies for a sustainable energy sector: regulation, diversity and fostering of innovation," Dipartimento di Economia "S. Cognetti de Martiis" LEI & BRICK - Laboratorio di economia dell'innovazione "Franco Momigliano", Bureau of Research in Innovation, Complexity and Knowledge, Collegio Carlo 200915, University of Turin. [Downloadable!]
  2. Bhattacharyya, Subhes C. & Timilsina, Govinda R., 2009. "Energy demand models for policy formulation : a comparative study of energy demand models," Policy Research Working Paper Series 4866, The World Bank. [Downloadable!]
  3. Massimo Filippini & Lester Hunt, 2009. "Energy demand and energy efficiency in the OECD countries: a stochastic demand frontier approach," CEPE Working paper series 09-68, CEPE Center for Energy Policy and Economics, ETH Zürich. [Downloadable!]
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