A Dynamic Analysis of Interfuel Substitution in U.S. Industrial Energy Demand
Using data for 1960-92 to analyze interfuel substitution in the U.S. industrial sector, a dynamic linear logit model is shown to provide superior global properties than a comparable dynamic translog model, confirming earlier static results by T. J. Considine (1989). The linear logit model provides a direct, unbiased estimate of the rate of dynamic adjustment, indicating a median response lag of less than two years. Excluding fuels used for nonenergy purposes yields larger estimates of the price elasticities for coal and oil, and indicates generally greater potential for interfuel substitution than when using aggregate data.
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Volume (Year): 13 (1995)
Issue (Month): 4 (October)
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