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Energy as a productive input: The underlying technology for Portugal and Spain

  • Vega-Cervera, J.A.
  • Medina, J.
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    In the present work we conceptualize energy as a productive input observing its relationship with capital and labor. A translog cost function is used to study the factor demand in the economies of Portugal and Spain, without a priori fixing any given technological structure. We evaluate the underlying technology in each country. We relate the principal energy variables with the technology, verifying econometrically the basic characteristics of the energy markets. The translog function is also tested for separability of inputs. The results include consistent estimates for the Allen and price elasticities by obtaining confidence intervals for elasticity estimators. We find that there is a diversity of complement–substitute relationships between energy and the other factors.

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    Article provided by Elsevier in its journal Energy.

    Volume (Year): 25 (2000)
    Issue (Month): 8 ()
    Pages: 757-775

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    Handle: RePEc:eee:energy:v:25:y:2000:i:8:p:757-775
    Contact details of provider: Web page: http://www.journals.elsevier.com/energy

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    1. Berndt, Ernst R & Wood, David O, 1975. "Technology, Prices, and the Derived Demand for Energy," The Review of Economics and Statistics, MIT Press, vol. 57(3), pages 259-68, August.
    2. Edward A. Hudson & Dale W. Jorgenson, 1974. "U.S. Energy Policy and Economic Growth, 1975-2000," Bell Journal of Economics, The RAND Corporation, vol. 5(2), pages 461-514, Autumn.
    3. Chang, Kuo-Ping, 1994. "Capital-energy substitution and the multi-level CES production function," Energy Economics, Elsevier, vol. 16(1), pages 22-26, January.
    4. Griffin, James M & Gregory, Paul R, 1976. "An Intercountry Translog Model of Energy Substitution Responses," American Economic Review, American Economic Association, vol. 66(5), pages 845-57, December.
    5. Anderson, Richard G & Thursby, Jerry G, 1986. "Confidence Intervals for Elasticity Estimators in Translog Models," The Review of Economics and Statistics, MIT Press, vol. 68(4), pages 647-56, November.
    6. Berndt, Ernst R & Wood, David O, 1979. "Engineering and Econometric Interpretations of Energy-Capital Complementarity," American Economic Review, American Economic Association, vol. 69(3), pages 342-54, June.
    7. Hanoch, Giora, 1975. "The Elasticity of Scale and the Shape of Average Costs," American Economic Review, American Economic Association, vol. 65(3), pages 492-97, June.
    8. Guilkey, David K & Lovell, C A Knox & Sickles, Robin C, 1983. "A Comparison of the Performance of Three Flexible Functional Forms," International Economic Review, Department of Economics, University of Pennsylvania and Osaka University Institute of Social and Economic Research Association, vol. 24(3), pages 591-616, October.
    9. Mahmood Moghimzadeh & Kern O. Kymn, 1986. "Cost Shares, Own, and Cross-Price Elasticities in U.S. Manufacturing with Disaggregated Energy Inputs," The Energy Journal, International Association for Energy Economics, vol. 0(Number 4), pages 65-80.
    10. Norsworthy, J R & Malmquist, David H, 1983. "Input Measurement and Productivity Growth in Japanese and U.S. Manufacturing," American Economic Review, American Economic Association, vol. 73(5), pages 947-67, December.
    11. Berndt, Ernst R. & Christensen, Laurits R., 1973. "The translog function and the substitution of equipment, structures, and labor in U.S. manufacturing 1929-68," Journal of Econometrics, Elsevier, vol. 1(1), pages 81-113, March.
    12. Christensen, Laurits R & Greene, William H, 1976. "Economies of Scale in U.S. Electric Power Generation," Journal of Political Economy, University of Chicago Press, vol. 84(4), pages 655-76, August.
    13. Pindyck, Robert S, 1979. "Interfuel Substitution and the Industrial Demand for Energy: An International Comparison," The Review of Economics and Statistics, MIT Press, vol. 61(2), pages 169-79, May.
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