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Graph Theory Approach to Prices Transmission in the Network of Commonly Used Liquid Fuels

Author

Listed:
  • Karel Janda

    (Institute of Economic Studies, Faculty of Social Sciences, Charles University, Prague, Czech Republic & Department of Banking and Insurance, Faculty of Finance and Accounting, Prague University of Economics and Business, Prague, Czech Republic)

  • Barbora Schererova

    (Faculty of Finance and Accounting, Prague University of Economics and Business, Czech Republic)

  • Jan Sila

    (Institute of Economic Studies, Faculty of Social Sciences, Charles University, Prague, Czech Republic)

  • David Zilberman

    (Department of Agricultural and Resource Economics, Rausser College of Natural Resources, University of California, Berkeley, USA)

Abstract

We analyze the relationships within the liquid fuels system and its associated supply chain using innovative network filtering methods, namely the Minimum Spanning Tree and Triangulated Maximally Filtered Graph. Our findings reveal that biofuels form robust connections with their feedstocks that intensify during periods of economic or legislative uncertainty. Conversely, fossil fuels form detached clusters primarily influenced by global economic conditions. These insights significantly enhance our understanding of the liquid fuels market dynamics and suggest potential avenues for integrating additional liquid fuels into the supply chain network.

Suggested Citation

  • Karel Janda & Barbora Schererova & Jan Sila & David Zilberman, 2023. "Graph Theory Approach to Prices Transmission in the Network of Commonly Used Liquid Fuels," Working Papers IES 2023/22, Charles University Prague, Faculty of Social Sciences, Institute of Economic Studies, revised Jul 2023.
    • Handle: RePEc:fau:wpaper:wp2023_22
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    File URL: https://ies.fsv.cuni.cz/en/research/working-papers/2023-22
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    More about this item

    Keywords

    fossil fuels; biofuels; crude oil; complex network analysis; community detection; triangulated maximally filtered graph; minimum spanning tree; relationship analysis;
    All these keywords.

    JEL classification:

    • C38 - Mathematical and Quantitative Methods - - Multiple or Simultaneous Equation Models; Multiple Variables - - - Classification Methdos; Cluster Analysis; Principal Components; Factor Analysis
    • Q41 - Agricultural and Natural Resource Economics; Environmental and Ecological Economics - - Energy - - - Demand and Supply; Prices
    • Q55 - Agricultural and Natural Resource Economics; Environmental and Ecological Economics - - Environmental Economics - - - Environmental Economics: Technological Innovation

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