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To what extent can non-price/income instruments influence the demand for energy?

Author

Listed:
  • Olutomi I Adeyemi

    (Surrey Energy Economics Centre (SEEC), Department of Economics, University of Surrey)

  • David C Broadstock

    () (Surrey Energy Economics Centre (SEEC), Department of Economics, University of Surrey)

Abstract

The demand for energy is not simply a function of price and income, but can be shown also to be a function also of the underlying energy demand trend (UEDT). The UEDT captures behavioural responses to non-fiscal instruments, including technological change, but also encapsulating attitudinal responses/changes in demand that might result for instance from increased public awareness of how environmentally damaging energy use can be, hence reflecting underlying consumer preferences. This study estimates a longitudinal econometric model for the aggregate demand functions of a sample of 17 OECD countries for the period 1960-2005. This approach to modelling will enable UEDT’s to be observed for each of the countries, as well as the normal price and income elasticities. The model results will provide an indication of the extent to which price/income based instruments can be used to reduce the demand for energy, as well as indicating the extent to which consumers have responded to non-price/income instruments.

Suggested Citation

  • Olutomi I Adeyemi & David C Broadstock, 2009. "To what extent can non-price/income instruments influence the demand for energy?," Surrey Energy Economics Centre (SEEC), School of Economics Discussion Papers (SEEDS) 125, Surrey Energy Economics Centre (SEEC), School of Economics, University of Surrey.
  • Handle: RePEc:sur:seedps:125
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    Keywords

    OECD Aggregate energy demand; Asymmetry; Exogenous non-economic factors.;

    JEL classification:

    • C33 - Mathematical and Quantitative Methods - - Multiple or Simultaneous Equation Models; Multiple Variables - - - Models with Panel Data; Spatio-temporal Models
    • Q41 - Agricultural and Natural Resource Economics; Environmental and Ecological Economics - - Energy - - - Demand and Supply; Prices

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