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Gasoline demand in Greece: the importance of shifts in the underlying energy demand trend

  • David C Broadstock


    (Research Institute of Economics and Management (RIEM), Southwestern University of Finance and Economics, Sichuan, China and Surrey Energy Economics Centre (SEEC), School of Economics, University of Surrey, UK.)

  • Eleni Papathanasopoulou


    (Plymouth Marine Laboratory, Prospect Place The Hoe, Plymouth, PL1 3DH, UK.)

This paper explores the relative importance of factors other than price and income in explaining gasoline demand in Greece between 1978 and 2008. Using a structural time series model (STSM) the long-run elasticities of income and price are 0.45 and -0.32 respectively. Further, it is shown using the estimated underlying energy demand trend (UEDT) that other exogenous factors have been shifting the gasoline demand curve to the right, thus reflecting more energy intensive lifestyles in Greece. Given the results it is contended that the kinds of policies that governments can use to manage gasoline demand and move towards sustainable transportation go beyond the usual price mechanism.

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Paper provided by Surrey Energy Economics Centre (SEEC), School of Economics, University of Surrey in its series Surrey Energy Economics Centre (SEEC), School of Economics Discussion Papers (SEEDS) with number 141.

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Length: 34 pages
Date of creation: Mar 2013
Date of revision:
Publication status: Forthcoming in International Journal of Sustainable Transportation (Revised Version)
Handle: RePEc:sur:seedps:141
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  1. Commandeur, Jacques J.F. & Koopman, Siem Jan, 2007. "An Introduction to State Space Time Series Analysis," OUP Catalogue, Oxford University Press, number 9780199228874, December.
  2. John Dimitropoulos & Lester C Hunt & Guy Judge, 2004. "Estimating Underlying Energy Demand Trends using UK Annual Data," Surrey Energy Economics Centre (SEEC), School of Economics Discussion Papers (SEEDS) 108, Surrey Energy Economics Centre (SEEC), School of Economics, University of Surrey.
  3. Papathanasopoulou, Eleni, 2010. "Household consumption, associated fossil fuel demand and carbon dioxide emissions: The case of Greece between 1990 and 2006," Energy Policy, Elsevier, vol. 38(8), pages 4152-4162, August.
  4. Lester C. Hunt & Guy Judge & Yasushi Ninomiya, 2003. "Modelling underlying energy demand trends," Chapters, in: Energy in a Competitive Market, chapter 9 Edward Elgar Publishing.
  5. Koroneos, C. & Nanaki, E., 2007. "Environmental assessment of the Greek transport sector," Energy Policy, Elsevier, vol. 35(11), pages 5422-5432, November.
  6. Chitnis, Mona & Hunt, Lester C., 2012. "What drives the change in UK household energy expenditure and associated CO2 emissions? Implication and forecast to 2020," Applied Energy, Elsevier, vol. 94(C), pages 202-214.
  7. David C Broadstock & Lester C Hunt, 2009. "Quantifying the Impact of Exogenous Non-Economic Factors on UK Transport Oil Demand," Surrey Energy Economics Centre (SEEC), School of Economics Discussion Papers (SEEDS) 123, Surrey Energy Economics Centre (SEEC), School of Economics, University of Surrey.
  8. Polemis, Michael L., 2006. "Empirical assessment of the determinants of road energy demand in Greece," Energy Economics, Elsevier, vol. 28(3), pages 385-403, May.
  9. Romero-Jordán, Desiderio & del Río, Pablo & Jorge-García, Marta & Burguillo, Mercedes, 2010. "Price and income elasticities of demand for passenger transport fuels in Spain. Implications for public policies," Energy Policy, Elsevier, vol. 38(8), pages 3898-3909, August.
  10. Lester C. Hunt & Yasushi Ninomiya, 2003. "Unravelling Trends and Seasonality: A Structural Time Series Analysis of Transport Oil Demand in the UK and Japan," The Energy Journal, International Association for Energy Economics, vol. 0(Number 3), pages 63-96.
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