Price Asymmetry In Energy Demand Models: A Proxy for Energy-Saving Technical Change?
Price Asymmetry In Energy Demand Models: A Proxy for Energy-Saving Technical Change?
复制标题
DOI：
10.5547/issn0195-6574-ej-vol26-no2-1
复制
发表时间：
2005-05
期刊：
影响因子：
--
通讯作者：
J. M. Griffin;Craig T. Schulman
中科院分区：
文献类型：
--
作者：
J. M. Griffin;Craig T. Schulman
人们普遍认为能源和石油需求对价格上涨和下跌的反应不对称。不幸的是，盖特利和其他人使用的不对称价格模型有一个意想不到的副产品，即纯粹响应价格波动而在需求函数中产生截距变化。因此，实际上节能技术的变革归咎于价格的不对称。两者在观察上变得等效。此外，非对称价格模型具有依赖于数据周期起点的特性，因此参数估计在不同样本周期内并不稳健。我们利用经合组织国家的石油和能源需求小组经验证明，在固定效应模型中明确控制节能技术变革后，对称价格反应不能被拒绝。
It has become fashionable to believe that energy and oil demand respond asymmetrically to price increases and decreases. Unfortunately, the asymmetric price model utilized by Gately and others has the unintended by-product of producing intercept shifts in the demand function purely in response to price volatility. Thus what is in fact energy saving technical change is attributed to price asymmetry. The two become observationally equivalent. Furthermore, the asymmetric price model has the peculiarity of being dependent on the starting point of the data period so that parameter estimates are not robust across different sample periods. We demonstrate empirically using a panel of OECD countries for oil and energy demand that symmetric price responses cannot be rejected after explicitly controlling for energy saving technical change within a fixed effects model.