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| 1 |
ID:
150382
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| Summary/Abstract |
The deep economic crisis and the sharp rise in electricity prices have reduced electricity demand by Spanish households. This paper aims to analyse the responsiveness of household electricity demand and the welfare effects related to both factors in the 2006–2012 period by applying a demand model estimated with the quantile regression method. The results show that the electricity consumption of medium-high income households is particularly responsive to price increases, whereas that of medium-low income households is more responsive to changes in income. The retail electricity price increases and the economic crisis have led to lower and steeper U-shape price elasticities of demand and higher and steeper N-shape income elasticities of demand. The joint impact of those two factors on the welfare of lower-income households is higher in relative terms (i.e., as a share of household income) than for other income groups. These results suggest that the economic crisis and increases in retail electricity prices have had detrimental welfare effects, especially on the lower-income segment of the population. They should be considered when financing climate and energy policies through the electricity bill and provide a rationale to take such support, which pushes the retail electricity price upwards, out of the electricity bill.
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| 2 |
ID:
126549
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2013.
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| Summary/Abstract |
Using cointegration techniques, we investigate the determinants of gasoline demand in Switzerland over the period 1970-2008. We obtain a very weak price elasticity of -0.09 in the short run and -0.34 in the long run. For fuel demand, i.e. gasoline plus diesel, the corresponding price elasticities are -0.08 and -0.27. Our rich dataset allows working with quarterly data and with more explicative variables than usual in this literature. In addition to the traditional price and income variables, we account for variables like vehicle stocks, fuel prices in neighbouring countries, oil shocks and fuel taxes. All of these additional variables are found to be significant determinants of demand.
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| 3 |
ID:
166465
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| Summary/Abstract |
This paper aims to identify the demand elasticity in energy consumption by Brazilian families. By using an original household-level sample, we are the first to identify the average price and income elasticities for Brazil. We also investigate heterogeneous effects across different quantiles through a Quantile Regression (QR) analysis. Finally, we extend the results of the QR analysis and combine them with aggregated data to assess the effects of two price policies, a cross-subsidy and the recently adopted "tariff flags." The primary data comes from the Household Budget Survey (POF) for two periods, 1998–99 and 2008–13, conducted in the metropolitan area of São Paulo. The price and income elasticities range from −0.46 to −0.56, and from 0.20 to 0.32 respectively. The QR results indicate that households’ behavioral response to a price increase is non-uniform across groups, and that the reaction is stronger for the lower quantiles. Additionally, “tariff flags” lead to a more significant reduction in consumption for the low-income residences, therefore representing a regressive policy. On the other hand, a cross-subsidy that increases the energy price to ordinary residences by 1% could mean a decrease in electricity prices of between 7.5% and 12.4% to low-income families.
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| 4 |
ID:
143530
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| Summary/Abstract |
This study analyzes the household food demand followed by projecting the future level of demand of selected food commodity groups in Pakistan. It uses Pakistan Panel Household Survey (PPHS) for the year 2010, conducted by Pakistan Institute of Development Economics (PIDE). The linear approximation/almost ideal demand system (LA/AIDS) model is used to estimate the demand elasticities, while a simple growth model is used for food demand projections. The empirical results reveal that food grains, pulses, ghee, sugar and vegetables are necessities, while milk and meat are luxuries. Pulses and vegetables, ghee and meat, milk and sugar are identified as gross complements on the basis of uncompensated cross-price elasticities. The uncompensated cross-price elasticities of food grains indicate the substitutive relationship between different food items, such as pulses, meat and vegetables. An increase in the household income will induce a substantial expansion in household demand for milk and meat products, but the consumption of these foods will decline if household size grew, ceteris paribus.
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| 5 |
ID:
150369
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| Summary/Abstract |
EU bioenergy policies and oil price hikes have resulted in a significant increase of installed pellet boilers for residential heating. Hence, European demand for wood pellets has been growing faster and more steadily than supply leading to rising market prices in recent years. This article presents an econometric analysis of demand and supply of wood pellets in the residential heating sector in Austria, one of the most dynamic markets for residential pellets. Annual and monthly time series data between 2000 and 2014 are used in a two-stage least-squares (2SLS) regression to estimate supply and demand elasticities of wood pellets. In all model specifications, pellets demand is found to be inelastic (from −0.66 to −0.76) and pellets supply unit-elastic (from 1.03 to 1.18). Thus, consumers are highly exposed to price changes resulting from supply shocks. Policies which support investments in pellet boilers will shift the demand of wood pellets and likely leading to higher prices for consumers.
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| 6 |
ID:
098701
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2010.
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| Summary/Abstract |
Using data for 1971-2008, we estimate the effects of changes in price and income on world oil demand, disaggregated by product - transport oil, fuel oil (residual and heating oil), and other oil - for six groups of countries. Most of the demand reductions since 1973-74 were due to fuel-switching away from fuel oil, especially in the OECD; in addition, the collapse of the Former Soviet Union (FSU) reduced their oil consumption substantially. Demand for transport and other oil was much less price-responsive, and has grown almost as rapidly as income, especially outside the OECD and FSU. World oil demand has shifted toward products and regions that are faster growing and less price-responsive. In contrast to projections to 2030 of declining per-capita demand for the world as a whole - by the U.S. Department of Energy (DOE), International Energy Agency (IEA) and OPEC - we project modest growth. Our projections for total world demand in 2030 are at least 20% higher than projections by those three institutions, using similar assumptions about income growth and oil prices, because we project rest-of-world growth that is consistent with historical patterns, in contrast to the dramatic slowdowns which they project.
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