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| 1 |
ID:
149948
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| Summary/Abstract |
The aim of this study is to model crude oil import demand and estimate the price and income elasticities of imported crude oil in Turkey based on a time-varying parameters (TVP) approach with the aim of obtaining accurate and more robust estimates of price and income elasticities. This study employs annual time series data of domestic oil consumption, real GDP, and oil price for the period 1966–2012. The empirical results indicate that both the income and price elasticities are in line with the theoretical expectations. However, the income elasticity is statistically significant while the price elasticity is statistically insignificant. The relatively high value of income elasticity (1.182) from this study suggests that crude oil import in Turkey is more responsive to changes in income level. This result indicates that imported crude oil is a normal good and rising income levels will foster higher consumption of oil based equipments, vehicles and services by economic agents. The estimated income elasticity of 1.182 suggests that imported crude oil consumption grows at a higher rate than income. This in turn reduces oil intensity over time. Therefore, crude oil import during the estimation period is substantially driven by income.
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| 2 |
ID:
132747
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| Publication |
2014.
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| Summary/Abstract |
Using a set of unbalanced panel data for Chinese×s cities during the period of 2006-2009, this study aims to estimate the price and income elasticities of residential demand for natural gas. Natural gas consumption is specified as a function of its own price; substitute prices; urban wages; and other supply, climate, and housing characteristics. Using a feasible generalised least squares (FGLS) technique, which controls for panel heteroskedasticity and panel correlation, we find that natural gas consumption is price elastic and income inelastic when other covariates (e.g., the supply of natural gas pipeline and heating degree days) are controlled. In addition, there are large variations in demand behaviours across China×s regions. There is a substantial income effect on demand for natural gas in southern China, whereas the northern regions are found to have a higher price effect. In addition, the substitution effect between coal and natural gas is significant in North China but is not significant in South China. These findings have several important policy implications for natural gas pricing and supply cost analysis in the context of China.
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