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Estimating Short and Long-Run Demand Elasticities: A Primer with Energy-Sector Applications

John T. Cuddington and Leila Dagher

Year: 2015
Volume: Volume 36
Number: Number 1
DOI: 10.5547/01956574.36.1.7
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Abstract:
Many empirical exercises estimating demand functions, whether in energy economics or other fields, are concerned with estimating dynamic effects of price and income changes over time. This paper first reviews a number of commonly used dynamic demand specifications to highlight the implausible a priori restrictions that they place on short and long-run elasticities. Such problems are easily avoided by adopting a general-to-specific modeling methodology. Second, it discusses functional forms and estimation issues for getting point estimates and associated standard errors for both short and long-run elasticities - key information that is missing from many published studies. Third, our proposed approach is illustrated using a dataset on Minnesota residential electricity demand.





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