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Petroleum Product Pricing in the Philippines

Armando Pestano

Year: 1988
Volume: Volume_9
Number: Special Issue 1
DOI: 10.5547/ISSN0195-6574-EJ-Vol9-NoSI1-1
No Abstract



Petroleum Product Pricing in Thailand

Piyasvasti Amranand, Tienchai Chongpeerapien

Year: 1988
Volume: Volume_9
Number: Special Issue 1
DOI: 10.5547/ISSN0195-6574-EJ-Vol9-NoSI1-2
No Abstract



Oil Products in Latin America: The Politics of Energy Pricing

Thomas Sterner

Year: 1989
Volume: Volume 10
Number: Number 2
DOI: 10.5547/ISSN0195-6574-EJ-Vol10-No2-4
View Abstract

Abstract:
This paper looks at the pricing of petroleum products in Latin America and compares the policies adopted in countries with different endowments and with different traditions as to state involvement in the oil industry. I find that, in contrast to the OECD countries, product prices are used extensively as instruments of policy and that in general the more oil a country has the lower are its domestic prices. They also tend to be lower in the presence of state monopolies.



CAFE OR PRICE?: An Analysis of the Effects of Federal Fuel Economy Regulations and Gasoline Price on New Car MPG, 1978-89

David L. Greene

Year: 1990
Volume: Volume 11
Number: Number 3
DOI: 10.5547/ISSN0195-6574-EJ-Vol11-No3-2
View Abstract

Abstract:
Following a tripling of world oil prices in 1973-74, the U.S. Congress passed the Energy Policy and Conservation Act of 1975 establishing mandatory fuel economy standards for automobiles and light trucks. Beginning at 18 MPG in 1978, the passenger car standards increased to 27.5 MPG by 1985. There has been considerable debate about the influence of the standards, as opposed to the gasoline price increases in 1973-74 and 1979-80, on new car fuel economy.



Gasoline Tax as a Corrective Tax: Estimates for the United States, 1970-1991

Jonathan Haughton and Soumodip Sarkar

Year: 1996
Volume: Volume17
Number: Number 2
DOI: 10.5547/ISSN0195-6574-EJ-Vol17-No2-6
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Abstract:
Gasoline consumption creates externalities, through pollution, road congestion, accidents, and import dependence. Mat effect would a higher gasoline tax have on the related magnitudes: gasoline consumption, miles driven, and road fatalities? In this paper, separate models are estimated for gasoline use per mile, miles driven per driver, and fatalities per mile driven. We use data from 50 U.S. states and DC for 1970 through 1991, with a variety of stochastic specifications. The own-price elasticity of demand for gasoline is derived from projections with, and without, a higher gasoline tax, and is found to be between -0.12 and -0.17 in the short-run, and between -0.23 and -0.35 in the long-run. A tax of $1 per gallon would cut use by 15-20%, miles driven by 11-12%, and fatalities by 16 18% over 10 years, while raising almost $100 billion in revenue annually.



Explaining the Variation in Elasticity Estimates of Gasoline Demand in the United States: A Meta-Analysis

Molly Espey

Year: 1996
Volume: Volume17
Number: Number 3
DOI: 10.5547/ISSN0195-6574-EJ-Vol17-No3-4
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Abstract:
Meta-analysis is used to determine if there are factors that systematically affect price and income elasticity estimates in studies of gasoline demand in the United States. Elasticity estimates from previous studies are used as the dependent variable with data characteristics, model structure, and estimation technique as the independent variables. Included among the explanatory variables a rejunctional form, lag structure, time span, and national setting (U.S. versus the U.S. pooled with other countries). Inclusion of vehicle ownership in gasoline demand studies is found to result in lower estimates of income elasticity, data sets which pool U.S. and foreign data result in larger (absolute) estimates of both price and income elasticity, and the small difference between static and dynamic models suggests that lagged responses to price or income changes are relatively short. This study also found that elasticity estimates appear relatively robust across estimation techniques.



Impact of Pay-at-the-Pump on Safety Through Enhanced Vehicle Fuel Efficiency

J. Daniel Khazzoom

Year: 1997
Volume: Volume18
Number: Number 3
DOI: 10.5547/ISSN0195-6574-EJ-Vol18-No3-5
View Abstract

Abstract:
Pay-at-the-Pump (PATP) is a proposal for replacing the lump-sum payment of auto insurance by a system of surcharge on gasoline price. This study examines the main argument made against PATP-namely, that by stimulating the demand for fuel-efficient vehicles, PATP results in a drastic deterioration in highway safety. The study finds the evidence does not support this argument. Moreover, if as critics argue, PATP does indeed result in a substantially accelerated replacement of older vehicles with more fuel-efficient ones, the introduction of PATP may be expected to result in a substantially safer fleet of vehicles, as well.



The Political Economy of Motor-Fuel Taxation

Rajeev K. Goel and Michael A. Nelson

Year: 1999
Volume: Volume20
Number: Number 1
DOI: 10.5547/ISSN0195-6574-EJ-Vol20-No1-3
View Abstract

Abstract:
This paper examines the political and economic underpinnings of gasoline tax policy. The theoretical model extends the earlier work of Hettich and Winer (1988) to flush out the effect of a change in the pre-tax price of a taxable activity on the politically optimal tax rate. Using a large cross-sectional sample of U.S. states over 1960-94, the empirical model tests the predictions of the theoretical model within the context of the state tax policy on gasoline. While simultaneously controlling for other politico-economic influences, we find that the influence of changes in gas prices on tax rates is negative. To our knowledge, this is the first study to include a fully developed theoretical model and its empirical application to the gasoline market for a test of the votemaximizing model of tax policy.



The Spanish Gasoline Market: From Ceiling Regulation to Open Market Pricing

Ignacio Contin, Aad Correlje and Emilio Huerta

Year: 1999
Volume: Volume20
Number: Number 4
DOI: 10.5547/ISSN0195-6574-EJ-Vol20-No4-1
View Abstract

Abstract:
This paper examines the evolution of the Spanish gasoline market from the abolition of the state oil monopoly (January 1993) to "complete" liberalisation (October 1998). With the restructuring of the Spanish oil sector during the 1980s and early 1990s, a highly concentrated oligopoly emerged in the automotive fuels market. A system of price ceilings replaced the state administered prices in July 1990. Since then, new domestic and foreign operators have entered the market, particularly along the coast, near import terminals. Prices went up and then declined. These developments can be explained by an interplay of factors such as: the gradual decline in co-operation among the Spanish firms; the loss of market share of the largest of these, Repsol; the entry of independent operators and supermarkets; and the impact of the ceiling price system. By mid-1998 this system was abolished as the government considered it an "impediment" to further market liberalisation. However, some crucial barriers to the entry of new suppliers remain.



Explaining Cointegration Analysis: Part 1

David F. Hendry and Katarina Juselius

Year: 2000
Volume: Volume21
Number: Number 1
DOI: 10.5547/ISSN0195-6574-EJ-Vol21-No1-1
View Abstract

Abstract:
'Classical' econometric theory assumes that observed data come from a stationary process, where means and variances are constant over time. Graphs of economic time series, and the historical record of economic forecasting, reveal the invalidity of such an assumption. Consequently, we discuss the importance of stationarity for empirical modeling and inference; describe the effects of incorrectly assuming stationarity; explain the basic concepts of non-stationarity; note some sources of non-stationarity; formulate a class of non-stationary processes (autoregressions with unit roots) that seem empirically relevant for analyzing economic time series; and show when an analysis can be transformed by means of differencing and cointegrating combinations so stationarity becomes a reasonable assumption. We then describe how to test for unit roots and cointegration. Monte Carlo simulations and empirical examples illustrate the analysis.




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