Price elasticity of demand for crude oil: estimates for 23 countries

John C.B. Cooper

OPEC Energy Review, 2003, vol. 27, issue 1, 1-8

Abstract: This paper uses a multiple regression model derived from an adaptation of Nerlove's partial adjustment model to estimate both the short–run and long–run elasticities of demand for crude oil in 23 countries. The estimates so obtained confirm that the demand for crude oil internationally is highly insensitive to changes in price.

Date: 2003
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