Estimation of demand elasticities: A reflection on the issues

Noel D. Uri

Applied Energy, 1981, vol. 9, issue 4, 243-256

Abstract: This paper focuses on the general nature of demand analysis and the notion of demand elasticity as applied to energy. Examples are drawn from the models used by the Office of Applied Analysis of the Energy Information Administration of the US Department of Energy. In the context of the prevailing economic theory, the issue of whether the models approximate closely enough the requisite conditions to give any substance to the belief that the estimated elasticities are true reflections of the magnitude of the response of the quantity of energy demanded by consumers to variations in price is examined. The conclusions are not particularly encouraging!

Date: 1981
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