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An investigation of the impacts of economic conditions on vehicle miles traveled: a vector error-correction approach

Nikhil Sikka and Jielin Sun

No 207734, 50th Annual Transportation Research Forum, Portland, Oregon, March 16-18, 2009 from Transportation Research Forum

Abstract: In this paper, we estimate the long-run gasoline price and income elasticity of VMT for the period 2000-2008. Most of the previous studies use the very common classes of time series methods that are the autoregressive integrated moving average (ARIMA) models. We advance the analytical framework to include a vector error-correction (VEC) regression technique that overcomes several limitations of ARIMA models. We find that long-run gasoline price elasticity to VMT ranges from -0.31 to -0.88, and income elasticity ranges from 0.18 to 0.49.

Keywords: Demand and Price Analysis; Productivity Analysis; Public Economics (search for similar items in EconPapers)
Date: 2009-03
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Persistent link: https://EconPapers.repec.org/RePEc:ags:ndtr09:207734

DOI: 10.22004/ag.econ.207734

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