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To what extent can non-price/income instruments influence the demand for energy?

Olutomi Adeyemi () and David Broadstock ()

No 125, Surrey Energy Economics Centre (SEEC), School of Economics Discussion Papers (SEEDS) from Surrey Energy Economics Centre (SEEC), School of Economics, University of Surrey

Abstract: The demand for energy is not simply a function of price and income, but can be shown also to be a function also of the underlying energy demand trend (UEDT). The UEDT captures behavioural responses to non-fiscal instruments, including technological change, but also encapsulating attitudinal responses/changes in demand that might result for instance from increased public awareness of how environmentally damaging energy use can be, hence reflecting underlying consumer preferences. This study estimates a longitudinal econometric model for the aggregate demand functions of a sample of 17 OECD countries for the period 1960-2005. This approach to modelling will enable UEDT’s to be observed for each of the countries, as well as the normal price and income elasticities. The model results will provide an indication of the extent to which price/income based instruments can be used to reduce the demand for energy, as well as indicating the extent to which consumers have responded to non-price/income instruments.

Keywords: OECD Aggregate energy demand; Asymmetry; Exogenous non-economic factors. (search for similar items in EconPapers)
JEL-codes: C33 Q41 (search for similar items in EconPapers)
Pages: 16 pages
Date: 2009-08
New Economics Papers: this item is included in nep-ene
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Published in OPEC Energy Review, 33(3-4), 2009, pp. 198-204.(Revised Version with different title)

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