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| Author: | Ibrahim, I. B. Hurst, C. |
| Title: | Estimating energy and oil demand functions: a study of thirteen developing countries. |
| Journal: | Energy Economics
1990 : APR, VOL. 12:2, p. 93-102 |
| Index terms: | ENERGY OIL INDUSTRY DEMAND FUNCTIONS DEVELOPING COUNTRIES |
| Language: | eng |
| Abstract: | The energy demand of developing countries is examined. Aggregate energy and oil demand equations are estimated with a variety of formulations. The resulting energy consumption functions are good, showing a strong link between income and aggregate energy demand. Conversely, the price elasticity of energy demand is low both in the short run and in the long run and most long-run changes in demand take place rapidly. The markets that determine oil consumption behaviour are more complex. Oil products can be rationed, or domestic energy production can affect oil demand. Nonetheless, the income elasticity remains close to one in most countries, and is well above one for some. |
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