Energy Demand

The threats posed by global warming continue to dominate environmental concerns. Central to this is the part played by greenhouse gas emissions. While various means of curbing these have been considered, most credence is given to some sort of price-based control. Global Warming and Energy Demand brings together a range of current views on this subject. The authors of this book consider the responsiveness of energy markets to economic controls in order to assess the feasibility of reducing the...

Model Misspecification And Alternative Estimates Of Longrun Elasticities

In the discussion above it was assumed that the model was correctly specified, in which case the cross-section if based on relatively long time averages can provide quite reasonable point estimates of the mean of the long-run coefficients, although more efficient estimates might be obtained from a weighted average of the individual time-series estimates what we have called mean group estimates. However, different types of misspecification of the model are likely to have different effects on the...

Concluding Remarks

The main conclusion of this chapter is that the random coefficient argument of Zellner 1969 , which seems to have been widely accepted in the literature, does not extend to dynamic models. Thus aggregating over time or pooling dynamic heterogeneous panels can produce very misleading estimates. The lesson for applied work is that, when large T panels are available, time-series regressions for individual relations should be estimated and the estimates should be averaged over groups and their...

Global warming and energy demand

Edited by Terry Barker, Paul Ekins and Nick Johnstone Foreword by Sir John Houghton Global Environmental Change Programme First published 1995 by Routledge 11 New Fetter Lane, London EC4P 4EE This edition published in the Taylor amp Francis e-Library, 2005. To purchase your own copy of this or any of Taylor amp Francis or Routledge's collection of thousands of eBooks please go to Simultaneously published in the USA and Canada by Routledge 29 West 35th Street, New York, NY 10001 1995 Terry...