estimating residential demand for electricity in greece abstract this paper examines the residential demand for electricity in greece the issues of structural stability price and income sensitivity of both long and short run residential demand for electricity in greece were examined employing monthly data over the period 1986 1999 the long run residential demand for electricity is estimated taking into account changes in weather conditions weighted by the size of the population employing multivariate framework analysis a long run residential demand function for electricity sensitive to real income price level and weather conditions is found to exist and the importance of short run deviations is presented using vector error correction model vecm estimation the empirical evidence suggests the presence of a stable residential demand for electricity in greece both in the long and short run periods and the policy implications of such a relationship are presented

you can t save alone commitment in rotating savings and credit associations in kenya abstract this article examines one reason why individuals develop and maintain local level financial savings organizations known as rotating savings and credit organizations or roscas economic theories suggest that individuals form roscas to finance the purchase of a lumpy durable good in response to intrahousehold conflict over savings or to provide themselves with insurance the article proposes an additional hypothesis for rosca participation saving requires discipline and some roscas may be formed to provide a collective mechanism for commitment in the presence of time inconsistent preferences data from 70 roscas located in western kenya indicate that the commitment hypothesis is plausible and broadly consistent with the design and patterns of participation in these roscas as many rosca participants put it you can t save alone

optimal regulation under fixed rules for income distribution abstract it is by now well known that if arbitrary lump sum transfers are feasible then the optimal regulation of firms involves marginal cost pricing here we consider optimal regulation in an economy in which lump sum taxation is possible but the income distribution is in some sense fixed we show that under certain conditions production efficiency and marginal cost pricing are desirable in general however this need not be the case in an economy with increasing returns it is possible that the second best utility possibility frontier is strictly dominated by the pareto frontier and none of the marginal cost pricing equilibria lie on the second best frontier

forecasting residential electricity consumption in greece using monthly and quarterly data abstract this paper studies electricity consumption household use only in greece we explore the dynamic relationships among several potentially relevant time series variables and develop appropriate models for forecasting it is apparent that personal disposable income temperature and the price of electricity used by the households play an important role in the demand for electricity in this study we use both monthly and quarterly data and find that the performance of quarterly models may not be as good as that of the monthly ones for transfer function model identification we use the linear transfer function ltf method which is more efficient and easier to use than the traditional cross correlation ccf method

an extension of the second welfare theorem to economies with nonconvexities and public goods in this paper we report a generalization of the results of foley and guesnerie on the second welfare theorem to economies with arbitrary nonconvex production sets the nature of marginal cost prices in such economies is clarified through the use of the clarke tangent cones

residential energy demand in oecd countries and the role of irreversible efficiency improvements abstract after undergoing substantial changes during a period of high energy prices household energy demand did not rebound in times of declining energy prices as might have been expected hence other factors such as irreversible improvements in technical efficiency must be understood in order to describe both past and future household energy demand in this paper we consider irreversible efficiency improvements as a major reason for the moderate growth in energy demand after the plummeting of the oil price in 1985 we test different econometric models to take into account efficiency indicators the major conclusions of our investigation are i price elasticities are different for rising and falling prices for the latter they are close to zero implying a low rebound effect in the residential sector ii technical efficiency is an important parameter for describing and forecasting energy demand and iii income elasticities turn out to be higher once we incorporate indicators of technological efficiency in the process of estimating energy demand

short and long run demand for energy in mexico a cointegration approach abstract the objective of this paper is to estimate the demands for the different types of energy consumption for the mexican economy over the period 1965 2001 these demands are modeled as a function of output and the own real price the johansen j econ dynamics control 12 1988 231 procedure and the likelihood ratio tests indicate the existence of long run and stable relationships between each type of energy demand and income with the exception of the industrial sector where the cointegrating vector also includes the relative prices the weak exogeneity tests indicate that energy consumption and income do not reject the null hypothesis of weak exogeneity when relative prices are weak exogenous the final econometric models show that relative prices in the short run are relevant in all cases with the exception of the residential sector these results indicate that in mexico the demand for energy is fundamentally driven by income and that the effect of the relative prices is basically concentrated on the short run with the exception of the industrial sector which also shows a long term price impact the strong dependence of energy consumption with respect to income and the price inelastic response indicates that it is necessary to introduce strong measures to decouple energy consumption from output in order to obtain sustainable economic growth in mexico

industrial energy substitution during the 1980s in the greek economy abstract factor substitution in greek manufacturing during the 1980s is examined using pooled data in static and dynamic translog expenditure share models inputs are capital labor electricity and non electrical energy liquid solid gas own price elasticities for capital and labor are inelastic but for electricity more elastic 0 90 results indicate substitutability among factors in the short run in the long run electricity and capital are complements as are labor and non electrical energy greek manufacturing is predicted to continue decreased consumption of liquid fuels to the year 2000 continuing the electrification begun in the 1970s

the reliability of aggregate energy demand functions an application of statistical specification error tests abstract the paper examines the unbiasedness and efficiency of various energy elasticity estimates by means of statistical specification error tests the model selection procedure is applied to energy consumption data of eight industrialized countries it is found that models which describe dynamic behaviour by including the lagged dependent variable among the regressors are most frequently accepted and that long term income effects are important for all countries strong differences among countries prevail concerning the appropriateness of including a time trend elasticities derived from accepted models differ considerably among countries

short and long run elasticities in energy demand a cointegration approach abstract short and long run energy demand elasticities are estimated on danish annual data for 1948 1990 energy consumption the real price of energy and real gdp appear to be non stationary variables cointegration and error correction methods are therefore applied all estimated parameters have the expected signs and magnitudes and no evidence is found of a structural break in energy demand caused by the increases in real energy prices since 1973 74

ioffe s normal cone and the foundations of welfare economics abstract we announce an example of an economy with an infinite dimensional commodity space for which the extension of the second fundamental theorem of welfare economics is valid if marginal rates of substitution are formalized in terms of either the clarke normal cone or the ioffe normal cone but in which the former is strictly contained in the latter this is in direct contradiction to the finite dimensional situation

a coasean general equilibrium model of regulation abstract although marginal cost pricing is necessary for welfare maximization firms that produce under conditions of decreasing average cost incur losses if they price at marginal cost in this paper the coase two part tariff is extended to several cases of common costs by assessing surplus in order to recover the losses of the regulated natural monopolist the existence of equilibria in these cases is demonstrated three models are considered in the context of an arrow debreu private ownership economy a model of the regulated monopolist who charges hookups to both households and firms who use the good a model of the regulated natural monopolist who is allowed to make positive economic profit and finally a model where two or more monopolists are under the control of a single regulator

the effect of oil price increases on four oil poor developing countries a comparative analysis abstract computable general equilibrium models are used to compare for four oil poor developing countries ivory coast kenya south korea turkey the short and medium run adjustment pressures arising from the second oil price shock the results emphasize the extent of expenditure switching and expenditure and wage reduction needed to accomodate the shock in each country cross country variations in the extent of required adjustment are traced to key structural differences between the four economies

carbon tax scenarios and their effects on the irish energy sector abstract in this paper we use annual time series data from 1960 to 2008 to estimate the long run price and income elasticities underlying energy demand in ireland the irish economy is divided into five sectors residential industrial commercial agricultural and transport and separate energy demand equations are estimated for all sectors energy demand is broken down by fuel type and price and income elasticities are estimated for the primary fuels in the irish fuel mix using the estimated price and income elasticities we forecast irish sectoral energy demand out to 2025 the share of electricity in the irish fuel mix is predicted to grow over time as the share of carbon intensive fuels such as coal oil and peat falls the share of electricity in total energy demand grows most in the industrial and commercial sectors while oil remains an important fuel in the residential and transport sectors having estimated the baseline forecasts two different carbon tax scenarios are imposed and the impact of these scenarios on energy demand carbon dioxide emissions and government revenue is assessed if it is assumed that the level of the carbon tax will track the futures price of carbon under the eu ets the carbon tax will rise from 21 50 per tonne co2 in 2012 the first year forecasted to 41 in 2025 results show that under this scenario total emissions would be reduced by approximately 861 000 tonnes of co2 in 2025 relative to a zero carbon tax scenario and that such a tax would generate 1 1 billion in revenue in the same year we also examine a high tax scenario under which emissions reductions and revenue generated will be greater finally in order to assess the macroeconomic effects of a carbon tax the carbon tax scenarios were run in hermes the esri s medium term macroeconomic model the results from hermes show that a carbon tax of 41 per tonne co2 would lead to a 0 21 contraction in gdp and a 0 08 reduction in employment a higher carbon tax would lead to greater contractions in output

the structure of residential energy demand in greece abstract this paper attempts to shed light on the determinants of residential energy demand in greece and to compare it with some other oecd countries from the estimates of the short run and long run elasticities of energy demand for the period 1965 1999 we find that residential energy demand appears to be price inelastic also we do not find evidence of a structural change probably because of the low efficiency of the energy sector we find however that the magnitude of the income elasticity varies substantially between greece and other oecd countries

stoking the fires co2 emissions and economic growth abstract we examine the relationship between economic development and carbon dioxide emissions a greenhouse gas central to global warming predictions estimates derived from global panel data suggest a diminishing marginal propensity to emit mpe carbon dioxide as gdp per capita rises despite this global carbon dioxide emissions growth will continue at 1 8 percent per annum for the foreseeable future a result that is not sensitive to average output growth instead emissions growth continues because output and population will grow most rapidly in lower income nations with high mpes this latter feature emphasizes the distributional consequences of policies to reduce emissions

modeling industrial energy demand in greece using cointegration techniques abstract this paper attempts to shed light on the determinants of industrial energy demand in greece for this purpose we used cointegration analysis in order to capture short run and long run elasticities for oil and electricity industrial demand respectively the sample spans the period 1970 2004 from the empirical analysis and the johansen s maximum likelihood procedure we found cointegration for oil and electricity demand the results suggest that industrial energy demand is inelastic both in the short and the long run while electricity and oil are substitutes also oil and electricity prices are weakly exogenous both in the short and the long run

a carbon tax to reduce co2 emissions in europe abstract this paper examines the effects of introducing a tax on carbon dioxide emissions produced by combustion processes in oecd european countries a sectoral model of energy consumption is constructed to examine energy saving and inter fuel substitution effects induced by the introduction of various carbon taxes the simulation period is 1989 1994 our results provide a mild support to the environmental role of a carbon tax energy saving or inter fuel substitution processes that result from the introduction of environmental taxation stabilize emissions at the 1988 level only in the electricity generation sector and only if high tax rates are assumed 100 ton c by contrast total emissions all sectors and all fuels keep growing and the implementation of a tax of 100 ton c can only reduce the emission growth rate these results would recommend the introduction of several coordinated environmental instruments the last part of the paper compares results concerning oecd europe with those obtained when examining a single country italy the comparison does not seem to be in favour of a uniform carbon tax it rather indicates that environmental policy should be designed taking into account the specific economic situation and technological choices of each single country country specific coordinated environmental policies are to be recommended where international coordination ought to concern environmental targets rather than instruments

optimal pricing of the portuguese telephone service a first attempt is made at finding the optimal two part tariff for portugese telephone service a theoretical model of consumer demand is presented and the two part tariff which maximizes social welfare is derived the model is then calibrated using portugese data and previous econometric studies the optimal long run two part tariff consists of an access charge that is close to twice the marginal cost of access and a usage charge 25 above the marginal cost of use the level of the optimal two part tariff depends mainly on the marginal cost of taxation and on an index of aversion to inequality the structure of the optimal two part tariff depends mainly on the ratio between the marginal consumer s usage level and the average usage level although the cost estimates are very tentative the results suggest that the 1986 usage charge was greater than optimum no similar conclusion can be drawn with respect to the acces charge

the demand for energy in greece assessing the effects of the community support framework 1994 1999 the paper estimates the demand for energy in greece in the tradable and non tradable sectors and for the three main types of energy namely oil electricity and solid fuel using the estimated demand functions forecasts of the demand for energy until the year 2010 are derived by incorporating the system of demand and energy price equations into a fully fledged annual macroeconometric model the model is subsequently used to forecast the demand for energy and the shares of various forms under alternative assumptions about the effects of the community support framework csf it is found that the demand for energy will be significantly affected by the presence of externalities in the implementation of csf that give rise to positive supply side effects and boost growth in the absence of supply side externalities total energy demand rises by 1 4 above the benchmark non csf scenario with growth inducing externalities total demand will increase at year 2010 by 6 0 above baseline

on the inefficiency of two part tariffs the partial equilibrium literature on two part tariffs suggests that if a commodity is produced under increasing returns efficiency can be achieved through marginal cost pricing and a suitable choice of entry fees fixed charge which may vary from consumer to consumer we show that this partial equilibrium intuition cannot be extended beyond some special cases even with a consumer specific fixed charge it is possible that none of the equilibria yield pareto efficiency furthermore it may be impossible to achieve pareto efficiency through any specification of taxes which are levied solely to cover losses hotelling 1939 and lerner 1944 among others see for example the surveys by ruggles 1949 1950 argued that firms operating under increasing returns to scale should be regulated to equate their marginal cost to the price of the output and the resulting losses financed through lump sum taxes being concerned primarily with efficiency issues the proponents of the marginal cost pricing principle did not advocate any particular distribution of the lump sum taxes among the consumers after the ensuing debate see for example ruggles 1950 there seems to have been a general agreement that marginal cost pricing is necessary for efficiency while admitting this coase 1946 presented an illuminating analysis of the drawbacks of what he called the hotelling lerner solution and also proposed an alternative solution it will be useful to begin by briefly recalling coase s criticism of the hotelling lerner solution apart from the practical problem of collecting lump sum taxes he emphasized two distinct drawbacks of the hotelling lerner scheme he claimed that this solution would not necessarily guarantee efficiency in the sense that it might lead to a marginal cost pricing equilibrium in which a positive amount of the commodity was produced whereas it would be better not to produce the commodity at all this can be restated simply as the argument that in the presence of non convexities marginal conditions need not guarantee global optimality there may be several marginal cost pricing equilibria some efficient and some inefficient as such this phenomenon can hardly be ruled out coase s second objection to the hotelling lerner solution was that it could effectively alter the income distribution if for instance a lump sum tax was imposed on all the consumers but only some of them consumed the commodity produced by the firm operating under increasing returns to scale then there would effectively be a redistribution in favour of those who consumed this subsidized commodity it was natural to keep the issue of efficiency separate from that of equity and coase argued that the hotelling lerner solution

cost share equilibria a lindahlian approach abstract we offer a new formalization of lindahl s equilibrium notion for public goods which yields an endogenous theory of profit distribution in line with the benefit approach to taxation increasing returns in the production of public goods are not a priori excluded our equilibrium notion coincides with kaneko s ratio equilibrium for economies with only one public good by reinterpreting the commodity space the equilibrium concept can be applied to economies with purely private goods or with externalities in the pure private good case our concept singles out allocations that are efficient and where individual net payments agree with average cost

energy consumption and economic growth a causality analysis for greece abstract this paper investigates the causal relationship between aggregated and disaggregated levels of energy consumption and economic growth for greece for the period 1960 2006 through the application of a later development in the methodology of time series proposed by toda and yamamoto 1995 at aggregated levels of energy consumption empirical findings suggest the presence of a uni directional causal relationship running from total energy consumption to real gdp at disaggregated levels empirical evidence suggests that there is a bi directional causal relationship between industrial and residential energy consumption to real gdp but this is not the case for the transport energy consumption with causal relationship being identified in neither direction the importance of these findings lies on their policy implications and their adoption on structural policies affecting energy consumption in greece suggesting that in order to address energy import dependence and environmental concerns without hindering economic growth emphasis should be put on the demand side and energy efficiency improvements

short and long run elasticities in us residential electricity demand a co integration approach abstract co integration techniques show promise in the analysis of short and long run effects of economic variables on energy use we use these techniques to develop an error correction model of annual us residential electricity demand we construct equipment stock indices and estimate the model for 1949 1993 our analysis suggests a structural shift in consumption during the 1960s we discuss reasons for this shift report the short and long run elasticities provide forecasts for 1994 1995 and compare the model s forecasts with other published forecasts

empirical assessment of the determinants of road energy demand in greece this paper attempts to cast light on the determinants of road energy demand in greece for this purpose we used cointegration techniques and vector autoregression var analysis in order to capture short run and long run dynamics for gasoline and diesel demand respectively from the empirical analysis that covers the period 1978 2003 we find that in the long run gasoline energy demand appears to be price and income inelastic while diesel demand appears to be price inelastic and income elastic we also found that the absence of close substitutes in the road sector denotes the low level of energy switching in greece

on marginal cost pricing with given tax subsidy rules we provide an existence proof for generalized marginal cost pricing with given tax subsidy rules the novelty is that our approach allows for economic environments where all the generalized marginal cost pricing equilibria are inefficient in the aggregate an example is recalled in order to suggest how non pathological these environments are

the demand for energy in greek manufacturing abstract this paper considers an econometric approach to measuring substitutability of three types of energy i e crude oil electricity and diesel with capital and labour in the manufacturing sector of greek industry during the period 1970 1990 a general dynamic framework is developed under the assumption that the structure of the production process is weakly separable in capital labour and energy aggregates the translog total cost function is used to represent the production technology the main advantages of the proposed dynamic structure are that it is both disaggregated in energy components and consistent with the neo classical theory of production

the impact of vat introduction on uk residential energy demand an investigation using the cointegration approach abstract over a two year period which started in april 1994 the real price of energy to uk households was expected to rise by 17 5 as a result of value added tax vat introduction the regressive nature of the tax forced the government to limit vat on residential fuel to 8 using a cointegration approach to take account of the non stationarity fuel consumption time series this paper estimates real energy and fuel specific price and income elasticities for the period 1974 1 1994 1 they suggest that natural gas has a positive real energy price elasticity indicating that as real price of energy rises households scrap inefficient heaters and invest in more efficient ones principally natural gas these estimates enable projections to be made of the impact of the introduction of vat and imply a rise in natural gas consumption as a result of the additional vat although at the expense of other less efficient fuels overall residential energy consumption however is unlikely to fall significantly from the tax suggesting that it is an inappropriate way of achieving environmental objectives

is perfect price discrimination really efficient welfare and existence in general equilibrium we examine the welfare properties of surplus maximization by embedding a perfectly discriminating monopoly in an otherwise standard arrow debreu economy although we discover an inefficient equilibrium we validate partial equilibrium intuition by showing i that equilibria are efficient provided that the monopoly goods are costly and ii that a natural monopoly can typically use personalized two part tariffs in these equilibria however we find that pareto optima are sometimes incompatible with surplus maximization even when transfer payments are used we provide insight into the source of this difficulty and give some instructive examples of economies where a second welfare theorem holds

energy demand and environmental taxes the case of greece the purpose of this paper is to analyze the effects that energy taxes may have on reducing environmental pollution in greece we study the demand for residential energy for the period 1965 1998 and on the basis of these estimates we make forecasts for co2 emissions in the coming years furthermore we develop alternative scenarios for tax changes and study their effects on co2 emissions according to our findings the harmonization of the greek energy taxes to the average european union levels implies an increase of total co2 emissions by 6 annually if taxes are raised however to the highest european union levels the co2 emissions are restricted significantly these empirical findings may indicate that environmental taxation cannot be the unique instrument for combating pollution

the home economics of e money velocity cash management and discount rates of m pesa users m pesa a service operated by the mobile phone network safaricom in kenya allows users to deposit money onto their telephone handsets transfer e money to another user with a simple text message and withdraw cash at one of thousands of outlets throughout the country the system is safer cheaper and far faster than the money transfer systems that it replaced although only five years old m pesa has achieved remarkable penetration into the kenyan economy as of september 2011 there were 32 000 m pesa outlets at which individuals could exchange cash for e float or vice versa in a country that as of 2009 had 491 bank branches 500 postbank branches and 352 atms mas and ng weno 2009 in the six month period april september 2011 the volume of transfers was ksh 314 billion compared to nominal gdp of ksh 2 99 trillion that year for the period from which our data are drawn the market exchange rate was approximately 75 ksh dollar and the ppp exchange rate was approximately 35 ksh dollar at present m pesa is primarily a money transfer system however it has the potential to evolve in two exciting directions first as a gateway via which unbanked households can access financial services and second as a transaction medium with e money partially replacing cash 1 even in its current form however m pesa represents a dramatic change in the economic environment of kenyan households further data on how households use m pesa allows for insight into the objectives of and constraints on their money management choices and consumption more generally

energy consumption and economic growth assessing the evidence from greece abstract this paper attempts to shed light into the empirical relationship between energy consumption and economic growth for greece 1960 1996 employing the vector error correction model estimation the vector specification includes energy consumption real gdp and price developments the latter taken to represent a measure of economic efficiency the empirical evidence suggests that there is a long run relationship between the three variables supporting the endogeneity of energy consumption and real output these findings have important policy implications since the adoption of suitable structural policies aiming at improving economic efficiency can induce energy conservation without impeding economic growth

the energy demand elasticity in relation to gross domestic product a relevant indicator abstract the value of the ratio of energy consumption growth to economic growth forms the subject of strenuous debates particularly in france this article attempts to show by taking data over an extended period for the industrialized countries that one should treat with caution the values this indicator can have any resulting energy forecast would be fragile consequently one may say that it is the notion of the elasticity itself which is most often used improperly this indicator is too global and is useful only ex post

two part marginal cost pricing equilibria existence and efficiency two part tariffs are explored in a general equilibrium model with increasing returns to scale two part marginal cost pricing equilibria are not generally paretoefficient the second fundamental theorem of welfare economics may also fail we introduce a notion of consumer surplus as the willingness to pay for access to the increasing returns good the individuals s hookup charge is set to a fixed fraction of his consumer surplus if aggregate consumer surplus exceeds the losses of the regulated monopoly then exact two part marginal cost pricing equilibria exist further for efficient allocations having positive net surplus the second fundamental theorem of welfare economics holds

spousal control and intra household decision making an experimental study in the philippines i elicit causal effects of spousal observability and communication on financial choices of married individuals in the philippines when choices are private men put money into their personal accounts when choices are observable men commit money to consumption for their own benefit when required to communicate men put money into their wives account these strong treatment effects on men but not women appear related more to control than to gender men whose wives control household savings respond more strongly to the treat ment and women whose husbands control savings exhibit the same response changes in information and communication interact with underlying control to produce mutable gender specific outcomes

the electricity consumption and economic growth nexus evidence from greece abstract this paper attempts to cast light into the relationship between electricity consumption and economic growth in greece in a multivariate framework for this purpose we used cointegration techniques and the vector error correction model in order to capture short run and long run dynamics over the sample period 1970 2011 the empirical results reveal that in the long run electricity demand appears to be price inelastic and income elastic while in the short run the relevant elasticities are below unity we also argue that the causal relationship between electricity consumption and economic growth in greece is bi directional our results strengthen the notion that greece is an energy dependent country and well directed energy conservation policies could even boost economic growth furthermore the implementation of renewable energy sources should provide significant benefits ensuring sufficient security of supply in the greek energy system this evidence can provide a new basis for discussion on the appropriate design and implementation of environmental and energy policies for greece and other medium sized economies with similar characteristics

nudging farmers to use fertilizer theory and experimental evidence from kenya we model farmers as facing small fixed costs of purchasing fertil izer and assume some are stochastically present biased and not fully sophisticated about this bias such farmers may procrastinate post poning fertilizer purchases until later periods when they may be too impatient to purchase fertilizer consistent with the model many farmers in western kenya fail to take advantage of apparently profit able fertilizer investments but they do invest in response to small time limited discounts on the cost of acquiring fertilizer free deliv ery just after harvest calibration suggests that this policy can yield higher welfare than either laissez faire policies or heavy subsidies

oil price shocks stock market economic activity and employment in greece abstract using a multivariate vector autoregression var approach this paper attempts to shed light into the dynamic relationship among oil prices real stock prices interest rates real economic activity and employment for greece the empirical evidence suggests that oil price changes affect real economic activity and employment oil prices are important in explaining stock price movements stock returns do not lead to changes in real activity and employment

residential demand for electricity the case of greece this paper examines the determinants of residential electricity consumption in greece over the period 1961 86 the paper presents first a brief description of the evolution of residential electricity consumption then it proceeds in the estimation of elasticities of residential demand for electricity using a single equation model with the ridge regression method the paper concludes that i the residential demand for electricity is price inelastic and income elastic ii there is high substitutability between electricity and lpg iii during the examined period the number of consumers played a very important role in the expansion of electricity consumption in greece and iv there is no regional variation in residential electricity demand

energy price shocks in the 1970s impact on industrialized economies abstract the energy price increases in the 1970s profoundly affected the major macroeconomic variables in the economies of the industrialized world this article measures the magnitude of the effect of the 1973 energy price shock on the economies of the usa canada the uk germany and france a short run model of aggregate supply is developed estimated and tested for overall performance and then calibrated to the experience of the 1973 1979 period a positive feature of the model is that it adopts a generalized multisector framework in which an energy sector is explicitly introduced in construction of the aggregate supply function the model also heeds labour market rigidities according to the model the 1973 leap in energy prices generated a major inflationary impulse in all of the countries studied the effects on labour productivity real wages capital utilization rate and energy consumption were also found to be considerable and to a large degree similar an interesting result concerning labour demand is that higher energy prices led to substitution of labour intensive methods of production for energy intensive ones raising the magnitude of the labour output ratio

tests for structural change in us oil consumption 1967 1982 abstract the purpose of this paper is to test us oil consumption for structural change over the period 1967 1982 a frequently used functional form is posited for total petroleum consumption as well as for gasoline distillate and residual fuel tests for abrupt change chow and gradual or conservation like change durbin brown evans and farley hinnich mcguire are employed at special break points 1973 embargo 1979 iranian crisis 1980 recession to check for abrupt changes and across years in general to detect gradual shifts both abrupt and gradual changes are found although the last five years may be the beginning of a new non changing period

demand elasticities in oecd dynamical aspects abstract four models with different lag structures are used to express final energy demand in oecd from 1960 1982 as a function of real gdp and average energy price the income and long run price elasticities are not significantly dependent on the model specification but the koyck lag scheme estimated in its distributed lag form is found to give the most satisfactory results the statistical properties of the data together with evidence of trends in the elasticities both suggest that the period of falling real prices prior to 1971 is not comparable to the present period for the period after 1971 an income elsticity of 1 02 and a long run price elasticity of 0 37 are obtained

forecasting energy consumption and energy related co2 emissions in greece an evaluation of the consequences of the community support framework ii and natural gas penetration abstract this study seeks to assess the future demand for energy and the trajectory of co2 emissions level in greece taking into account the impact of the community support framework csf ii on the development process and the penetration of natural gas which is one of the major csf ii interventions in the energy system demand equations for each sector of economic activity traded non traded public and agricultural sector and for each type of energy oil electricity and solid fuels are derived the energy system is integrated into a fully developed macroeconometric model so that all interactions between energy prices and production factors are properly taken into account energy co2 forecasts are then derived based on alternative scenarios for the prospects of the greek economy according to the main findings of the paper the growth pattern of forecast total energy consumption closely follows that of forecast output showing no signs of decoupling as regards co2 emissions they are expected to increase with an annual average rate which is higher than world forecasts

energy demand in greece abstract this paper examines the impact of the two energy crises 1973 74 and 1978 79 on energy demand in greece initially some specific characteristics of energy consumption patterns before and after 1973 are presented and compared then demand parameters for hydroelectric energy liquid fuels and solid fuels were estimated using data for the period 1963 1984 and alternative econometric methods ols 2sls fiml to ensure that estimates do not vary across different estimation methods appropriate tests were used to examine whether a structural change in energy demand has occured following either of the two crises the results indicate that while consumption patterns may be different due to price and income changes after the crises the parameters of energy demand in greece have remained unchanged

energy consumption and economic activity in industrialized countries the dynamic aggregate time series relationship abstract most econometric studies suggest that the income elasticity of demand for energy is approximately unity for the developed market economies it is shown that over the period 1950 1978 the long run income elasticity is substantially higher than unity in terms of a ces energy demand function this result reflects the application of a generalized dynamic estimation methodology where serial correlation is regarded as a diagnostic guide to distributed lag fitting price elasticities are also estimated but these are in line with conventional estimates

estimating energy conservation patterns of greek households abstract this paper develops an empirical model to investigate the main determinants of household energy conservation patterns in greece employing cross section data in the empirical analysis household energy conserving choices models are employed using a discrete and a latent trait variable respectively as a dependent variable the results show that socio economic variables such as consumers income and family size are suitable to explain differences towards energy conservation preferences in addition the results suggest that electricity expenditures and age of the respondent are negatively associated with the number of energy conserving actions that a consumer is willing to adopt finally other variables such as environmental information feedback and consciousness of energy problems are characteristics of the energy saver consumer by evaluating consumer s decision making process with regards to energy conservation measures we are able to formulate and propose an effective energy conservation framework for greece an energy policy framework is among the main prerequisites not only to achieve sustainable development but also to maintain consumers quality of life