Japan
Model 1	Model 2	Model 3	Model 4
Demand	Supply	Demand	Supply	Demand	Supply	Demand	Supply
ln(Energy Price)	0.096 ***	0.0594 ***	0.0559 **	0.0283	0.2117 ***	0.2484 ***	0.1159 **	0.1792 ***
(0.022)	(0.02)	(0.022)	(0.021)	(0.047)	(0.043)	(0.048)	(0.045)
ln(Energy Price) x Energy Intensity	-0.3175 ***	-0.246 ***	-0.3519 ***	-0.2542 ***
(0.063)	(0.059)	(0.061)	(0.057)
ln(Tariff)	-0.0023	-0.0079	0.0056	-0.0018	0.022	0.0274	0.0169	0.0238
(0.033)	(0.031)	(0.032)	(0.03)	(0.031)	(0.029)	(0.03)	(0.028)
ln(Capital Share)	0.3024 ***	0.3782 ***	0.2834 ***	0.3634 ***	0.3115 ***	0.382 ***	0.2835 ***	0.3618 ***
(0.028)	(0.026)	(0.027)	(0.025)	(0.028)	(0.025)	(0.027)	(0.025)
ln(Labour Reward)	0.0494	-0.0982 *	0.0892	-0.0674	0.0051	-0.1272 **	0.0576	-0.0893
(0.064)	(0.059)	(0.062)	(0.058)	(0.064)	(0.059)	(0.062)	(0.058)
Industry dummy	yes	yes	yes	yes	yes	yes	yes	yes
Year dummy	yes	yes	yes	yes	yes	yes	yes	yes
Number of Observations	407	407	407	407
R-square	0.980	0.989	0.981	0.989	0.980	0.989	0.981	0.990
F-Stat	371	682	389	698	358	667	383	688

Russia
Model 1	Model 2	Model 3	Model 4
Demand	Supply	Demand	Supply	Demand	Supply	Demand	Supply
ln(Energy Price)	0.0342 *	0.0643 ***	0.0392 *	0.081 ***	-0.0503 **	-0.0131	-0.0317	0.0075
(0.019)	(0.016)	(0.021)	(0.017)	(0.025)	(0.021)	(0.026)	(0.021)
ln(Energy Price) x	-0.00002	-0.00006 **	-0.0001	***	-0.0002	***
Energy Intensity	(0.00003)	(0.00003)	(0.00004)	(0.00003)
ln(Tariff)	0.2207 ***	0.2998 ***	0.2218 ***	0.3035 ***	0.2485 ***	0.3235 ***	0.239 ***	0.313 ***
(0.024)	(0.02)	(0.024)	(0.02)	(0.026)	(0.022)	(0.026)	(0.022)
ln(Capital Share)	0.3633 ***	0.3373 ***	0.3633 ***	0.3373 ***	0.4286 ***	0.4038 ***	0.4129 ***	0.3865 ***
(0.028)	(0.023)	(0.029)	(0.023)	(0.03)	(0.025)	(0.03)	(0.025)
ln(Labour Reward)	-0.432 ***	0.0409	-0.4286 ***	0.0521	-0.4212 ***	0.0211	-0.4122 ***	0.031
(0.121)	(0.1)	(0.122)	(0.1)	(0.131)	(0.111)	(0.13)	(0.108)
Industry dummy	yes	yes	yes	yes	yes	yes	yes	yes
Year dummy	yes	yes	yes	yes	yes	yes	yes	yes
Number of Observations	472	472	472	472
R-squaire	0.974	0.987	0.974	0.987	0.970	0.984	0.971	0.985
F-Stat	325	648	318	641	274	525	276	539

United States
Model 1	Model 2	Model 3	Model 4
Demand	Supply	Demand	Supply	Demand	Supply	Demand	Supply
ln(Energy Price)	0.0999 ***	0.1132 ***	0.0224	0.0261	0.0983 ***	0.1092 ***	0.033	0.0341
(0.017)	(0.021)	(0.019)	(0.023)	(0.024)	(0.03)	(0.024)	(0.03)
ln(Energy Price) x Energy Intensity	0.0438 ***	0.0492 ***	0.0445 ***	0.0513 ***
(0.006)	(0.007)	(0.006)	(0.007)
ln(Tariff)	0.3593 ***	0.3203 ***	0.29 ***	0.2424 ***	0.3536 ***	0.3172 ***	0.2709 ***	0.2219 ***
(0.061)	(0.076)	(0.056)	(0.071)	(0.061)	(0.076)	(0.058)	(0.072)
ln(Capital Share)	0.4363 ***	0.5572 ***	0.3774 ***	0.4911 ***	0.4394 ***	0.5589 ***	0.379 ***	0.4894 ***
(0.023)	(0.029)	(0.023)	(0.029)	(0.024)	(0.029)	(0.023)	(0.029)
ln(Labour Reward)	-0.388 ***	-0.5676 ***	-0.3104 ***	-0.4804 ***	-0.3873 ***	-0.5683 ***	-0.3051 ***	-0.4737 ***
(0.064)	(0.08)	(0.06)	(0.076)	(0.065)	(0.08)	(0.061)	(0.076)
Industry dummy	yes	yes	yes	yes	yes	yes	yes	yes
Year dummy	yes	yes	yes	yes	yes	yes	yes	yes
Number of Observations	360	360	360	360
R-square	0.978	0.979	0.981	0.982	0.977	0.979	0.981	0.982
F-Stat	320	339	374	382	307	329	356	371

さらに、エネルギー需要及び供給関数より、次の式で競争阻害効果を推定した

$$ e l_{i t}^{j}=s(\iota_{i t})+\gamma^{\prime}X_{i t}+\alpha_{i}^{(j)}+\alpha_{t}^{(j)}\quad(3) $$

$ el_{it}^{(j)} $ は推定結果からのエネルギー価格の需要・供給の弾力性を表し、 $ X_{it} $ はその他コントロール変数、 $ s(\iota_{it}) $ はエネルギー原単位の関数を表す。

図(3)-5は需要と供給の弾力性の差とエネルギー原単位の散布図を表している。1996年に比べて、2009年にはエネルギー原単位は高くなっている。