Substitution and price elasticity estimates using inter-country pooled data in a translog cost model

Pooled data across several developing countries and the U. S. were used to estimate long-run substitution and price elasticities in a translog framework for the paper, iron and steel, and aggregate manufacturing industries. While the quality of the estimates varies across the several industry-specif...

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Published in:Energy economics 2006-11, Vol.28 (5), p.706-719
Main Authors: Roy, Joyashree, Sanstad, Alan H., Sathaye, Jayant A., Khaddaria, Raman
Format: Article
Language:English
Subjects:
Brazil
Costs
Developing countries
Elasticity
Energy economics
Estimates
Fuel and input
Fuels
India
Industry
Integrated Assessment Model
LDCs
Price elasticity
Prices
South Korea
Studies
Translog
U.S.A
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creator Roy, Joyashree
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description Pooled data across several developing countries and the U. S. were used to estimate long-run substitution and price elasticities in a translog framework for the paper, iron and steel, and aggregate manufacturing industries. While the quality of the estimates varies across the several industry-specific models, the results suggest higher values for these elasticities than appear commonly used in integrated assessment models. Estimates of own-price elasticities of energy range from − 0.80 to − 1.76 and are comparable to estimates from previous econometric studies in the context of developed countries (− 0.77 to − 0.87). Substitution elasticities show wider variation across countries and industries. For energy and capital they range from − 1.96 to 9.80, for labor and energy from 2.61 to 7.11, and for energy and material from − 0.26 to 2.07.
doi_str_mv 10.1016/j.eneco.2006.05.008
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source International Bibliography of the Social Sciences (IBSS); Elsevier; PAIS Index
subjects Brazil
Costs
Developing countries
Elasticity
Energy economics
Estimates
Fuel and input
Fuels
India
Industry
Integrated Assessment Model
LDCs
Price elasticity
Prices
South Korea
Studies
Translog
U.S.A
title Substitution and price elasticity estimates using inter-country pooled data in a translog cost model
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