Should single-equation dynamic gasoline demand models include moving average terms?

被引：2
|
作者：
Breunig, Robert V. [1 ]
机构：
[1] Australian Natl Univ, Res Sch Econ, Canberra, ACT 0200, Australia
来源：
TRANSPORTATION RESEARCH PART D-TRANSPORT AND ENVIRONMENT | 2011年 / 16卷 / 06期
关键词：
Single-equation demand analysis; Habit formation; Gasoline demand elasticity; ELASTICITIES; METAANALYSIS;
D O I：
10.1016/j.trd.2011.04.006
中图分类号：
X [环境科学、安全科学];
学科分类号：
08 ; 0830 ;
摘要：
We argue that single-equation dynamic demand models applied to estimating gasoline demand should capture the slow evolution of unobservable habits that in part determine vehicle and gasoline usage. Inclusion of unobservable habits implies that single-equation models should include moving-average terms. Ordinary least squares estimation is thus inappropriate. Using examples from Australia and the US, it is shown that estimates of long-run price and income elasticities become much less precise. (C) 2011 Elsevier Ltd. All rights reserved.
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页码：474 / 477
页数：4
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