Inter-fuel substitution, technical change and the demand for energy in the UK economy
- 1 June 1991
- journal article
- research article
- Published by Taylor & Francis in Applied Economics
- Vol. 23 (6) , 1077-1086
- https://doi.org/10.1080/00036849100000011
Abstract
A model for energy demand, based on a translog cost function is formulated. Unlike previous studies, technical progress is modelled by means of stochastic, as opposed to deterministic, trend components. The model is estimated using quarterly UK data for four economic sectors, and forecasts of the future level of demand are made.Keywords
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