NDLI: Modelling Gasoline Demand in the United States : A Flexible Semiparametric Approach

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Modelling Gasoline Demand in the United States : A Flexible Semiparametric Approach

Content Provider	Semantic Scholar
Author	Liu, Weiwei
Copyright Year	2011
Abstract	Using the most recently available data, this paper estimates the price and income elasticities of gasoline demand in the United States from a semiparametric smooth coefficient model. The econometric approach provides more flexibility by allowing functional coefficients to accommodate heterogeneity in gasoline demand. Instrumental variables are used to correct for the potential endogeneity of the price of gasoline that has often been ignored in the literature. A formal model specification test rejects the parametric translog model, and suggests strong evidence of heterogeneous gasoline demand across states and over time. The results illustrate a significant income effect and price effect on gasoline demand elasticities. The dynamics of the gasoline price is the driving force behind the time variation of elasticities, and the demand for gasoline is more sensitive to unpredicted price shocks than gradual fluctuations. State level attributes, such as government expenditure on public transportation, contribute to the cross-state variation in gasoline demand elasticities. JEL Classification: C14, Q41, Q54.
File Format	PDF HTM / HTML
Alternate Webpage(s)	http://faculty.chicagobooth.edu/midwest.econometrics/Papers/MEGWLiu.pdf
Language	English
Access Restriction	Open
Subject Keyword	Coefficient Elasticity (cloud computing) Elasticity (data store) Emission - Male genitalia finding Endogeneity (econometrics) Estimated Gasoline Genetic Heterogeneity Gradual typing Incised wound Mathematical model Parametric model Population Parameter Quantum fluctuation Semiparametric model Shock Specification
Content Type	Text
Resource Type	Article

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