Abstract
In this chapter the third group of the econometric model is estimated, namely the energy demand model accounting for risk. The model is constructed as in the previous models in two forms: The Cobb-Douglas and the Translog function to allow for consistency and comparability. The Just and Pop production risk function is applied. To estimate the energy demand incorporating risk, different input factors of production are included.
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Notes
- 1.
Since the model is non-linear in parameters an iterative procedure is used. Convergence will be obtained after repeated iteration process, which is equivalent of using the maximum likelihood estimation method.
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Appendix A: Summary Data, Parameter Estimates, and Elasticities for the Translog Energy Demand Model II
Appendix A: Summary Data, Parameter Estimates, and Elasticities for the Translog Energy Demand Model II
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Khayyat, N.T. (2015). Energy Demand Model II. In: Energy Demand in Industry. Green Energy and Technology. Springer, Dordrecht. https://doi.org/10.1007/978-94-017-9953-9_9
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