کد مقاله کد نشریه سال انتشار مقاله انگلیسی نسخه تمام متن
5063580 1476697 2017 9 صفحه PDF دانلود رایگان
عنوان انگلیسی مقاله ISI
A Bayesian sampling approach to measuring the price responsiveness of gasoline demand using a constrained partially linear model
ترجمه فارسی عنوان
یک روش نمونه گیری بیزی برای اندازه گیری پاسخگویی به قیمت بنزین با استفاده از یک مدل خطی محدود
موضوعات مرتبط
مهندسی و علوم پایه مهندسی انرژی انرژی (عمومی)
چکیده انگلیسی


- We present a new approach to estimating partial linear models.
- We apply our new approach to estimate gasoline demand with household data.
- In contrast to well-known previous approaches we find plausible price effects.

Partial linear models provide an intuitively appealing way to examine gasoline demand because one can examine how response to price varies according to the price level and people's income. However, despite their intuitive appeal, partial linear models have tended to produce implausible and/or erratic price effects. Blundell et al. (2012) propose a solution to this problem that involves using Slutsky shape restrictions to improve the precision of the nonparametric estimate of the demand function. They propose estimating a constrained partially linear model through three steps, where the weights are optimized by minimizing an objective function under the Slutsky constraint, bandwidths are selected through least squares cross-validation, and linear coefficients are estimated using profile least squares. A limitation of their three-step estimation method is that bandwidths are selected based on pre-estimated parameters. We improve on the Blundell et al. (2012) solution in that we derive a posterior and develop a posterior simulation algorithm to simultaneously estimate the linear coefficients, bandwidths in the kernel estimator and the weights imposed by the Slutsky condition. With our proposed sampling algorithm, we estimate a constrained partially linear model of household gasoline demand employing household survey data for the United States for 1991 and 2001 and for Canada for 2006-2009 and find plausible price effects.

ناشر
Database: Elsevier - ScienceDirect (ساینس دایرکت)
Journal: Energy Economics - Volume 67, September 2017, Pages 346-354
نویسندگان
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