Models of Interfuel Substitution in the UK
Richard Westoby
(Research Assistant, Department of Political Economy, University College, London, UK)
51
Abstract
The pattern of fuel demand in two sectors of the UK economy is modelled by means of translog cost functions. The models specified in this study are designed to capture the effects of changes in relative fuel prices and assess the impact of technical change on the demand for fuels. Estimates of biases of technical change and price elasticities for the demand for fuels are calculated from an econometric study with the models.
Citation
Westoby, R. (1984), "Models of Interfuel Substitution in the UK", Journal of Economic Studies, Vol. 11 No. 1, pp. 27-39. https://doi.org/10.1108/eb002571
Publisher
:MCB UP Ltd
Copyright © 1984, MCB UP Limited