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Energy Systems and Technologies for the Coming Century ...

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Table 1A.Estimates <strong>for</strong> long-term over-all energy consumption (with <strong>and</strong> without fuel intensity)<strong>and</strong> service dem<strong>and</strong> <strong>for</strong> period 1980-2007 (t-statistics in paren<strong>the</strong>ses)C (interceptlong-term)α (long-termprice elasticity)β (long-termincome elasticity)Model 1 Model 2 Model 32.95(11.75)-0.44(-11.89)0.63(22.7)γ (long-term fuelintensity elasticity) -0.89(0.43)-0.43(-15.7)0.78(5.31)0.33(0.95)C (interceptlong-term)α (long-termservice price elast.)β (long-termincome elasticity)6.71(13.3)-0.42(-8.41)0.97(21.1)Table 1B.Estimates of ECM <strong>for</strong> over-all energy consumption energy consumption (with <strong>and</strong>without fuel intensity) <strong>and</strong> service dem<strong>and</strong> <strong>for</strong> period 1980-2007 (t-statistics inparen<strong>the</strong>ses)Model 1 Model 2 Model 3-ARDL* order(1,0,0) (1,0,0,1)ARDL order(1,0,0)C (interceptshort-term)0.96(11.45)3.33(0.44)C (interceptshort-term)2.59(8.61)A (short-termprice elasticity)-0.15(-9.91)-0.16(-12.0)A (short-termservice price elast.)-0.16(-7.92)B (short-termincome elasticity)0.21(6.27)0.29(4.12)B (short-termincome elasticity)0.37(5.08)Г (short-term fuelintensity elasticity) -0.48(3.38)-ECM*(-1) -0.32(-7.99)_R 2RESS-0.37(-9.83)0.85 0.900.000801 0.000506ECM(-1) -0.38(-6.26)_R 20.75RESS0.00187F-Stat 50.0 57.1 F-Stat 27.65AIC*98.4 102.6AIC86.9SBC* 95.8 108.6 SBC 84.3DW* 1.93 1.80 DW 1.96*ARDL (AutoRegressive Distributed Lag); AIC (Akaike In<strong>for</strong>mation Criteria); ECM (Error-Correction-Model); DW(Durbin-Watson statistic)The most important finding of this analysis is that long-term as well as short term priceelasticities are virtually <strong>the</strong> same <strong>for</strong> energy <strong>and</strong> service dem<strong>and</strong>. Moreover, <strong>the</strong>Risø International <strong>Energy</strong> Conference 2011 Proceedings Page 315

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