The demand for energy in the UK. A general equilibrium analysis

Michael Beenstock; Alan Dalziel

doi:10.1016/0140-9883(86)90033-2

The demand for energy in the UK. A general equilibrium analysis

Michael Beenstock^*
, Alan Dalziel

^*Corresponding author for this work

Research output: Contribution to journal › Article › peer-review

31 Scopus citations

Abstract

Previous research into the demand for energy has treated economic activity as an explanatory variable. However, economic theory suggests that economic activity is not independent of energy prices and energy demand. We explore the two-way causality between energy demand and economic activity in the context of a macroeconometric model of the UK economy. Inter alia this study suggests that the demand for energy is more price elastic in general equilibrium than it is under the more conventional assumptions of partial equilibrium.

Original language	English
Pages (from-to)	90-98
Number of pages	9
Journal	Energy Economics
Volume	8
Issue number	2
DOIs	https://doi.org/10.1016/0140-9883(86)90033-2
State	Published - Apr 1986
Externally published	Yes

Keywords

Energy demand
General equilibrium
Macroeconometric model

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10.1016/0140-9883(86)90033-2

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abstract = "Previous research into the demand for energy has treated economic activity as an explanatory variable. However, economic theory suggests that economic activity is not independent of energy prices and energy demand. We explore the two-way causality between energy demand and economic activity in the context of a macroeconometric model of the UK economy. Inter alia this study suggests that the demand for energy is more price elastic in general equilibrium than it is under the more conventional assumptions of partial equilibrium.",

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AB - Previous research into the demand for energy has treated economic activity as an explanatory variable. However, economic theory suggests that economic activity is not independent of energy prices and energy demand. We explore the two-way causality between energy demand and economic activity in the context of a macroeconometric model of the UK economy. Inter alia this study suggests that the demand for energy is more price elastic in general equilibrium than it is under the more conventional assumptions of partial equilibrium.

KW - Energy demand

KW - General equilibrium

KW - Macroeconometric model

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The demand for energy in the UK. A general equilibrium analysis

Abstract

Keywords

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