Welfare Effects of Gasoline and Gasoil Price Shocks: A Dynamic Panel Data Approach

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VARAHRAMI VIDA; Raiej Majid

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Paper Information

Journal: JOURNAL OF ENERGY PLANNING AND POLICY RESEARCH Year:2018 | Volume:4 | Issue:11 Page(s): 131-168

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Title

Welfare Effects of Gasoline and Gasoil Price Shocks: A Dynamic Panel Data Approach

Author(s)

VARAHRAMI VIDA | Raiej Majid | Issue Writer Certificate

Keywords

Gasoil

Gasoline

Transportation

Price Decomposition

Panel Data

Price Elasticity

Abstract

This paper uses the Mork approach to decompose the price shocks and analyzes the welfare effects of Gasoline and Gasoil price shocks for the period of 2007-2014 in Esfahan, Tehran, Khorasan, Fars, Mazandaran, and Khuzestan provinces using a dynamic Panel Data approach. According to the results Gasoline demand is less responsive than Gasoil demand to price shocks. For these provinces, the long run Price Elasticity of Gasoline demand in the Transportation sector has been found to be more than its short run Price Elasticity. This is not the case as regards Gasoil demand. Price Elasticity of Gasoline is very small both in the long run and short run although it is more than Gasoil Price Elasticity. Using an Almost Ideal Demand system, it is concluded that welfare effects of Gasoil price shocks, as calculated by Equivalent Variation welfare change index (EV), are less than Gasoline price shocks.

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APA: Copy

VARAHRAMI, VIDA, & Raiej, Majid. (2018). Welfare Effects of Gasoline and Gasoil Price Shocks: A Dynamic Panel Data Approach. JOURNAL OF ENERGY PLANNING AND POLICY RESEARCH, 4(11 ), 131-168. SID. https://sid.ir/paper/397178/en

Vancouver: Copy

VARAHRAMI VIDA, Raiej Majid. Welfare Effects of Gasoline and Gasoil Price Shocks: A Dynamic Panel Data Approach. JOURNAL OF ENERGY PLANNING AND POLICY RESEARCH[Internet]. 2018;4(11 ):131-168. Available from: https://sid.ir/paper/397178/en

IEEE: Copy

VIDA VARAHRAMI, and Majid Raiej, “Welfare Effects of Gasoline and Gasoil Price Shocks: A Dynamic Panel Data Approach,” JOURNAL OF ENERGY PLANNING AND POLICY RESEARCH, vol. 4, no. 11 , pp. 131–168, 2018, [Online]. Available: https://sid.ir/paper/397178/en

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