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Information Journal Paper

Title

ANALYSIS OF ENERGY DEMAND, INCOME AND PRICE ELASTICITY USING THE IWEM

Pages

  6-32

Abstract

 The trends and developments of energy consumption and planning for energy supply is an inevitable issue for every country. In economics, energy consumption like others variables such as labor and capital, has an important role in production. This clearly justifies its importance in economy and economic activities. Therefore, every country tries to define a security level for energy. This is an important reason why countries apply many methods for calculating and estimating size of energy resources and prices, as well as the supply and demand models of energy. There are several institutions devising models for estimating and forecasting energy. The EIA and IEA, from the costumer side, and OPEC, from the supplier side, are the organizations that have developed world-scale energy models to estimate and forecast trends of energy markets in the different world regions. They also publish reports on a monthly, quarterly and annually basis. The IIES World Energy Model (IWEM) is one of these models that have been developed recently. The IWEM is a long run and econometric model and has four sub-models which estimate and forecast demand, supply and price equations for different energy carriers in different regions and sectors of world. This model is run by Eviews software and is compatible with Windows system. It employs up to 450 equations and relations (about 150 stochastic equations and 300 relations). Two specific features of IWEM make it different from other large scale models: It is user friendly and results are easily accessible. Each sub-model considers a region. Furthermore, every region is divided into different sectors (these sectors are: transportation, industry, commercial-residential and power sector) and equations have been devised for these sectors. This model also has equations for estimating gas demand, supply and price. The estimation of model for period of 1960-2001 and forecasts for 2002-2010 are indicative of an ascending trend for gas in all regions. For example, the table below shows the results of the IIES World Energy OUTLOOK (IWEO) for average growth of natural gas in OECD different regions and sectors.

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    APA: Copy

    VAFINAJAR, D.. (2007). ANALYSIS OF ENERGY DEMAND, INCOME AND PRICE ELASTICITY USING THE IWEM. ENERGY ECONOMICS REVIEW, 4(13), 6-32. SID. https://sid.ir/paper/99627/en

    Vancouver: Copy

    VAFINAJAR D.. ANALYSIS OF ENERGY DEMAND, INCOME AND PRICE ELASTICITY USING THE IWEM. ENERGY ECONOMICS REVIEW[Internet]. 2007;4(13):6-32. Available from: https://sid.ir/paper/99627/en

    IEEE: Copy

    D. VAFINAJAR, “ANALYSIS OF ENERGY DEMAND, INCOME AND PRICE ELASTICITY USING THE IWEM,” ENERGY ECONOMICS REVIEW, vol. 4, no. 13, pp. 6–32, 2007, [Online]. Available: https://sid.ir/paper/99627/en

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