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- W2901359979 abstract "This study proposes a dynamic model of oil demand based on the vintage structure, and on the generalized technological assumption, called the putty-semiputty hypothesis (PSH). Unlike a putty-clay model, the PSH allows for the ex post factor substitution after machines are installed. A nonlinear specification of oil demand is derived from the optimal control problem. Estimation results from the data of seven leading industrialized countries show that the ex post elasticity of substitution ranges from 0.14 to 0.30. Japan has a higher value than other countries. It suggests that Japan suffered less from the adverse oil shocks in the 1970s." @default.
- W2901359979 created "2018-11-29" @default.
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- W2901359979 date "1990-01-01" @default.
- W2901359979 modified "2023-09-23" @default.
- W2901359979 title "A DYNAMIC MODEL OF THE DEMAND FOR OIL: SPECIFICATION AND ESTIMATION WITH THE PUTTY-SEMIPUTTY HYPOTHESIS" @default.
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- W2901359979 doi "https://doi.org/10.1016/b978-0-08-037538-0.50080-0" @default.
- W2901359979 hasPublicationYear "1990" @default.
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