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Study of Electricity Demand and Variation in the Price Elasticity of Demand for Manufacturing Industries

机译：电力需求与制造业需求价格弹性变化研究

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A dynamic demand equation and a quadratic price equation for electricity are specified and estimated simultaneously by the 3SLS method for each of 15 SIC three-digit manufacturing industries. Results show that estimated coefficients are mostly significant and have correct signs, that there are substantial interfuel substitutions in manufacturing industries, and that the estimated price elasticities of demand, the coefficients of adjustment, and the elasticities of demand with respect to the value added all vary greatly among industries. An interesting result is obtained from the analysis on the variation in the price elasticities of demand among industries. The short-run price elasticity in absolute value is found to be positively related to the electricity intensiveness, the price of electricity, and the coefficient of adjustment, while it is negatively related to the elasticity of demand with respect to the value added. The findings on the variation in the price elasticity are discussed. (1) A rise in electricity price will reduce the industrial demand for electricity not only because quantity demanded and price are negatively related, but also because a higher price will make industries more responsive to the increase in price. (2) A high-price policy to conserve electricity is more effective for industries like SIC 262, 263, and 333 because they are more electricity-intensive than other industries like SIC 203, 371, and 225. (3) To those industries that use electricity more as an indirect input, a price policy should be more effective than to those industries that use electricity more as a direct input. (4) Some industries (e.g., SIC 263, 371, and 281A) react more quickly to changes in factors affecting the costs than others (e.g., SIC 204, 291, and 331); hence their demand for electricity is more responsive to changes in the price. 22 references. (ERA citation 04:008424)

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