Current Issues in the Economics of Water Resource Management: Theory, Applications and Policies
The marginal price elasticities estimated by Martinez-Espineira conforms to expectation. The price specification that accounts for the changing proportion of water users in each block yields a higher elasticity (-0. 47) compared to the spec ification ignoring this feature of the data. However, this...
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| Format: | Elektronisch E-Book |
| Sprache: | English |
| Veröffentlicht: |
Dordrecht
Springer Netherlands
2002
|
| Ausgabe: | 1st ed. 2002 |
| Schriftenreihe: | Economy & Environment
23 |
| Schlagworte: | |
| Online-Zugang: | BTU01 Volltext |
| Zusammenfassung: | The marginal price elasticities estimated by Martinez-Espineira conforms to expectation. The price specification that accounts for the changing proportion of water users in each block yields a higher elasticity (-0. 47) compared to the spec ification ignoring this feature of the data. However, this difference is not found to be statistically significant, a result attributed to the low power of the test (small sample size limiting the accuracy of estimates). In conclusion, the paper provides a theoretically correct price specification for demand functions under block pricing and aggregate data. The empirical findings in the paper, however, are not conclusive and further empirical work using more data and alternative (nonlinear) demand functions, is needed to show the practical implications of the arguments put forward by the Martinez-Espineira's paper. Static empirical consumer demand functions estimated with aggregate data are well known to suffer form serial correlation and other statistical problems asso ciated with misspecified dynamics. These dynamics arise because consumers do not react immediately to a change in prices due to their largely predetermined lifestyle. In the case of demand for water, for example, current purchases can be largely predetermined due to commitments arising from past purchases such as swimming pools, bathtubs, dishwashing machines, etc. Muellbauer and Pashardes (1992) show that the autoregressive nature of consumer demand data can be cap tured in a theoretically consistent manner by incorporating intertemporal aspects of consumer behaviour in the model through habit formation and durability |
| Beschreibung: | 1 Online-Ressource (X, 234 p) |
| ISBN: | 9789401599849 |
| DOI: | 10.1007/978-94-015-9984-9 |
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| 520 | |a The marginal price elasticities estimated by Martinez-Espineira conforms to expectation. The price specification that accounts for the changing proportion of water users in each block yields a higher elasticity (-0. 47) compared to the spec ification ignoring this feature of the data. However, this difference is not found to be statistically significant, a result attributed to the low power of the test (small sample size limiting the accuracy of estimates). In conclusion, the paper provides a theoretically correct price specification for demand functions under block pricing and aggregate data. The empirical findings in the paper, however, are not conclusive and further empirical work using more data and alternative (nonlinear) demand functions, is needed to show the practical implications of the arguments put forward by the Martinez-Espineira's paper. Static empirical consumer demand functions estimated with aggregate data are well known to suffer form serial correlation and other statistical problems asso ciated with misspecified dynamics. These dynamics arise because consumers do not react immediately to a change in prices due to their largely predetermined lifestyle. In the case of demand for water, for example, current purchases can be largely predetermined due to commitments arising from past purchases such as swimming pools, bathtubs, dishwashing machines, etc. Muellbauer and Pashardes (1992) show that the autoregressive nature of consumer demand data can be cap tured in a theoretically consistent manner by incorporating intertemporal aspects of consumer behaviour in the model through habit formation and durability | ||
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| spelling | Current Issues in the Economics of Water Resource Management Theory, Applications and Policies edited by P. Pashardes, T.M. Swanson, A. Xepapadeas 1st ed. 2002 Dordrecht Springer Netherlands 2002 1 Online-Ressource (X, 234 p) txt rdacontent c rdamedia cr rdacarrier Economy & Environment 23 The marginal price elasticities estimated by Martinez-Espineira conforms to expectation. The price specification that accounts for the changing proportion of water users in each block yields a higher elasticity (-0. 47) compared to the spec ification ignoring this feature of the data. However, this difference is not found to be statistically significant, a result attributed to the low power of the test (small sample size limiting the accuracy of estimates). In conclusion, the paper provides a theoretically correct price specification for demand functions under block pricing and aggregate data. The empirical findings in the paper, however, are not conclusive and further empirical work using more data and alternative (nonlinear) demand functions, is needed to show the practical implications of the arguments put forward by the Martinez-Espineira's paper. Static empirical consumer demand functions estimated with aggregate data are well known to suffer form serial correlation and other statistical problems asso ciated with misspecified dynamics. These dynamics arise because consumers do not react immediately to a change in prices due to their largely predetermined lifestyle. In the case of demand for water, for example, current purchases can be largely predetermined due to commitments arising from past purchases such as swimming pools, bathtubs, dishwashing machines, etc. Muellbauer and Pashardes (1992) show that the autoregressive nature of consumer demand data can be cap tured in a theoretically consistent manner by incorporating intertemporal aspects of consumer behaviour in the model through habit formation and durability Environmental Economics Hydrogeology Environmental Law/Policy/Ecojustice Environmental economics Environmental law Environmental policy Wasserwirtschaft (DE-588)4064821-7 gnd rswk-swf Wasserreserve (DE-588)4124439-4 gnd rswk-swf (DE-588)4143413-4 Aufsatzsammlung gnd-content Wasserreserve (DE-588)4124439-4 s Wasserwirtschaft (DE-588)4064821-7 s DE-604 Pashardes, P. edt Swanson, T.M. edt Xepapadeas, A. edt Erscheint auch als Druck-Ausgabe 9789048159864 Erscheint auch als Druck-Ausgabe 9781402005428 Erscheint auch als Druck-Ausgabe 9789401599856 https://doi.org/10.1007/978-94-015-9984-9 Verlag URL des Erstveröffentlichers Volltext |
| spellingShingle | Current Issues in the Economics of Water Resource Management Theory, Applications and Policies Environmental Economics Hydrogeology Environmental Law/Policy/Ecojustice Environmental economics Environmental law Environmental policy Wasserwirtschaft (DE-588)4064821-7 gnd Wasserreserve (DE-588)4124439-4 gnd |
| subject_GND | (DE-588)4064821-7 (DE-588)4124439-4 (DE-588)4143413-4 |
| title | Current Issues in the Economics of Water Resource Management Theory, Applications and Policies |
| title_auth | Current Issues in the Economics of Water Resource Management Theory, Applications and Policies |
| title_exact_search | Current Issues in the Economics of Water Resource Management Theory, Applications and Policies |
| title_exact_search_txtP | Current Issues in the Economics of Water Resource Management Theory, Applications and Policies |
| title_full | Current Issues in the Economics of Water Resource Management Theory, Applications and Policies edited by P. Pashardes, T.M. Swanson, A. Xepapadeas |
| title_fullStr | Current Issues in the Economics of Water Resource Management Theory, Applications and Policies edited by P. Pashardes, T.M. Swanson, A. Xepapadeas |
| title_full_unstemmed | Current Issues in the Economics of Water Resource Management Theory, Applications and Policies edited by P. Pashardes, T.M. Swanson, A. Xepapadeas |
| title_short | Current Issues in the Economics of Water Resource Management |
| title_sort | current issues in the economics of water resource management theory applications and policies |
| title_sub | Theory, Applications and Policies |
| topic | Environmental Economics Hydrogeology Environmental Law/Policy/Ecojustice Environmental economics Environmental law Environmental policy Wasserwirtschaft (DE-588)4064821-7 gnd Wasserreserve (DE-588)4124439-4 gnd |
| topic_facet | Environmental Economics Hydrogeology Environmental Law/Policy/Ecojustice Environmental economics Environmental law Environmental policy Wasserwirtschaft Wasserreserve Aufsatzsammlung |
| url | https://doi.org/10.1007/978-94-015-9984-9 |
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