HERMES - RESULTS OF THE INTERFUEL SUBSTITUTION MODEL IN GREECE
This paper is the final report for the energy part of the HERMES project. Interfuel substitution in the Greek economy is studied using an econometric model, which utilizes the translog cost function. Four major sectors of the Greek economy are examined: Transport, Agriculture, Fuel and Power products, and Industry (disaggregated into three branches). Fuel types are aggregated into four categories: solid fuels, petroleum products, crude oil, and electricity. The model is estimated using time series data over the period 1960 - 1980. We present the results in the form of elasticities of substitution and price elasticities of demand. Final conclusions, concerning energy policy implications, are drawn upon the patterns of substitutability among the four fuel types.
Bibliographic Reference: EUR 9771 EN (1985) MF, 49 P., BFR 150, BLOW-UP COPY BFR 245, EUROFFICE, LUXEMBOURG, POB 1003
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Record Number: 1989123116500 / Last updated on: 1987-01-01
Available languages: en