Paper Title :A Development Of A Global Fossil Fuel Market Simulation Model Focusing On Supply Functions
Author :Fumito Shimokawai, Deddy P. Koesrindartoto, Kazuhisa Kamegai, Shunsuke Mori
Article Citation :Fumito Shimokawai ,Deddy P. Koesrindartoto ,Kazuhisa Kamegai ,Shunsuke Mori ,
(2016 ) " A Development Of A Global Fossil Fuel Market Simulation Model Focusing On Supply Functions " ,
International Journal of Management and Applied Science (IJMAS) ,
pp. 109-115,
Volume-2,Issue-4
Abstract : Global energy demand is still increasing with large uncertainty. In order to simulate the global energy market, the
estimation of the demand and the supply functions is essential. However, the estimation of the supply functions remains
difficult since a supply side behavior is often affected by political events. This study develops a partial equilibrium model
which includes the supply, the demand and the market prices of fossil fuels in the global market applying time series analysis,
especially focusing on supply functions. The estimated results suggest that the supply regions of crude oil and natural gas
consists of three groups in terms of price elasticity, where the first group with positive price elasticity, second one with
negative price elasticity and the third one without statistical significant price elasticity. In the estimation of the demand
functions, we evaluate the effects of subprime mortgage crisis. The model provides various simulations on the market
uncertainties.
Keywords- Modeling, Market, Fossil fuel, Coal, Crude oil, Natural gas, Price.
Type : Research paper
Published : Volume-2,Issue-4
DOIONLINE NO - IJMAS-IRAJ-DOIONLINE-4375
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Copyright: © Institute of Research and Journals
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Published on 2016-05-04 |
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