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This study investigated the efficiency of the oil refining industry using the two-stage method of Markowitz portfolio optimization theory and panel data analysis of about 30 OECD countries from 2005 to 2016, which is a new methodology for measuring the efficiency of the oil industry. The oil refining industry's efficiency is derived from the prices of petroleum products (Naphtha, Gasoline, Kerosene, Diesel, and Fuel Oil) using the portfolio theory. The panel data was constructed using the following dependent variables, the crude oil production efficiency, energy consumption, renewable energy consumption, and R&D investment. Using the panel data analysis, empirical analyzes are conducted on how the efficiency of the oil refining industry is affected by explanatory variables. The results show that crude oil production and energy use in OECD countries have a negative effect on the efficiency of the oil refining industry, and consumption of renewable energy and R&D investment have a positive effect. Contrary to conventional perception, the petroleum industry can coexist with the renewable energy industry for sustainable development.
Chansu Lim; Jongsu Lee. An analysis of the efficiency of the oil refining industry in the OECD countries. Energy Policy 2020, 142, 111491 .
AMA StyleChansu Lim, Jongsu Lee. An analysis of the efficiency of the oil refining industry in the OECD countries. Energy Policy. 2020; 142 ():111491.
Chicago/Turabian StyleChansu Lim; Jongsu Lee. 2020. "An analysis of the efficiency of the oil refining industry in the OECD countries." Energy Policy 142, no. : 111491.
This paper analyzes the city gas demand function in Korea from 1998 to 2018. The demand function of city gas is derived by a Kalman filter method, and price and income elasticities varying with time are estimated. In the case of residential city gas, the price elasticity gradually decreased to a value of approximately 0.57, while income elasticity increased to approximately 1.48 from 1998 to 2018. Alternatively, industrial city gas demand’s price and income elasticities have been estimated as inelastic, as their absolute values were less than unity over time. The absolute values of price and income elasticities are estimated to be larger for residential than industrial city gas, and thus, city gas consumers are more likely to respond to changes in price and income for residential than industrial city gas. There is a substantial income effect on demand for residential city gas in Korea, whereas industrial city gas is found to have relatively small income and price effects. The results of this study provide policy makers with a Kalman filter method to access more accurate information on the city gas demand function’s elasticities, which change with time.
Chansu Lim. Estimating Residential and Industrial City Gas Demand Function in the Republic of Korea—A Kalman Filter Application. Sustainability 2019, 11, 1363 .
AMA StyleChansu Lim. Estimating Residential and Industrial City Gas Demand Function in the Republic of Korea—A Kalman Filter Application. Sustainability. 2019; 11 (5):1363.
Chicago/Turabian StyleChansu Lim. 2019. "Estimating Residential and Industrial City Gas Demand Function in the Republic of Korea—A Kalman Filter Application." Sustainability 11, no. 5: 1363.