Estimation of Short-Run and Long-Run Elasticities of Energy Demand From Panel Data Using Shrinkage Estimators
针对美国49个州21年的数据，使用收缩估计量解决传统方法在估计能源需求弹性时系数符号错误或同质性假设被拒绝的问题，给出了更合理的短期和长期弹性估计。
This article discusses the problem of obtaining short-run and long-run elasticities of energy demand for each of 49 states in the United States using data for 21 years. Estimation using the time series data by each state gave several wrong signs for the coefficients. Estimation using pooled data was not valid because the hypothesis of homogeneity of the coefficients was rejected. Shrinkage estimators gave more reasonable results. The article presents in a unified framework the classical, empirical Bayes, and Bayes approaches for deriving these estimators.