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Published in:
2007 | OriginalPaper | Chapter
Dynamic Demand Analysis and the Process of Adjustment
Author : Jacques Girod
Published in: The Econometrics of Energy Systems
Publisher: Palgrave Macmillan UK
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It is generally necessary to introduce dynamic components into the modelling of energy consumption because the effects of explicative factors are not totally instantaneous and lagged effects continue to act over more or less long periods of time. In other words, consumption observed at time t depends on the values of exogenous variables recorded at t, t — 1, t — 2 and so on, or, perhaps, this consumption is itself related to consumption observed during previous years.