On the estimation of the price elasticity of electricity demand in the manufacturing industry of Colombia
RESUMEN: En este artículo se presenta una estimación de la reacción de la demanda a niveles de precios de contratos forward de electricidad en la industria manufacturera de Colombia. Se desarrolló un modelo de vectores autorregresivos estructurales (SVAR) considerando varias actividades económicas a...
- Autores:
-
Barrientos Marín, Jorge Hugo
Velilla Hernández, Esteban
Tobón Orozco, David Fernando
Villada Duque, Fernando
López Lezama, Jesús María
- Tipo de recurso:
- Article of investigation
- Fecha de publicación:
- 2018
- Institución:
- Universidad de Antioquia
- Repositorio:
- Repositorio UdeA
- Idioma:
- spa
- OAI Identifier:
- oai:bibliotecadigital.udea.edu.co:10495/9355
- Acceso en línea:
- http://hdl.handle.net/10495/9355
- Palabra clave:
- Electric industries
Industrias eléctricas
Supply and demand
Oferta y demanda
Contract
- Rights
- openAccess
- License
- Atribución-NoComercial-CompartirIgual 2.5 Colombia (CC BY-NC-SA 2.5 CO)
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On the estimation of the price elasticity of electricity demand in the manufacturing industry of Colombia |
| title |
On the estimation of the price elasticity of electricity demand in the manufacturing industry of Colombia |
| spellingShingle |
On the estimation of the price elasticity of electricity demand in the manufacturing industry of Colombia Electric industries Industrias eléctricas Supply and demand Oferta y demanda Contract |
| title_short |
On the estimation of the price elasticity of electricity demand in the manufacturing industry of Colombia |
| title_full |
On the estimation of the price elasticity of electricity demand in the manufacturing industry of Colombia |
| title_fullStr |
On the estimation of the price elasticity of electricity demand in the manufacturing industry of Colombia |
| title_full_unstemmed |
On the estimation of the price elasticity of electricity demand in the manufacturing industry of Colombia |
| title_sort |
On the estimation of the price elasticity of electricity demand in the manufacturing industry of Colombia |
| dc.creator.fl_str_mv |
Barrientos Marín, Jorge Hugo Velilla Hernández, Esteban Tobón Orozco, David Fernando Villada Duque, Fernando López Lezama, Jesús María |
| dc.contributor.author.none.fl_str_mv |
Barrientos Marín, Jorge Hugo Velilla Hernández, Esteban Tobón Orozco, David Fernando Villada Duque, Fernando López Lezama, Jesús María |
| dc.subject.none.fl_str_mv |
Electric industries Industrias eléctricas Supply and demand Oferta y demanda Contract |
| topic |
Electric industries Industrias eléctricas Supply and demand Oferta y demanda Contract |
| description |
RESUMEN: En este artículo se presenta una estimación de la reacción de la demanda a niveles de precios de contratos forward de electricidad en la industria manufacturera de Colombia. Se desarrolló un modelo de vectores autorregresivos estructurales (SVAR) considerando varias actividades económicas a diferentes niveles de tensión. Los sectores industriales bajo estudio no mostraron una demanda de electricidad significativamente sensible a variaciones de precios. Sin embargo, los sectores de alimentos y bebidas, caucho y plástico, así como el sector comercial minorista resultaron ser más sensibles a choques de precios que la industria química o el sector de manufactura de textiles. Dicha inelasticidad podría suavizarse si la información concerniente a precios y cantidades demandadas fuera de conocimiento común, o si la curva forward pudiera ser observable. |
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2018 |
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2018-04-10T19:21:16Z |
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2018-04-10T19:21:16Z |
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2018 |
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info:eu-repo/semantics/article |
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http://purl.org/coar/version/c_970fb48d4fbd8a85 |
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Artículo de investigación |
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http://purl.org/coar/resource_type/c_2df8fbb1 |
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Barrientos Marín, J. H., Velilla Hernández, E., Tobón Orozco, D., Villada Duque, F. & López Lezama, J. M. (2018). On the estimation of the price elasticity of electricity demand in the manufacturing industry of Colombia. Lecturas de Economía, (88), 155-182. DOI:10.17533/udea.le.n88a05 |
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0120-2596 |
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http://hdl.handle.net/10495/9355 |
| dc.identifier.doi.none.fl_str_mv |
10.17533/udea.le.n88a05 |
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2323-0622 |
| identifier_str_mv |
Barrientos Marín, J. H., Velilla Hernández, E., Tobón Orozco, D., Villada Duque, F. & López Lezama, J. M. (2018). On the estimation of the price elasticity of electricity demand in the manufacturing industry of Colombia. Lecturas de Economía, (88), 155-182. DOI:10.17533/udea.le.n88a05 0120-2596 10.17533/udea.le.n88a05 2323-0622 |
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http://hdl.handle.net/10495/9355 |
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spa |
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spa |
| dc.relation.ispartofjournalabbrev.spa.fl_str_mv |
Lect. Econ. |
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Atribución-NoComercial-CompartirIgual 2.5 Colombia (CC BY-NC-SA 2.5 CO) |
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info:eu-repo/semantics/openAccess |
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Universidad de Antioquia, Facultad de Ciencias Económicas |
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Medellín, Colombia |
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Universidad de Antioquia |
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andres.perez@udea.edu.co |
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Barrientos Marín, Jorge HugoVelilla Hernández, EstebanTobón Orozco, David FernandoVillada Duque, FernandoLópez Lezama, Jesús María2018-04-10T19:21:16Z2018-04-10T19:21:16Z2018Barrientos Marín, J. H., Velilla Hernández, E., Tobón Orozco, D., Villada Duque, F. & López Lezama, J. M. (2018). On the estimation of the price elasticity of electricity demand in the manufacturing industry of Colombia. Lecturas de Economía, (88), 155-182. DOI:10.17533/udea.le.n88a050120-2596http://hdl.handle.net/10495/935510.17533/udea.le.n88a052323-0622RESUMEN: En este artículo se presenta una estimación de la reacción de la demanda a niveles de precios de contratos forward de electricidad en la industria manufacturera de Colombia. Se desarrolló un modelo de vectores autorregresivos estructurales (SVAR) considerando varias actividades económicas a diferentes niveles de tensión. Los sectores industriales bajo estudio no mostraron una demanda de electricidad significativamente sensible a variaciones de precios. Sin embargo, los sectores de alimentos y bebidas, caucho y plástico, así como el sector comercial minorista resultaron ser más sensibles a choques de precios que la industria química o el sector de manufactura de textiles. Dicha inelasticidad podría suavizarse si la información concerniente a precios y cantidades demandadas fuera de conocimiento común, o si la curva forward pudiera ser observable.ABSTRACT: This paper presents an estimation of the reaction of electricity demand to changes in price levels of forward contracts in the manufacturing industry of Colombia. To that end, a structural vector autoregressive (SVAR) model was developed, considering several economic activities at different voltage levels. The industrial sectors under study showed an electricity demand not significantly sensitive to price variations. However, the food and drink sectors, plastic and rubber manufacturing, as well as retail trade turned out to be more sensitive to price shocks than the chemical industry or textile manufacturing. Such inelasticity could be softened if information concerning prices and quantity demanded were of common knowledge, or if the forward curve were observable.27application/pdfspaUniversidad de Antioquia, Facultad de Ciencias EconómicasMedellín, Colombiainfo:eu-repo/semantics/publishedVersioninfo:eu-repo/semantics/articlehttp://purl.org/coar/resource_type/c_2df8fbb1https://purl.org/redcol/resource_type/ARTArtículo de investigaciónhttp://purl.org/coar/version/c_970fb48d4fbd8a85Atribución-NoComercial-CompartirIgual 2.5 Colombia (CC BY-NC-SA 2.5 CO)info:eu-repo/semantics/openAccesshttps://creativecommons.org/licenses/by-nc-sa/2.5/co/http://purl.org/coar/access_right/c_abf2https://creativecommons.org/licenses/by-nc-sa/4.0/Electric industriesIndustrias eléctricasSupply and demandOferta y demandaContractOn the estimation of the price elasticity of electricity demand in the manufacturing industry of ColombiaLect. Econ.Lecturas de Economía15518288ORIGINALBarrientosJorge_2018_EstimationPriceElasticity.pdfBarrientosJorge_2018_EstimationPriceElasticity.pdfArtículo de investigaciónapplication/pdf1050091http://bibliotecadigital.udea.edu.co/bitstream/10495/9355/1/BarrientosJorge_2018_EstimationPriceElasticity.pdf77404a2ffbc81ae913a6e62cc6e089beMD51CC-LICENSElicense_urllicense_urltext/plain; charset=utf-849http://bibliotecadigital.udea.edu.co/bitstream/10495/9355/2/license_url4afdbb8c545fd630ea7db775da747b2fMD52license_textlicense_texttext/html; charset=utf-80http://bibliotecadigital.udea.edu.co/bitstream/10495/9355/3/license_textd41d8cd98f00b204e9800998ecf8427eMD53license_rdflicense_rdfLicenciaapplication/rdf+xml; charset=utf-80http://bibliotecadigital.udea.edu.co/bitstream/10495/9355/4/license_rdfd41d8cd98f00b204e9800998ecf8427eMD54LICENSElicense.txtlicense.txttext/plain; charset=utf-81748http://bibliotecadigital.udea.edu.co/bitstream/10495/9355/5/license.txt8a4605be74aa9ea9d79846c1fba20a33MD5510495/9355oai:bibliotecadigital.udea.edu.co:10495/93552021-06-30 16:31:30.251Repositorio Institucional Universidad de Antioquiaandres.perez@udea.edu.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 |