A variance equality test of the ICAPM on Philippine stocks: post-Asian financial crisis period |
| |
| Authors: | Rodolfo Q Aquino |
| |
| Institution: | 1. College of Business Administration , University of the Philippines , Diliman, Quezon City, Philippines rodolfo.aquino@up.edu.ph |
| |
| Abstract: | Analysis of the data generated from various residential time-of-day electricity pricing projects often involves estimation of a system of demand equations. Both ad hoc demand models and neoclassical demand models have been estimated, often resulting in considerably different estimates of price elasticities. In this paper, elasticity estimates are presented from each type of demand model using data from the Arizona and North Carolina rate demonstration projects. The relationship between the elasticities generated from ad hoc models and separable neoclassical models is explored and the divergent price elasticity estimates are reconciled. |
| |
| Keywords: | |
|
|
