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http://dx.doi.org/10.7842/kigas.2020.24.6.34

Estimating the Demand Function for Industrial Natural Gas Use in Korea : A Cross-sectional Analysis  

Lee, Bok-Hee (Dept. of Energy Policy, Seoul National University of Science & Technology)
Lee, Hye-Jeong (Dept. of Energy Policy, Seoul National University of Science & Technology)
Yoo, Seung-Hoon (Dept. of Energy Policy, Seoul National University of Science & Technology)
Huh, Sung-Yoon (Dept. of Energy Policy, Seoul National University of Science & Technology)
Publication Information
Journal of the Korean Institute of Gas / v.24, no.6, 2020 , pp. 34-46 More about this Journal
Abstract
In order to supply stable natural gas in the future, it is necessary to forecast the demand in advance and secure the quantity of supply. In this paper, we propose a method of estimating the demand function of industrial natural gas, which is the core of the increase of domestic natural gas demand in the future. The cross-sectional data of 304 domestic industries were used to estimate the demand function of the industrial natural gas, and the effect of industry specific characteristics such as capital investment, manufacturing cost. Finally, the least absolute deviation estimation method which is robust to outliers and does not assume the homogeneity of the error term and the normality, And the results were derived. In addition, the economic value of industrial city gas was estimated using the price elasticity of industrial city gas. Therefore, it can be seen that the continuous expansion and supply of city gas to the industrial sector is beneficial at the national level, and the government needs to promote expansion through the industrial city gas support policy.
Keywords
industrial natural gas; demand function; ordinary least square; least absolute deviation;
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