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dc.contributor.authorLaffman, John D.en_US
dc.date.accessioned2014-03-14T20:43:19Z
dc.date.available2014-03-14T20:43:19Z
dc.date.issued2002-07-30en_US
dc.identifier.otheretd-08122002-165509en_US
dc.identifier.urihttp://hdl.handle.net/10919/34489
dc.description.abstractThis study uses a random coefficient estimation procedure to analyze the U.S. gasoline market from 1960-1995 with three main objectives: (1) provide an empirical methodology that can estimate a gasoline demand function capable of performing well in prediction; (2) evaluate the elasticities of the models presented to determine which model is more accurate at capturing supply shocks that impacted gasoline demand; and (3) evaluate the behavior of the elasticites of the beta coefficients. This research will show that the variation from historical economic patterns was a result of supply shocks. I argue that when the OLS model of the gasoline market developed by William H. Greene is used supply shocks are not well captured because the coefficients are fixed. If the random coefficient model developed by P.A.V.B. Swamy is introduced, the coefficients vary over time, and thereby, enable supply shocks to be included in the model and more accurate forecasts are produced, as well as, meaningful time patterns in the beta coefficients.en_US
dc.publisherVirginia Techen_US
dc.relation.haspartthesis.pdfen_US
dc.rightsI hereby certify that, if appropriate, I have obtained and attached hereto a written permission statement from the owner(s) of each third party copyrighted matter to be included in my thesis, dissertation, or project report, allowing distribution as specified below. I certify that the version I submitted is the same as that approved by my advisory committee. I hereby grant to Virginia Tech or its agents the non-exclusive license to archive and make accessible, under the conditions specified below, my thesis, dissertation, or project report in whole or in part in all forms of media, now or hereafter known. I retain all other ownership rights to the copyright of the thesis, dissertation or project report. I also retain the right to use in future works (such as articles or books) all or part of this thesis, dissertation, or project report.en_US
dc.subjectU.S. Gasoline Marketen_US
dc.subjectOLSen_US
dc.subjectRandom Coefficientsen_US
dc.titleA Random Coefficient Analysis of the United States Gasoline Market From 1960-1995en_US
dc.typeThesisen_US
dc.contributor.departmentEconomicsen_US
dc.description.degreeMaster of Artsen_US
thesis.degree.nameMaster of Artsen_US
thesis.degree.levelmastersen_US
thesis.degree.grantorVirginia Polytechnic Institute and State Universityen_US
thesis.degree.disciplineEconomicsen_US
dc.contributor.committeechairWaud, Roger N.en_US
dc.contributor.committeememberTheroux, Richard P.en_US
dc.contributor.committeememberLutton, Thomas J.en_US
dc.identifier.sourceurlhttp://scholar.lib.vt.edu/theses/available/etd-08122002-165509/en_US
dc.date.sdate2002-08-12en_US
dc.date.rdate2003-09-12
dc.date.adate2002-09-12en_US


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