Income's Effect On Car and Vehicle Ownership, Worldwide: 1960-2015

Ownership, growth projection, cars, vehicles, global economy, income levels

The effect of income on commuting time - an analysis based on panel data

Although urban economics theory predicts that households with higher incomes have different commuting time patterns than low income households, the direction of the effect is ambiguous. From a “value of time” perspective, one can argue that high income households may have shorter commuting times because their time is more precious; thus they choose to live closer to the job and are willing to pay for faster modes of travel. However, it can alternatively be argued that they may have longer commuting times, because they desire and can afford more living space and a higher quality of housing than is available or affordable in closer proximity to employment centres. Empirical testing of these alternative hypotheses is not straight forward because income, itself, is determined by commuting time as workers are willing to travel further for higher wages. This reverse causation must be taken into account in the estimation, but this is often problematic due to a lack of good control variables. In the current paper, we employ panel data to overcome these problems. To deal with reversed causation we only select workers who did not change workplace location during the period. For these workers, changes in commuting time resulting from an income change come about either through a change in residential location or a change in travel mode. In addition, by estimating the effect of annual income changes on commuting time changes, the necessity of good control variables is avoided.

Development in Danish international air traffic

The paper is describing the development in international air traffic made by Danes and for all travellers out of Denmark in the period 2002 - 2012. Development in passengers, destination countries and prices is illustrated. The person kilometres by Danes have increased 80% or 7.2% per year in mean during the 10 years. This increase has been analysed by a panel data model. The conclusion found by modelling is the increasing travel activity first of all is driven by increasing income and to less extent by decreasing prices. The paper is furthermore showing how the international air traffic has got more effective and to what extent Low Cost Carriers have taken over an important part of the travel market

The Response of Wolrd Energy and Oil Demand to Income Growth and Changes in Oil Prices

energy ; prices ; demand ; wealth

The Changing World Petroleum Market: Demand in the Industrialized Countries

Oil demand, price reversibility, asymmetry, hysteresis

Oil demand: dependence or flexibility?: OIES paper: GWO6

Iraq’s invasion of Kuwait, the boycott of Iraqi and Kuwaiti oil and the consequent surge of international oil prices mark the third major disruption on the oil market in the past two decades. The export reductions provoked by the Arab-Israeli war of 1973, the Iranian revolution of 1978-79 and the present Gulf crisis are very similar – amounting in each case to around 10 per cent of total world consumption. On all three occasions oil prices skyrocketed: the price of crude oil nearly quadrupled in 1974 and tripled in 1979, while the first three months of the present crisis have already seen spot prices at twice their pre-invasion level

Oil demand: dependence or flexibility?

Iraq’s invasion of Kuwait, the boycott of Iraqi and Kuwaiti oil and the consequent surge of international oil prices mark the third major disruption on the oil market in the past two decades. The export reductions provoked by the Arab-Israeli war of 1973, the Iranian revolution of 1978-79 and the present Gulf crisis are very similar – amounting in each case to around 10 per cent of total world consumption. On all three occasions oil prices skyrocketed: the price of crude oil nearly quadrupled in 1974 and tripled in 1979, while the first three months of the present crisis have already seen spot prices at twice their pre-invasion level

THE DYNAMICS OF CAR AVAILABILITY IN EU COUNTRIES

This paper investigates the dynamics of car availability in EU countries. Of particular interest is the relative contribution of state dependence, heterogeneity and serial correlation. A dynamic probit model with unobservable heterogeneity is estimated using eight (1994–2001) waves of European Community Household Panel surveys. Car availability is expressed as a function of income and a number of social-demographic factors. The dynamic probit model is estimated using simulated maximum likelihood (MSL) estimation, to overcome the computational difficulties inherent in maximum likelihood estimation of models with nontrivial error structures. The results indicate that car availability is characterized by significant state dependence, unobserved heterogeneity and negative serial correlation in the error component