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The Official Journal of the Pan-Pacific Association of Input-Output Studies (PAPAIOS)

Journal of Economic Structures Cover Image

Table 2 Estimation results for electricity demand function

From: Demand for industrial and commercial electricity: evidence from Japan

  Industrial sector Commercial sector
α 1 −0.0341** −0.0074**
  (0.0013) (0.0009)
α 2 0.2736** 0.3583**
  (0.0082) (0.0057)
α 3 0.0202** 0.0012**
  (0.0007) (0.0002)
α 4 0.0240** 0.0202**
  (0.0014) (0.0004)
α 5 0.7660** 0.6759**
  (0.0030) (0.0060)
Number of observations 893 893
J-statistic 46.5897 41.4341
Prob. (J-statistic) 0.33 0.54
m-statistic (m 1) −4.22** −4.64**
m-statistic (m 2) −1.71 1.43
Instrument ED(t − 2) ED(t − 2)
  EP(t − 1) EP(t − 1)
  1. Notes: The regressions were estimated using panel data for each prefecture. The estimation method used is the two-step first-difference GMM. Standard errors are given in parentheses under the coefficients. The individual coefficient is statistically significant at the 1 % (**) and 5 % (*) level. The J-statistics are obtained from a Sargan test of the over-identifying restrictions for the two-step GMM estimators. The m-statistic tests are for the first- and second-order serial correlations (m 1 and m 2). ED electricity demand, EP electricity price