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2015 Spring Symposium on Undergraduate Research and Community... has ended
Wednesday, April 22 • 10:25am - 10:45am
Estimating the Demand for Gasoline: An econometric Approach

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Demand curves are an important aspect of market equilibrium analysis, and important to understanding how consumers make certain purchase decisions based on price. Modeling the demand for gasoline in the US will give insights on demand for a good that nearly all Americans consume, and show how American consumers change their demand for gasoline in response to price and other factors. Using econometric analysis, this project creates a demand curve for gasoline that predicts the quantity demanded for gasoline in the United States at every price level. This paper will go beyond traditional models of demand that include only real price and real income as affecting quantity demanded by considering relevant factors specific to gasoline that will affect consumer demand. By doing so, these factors, which are often considered in the background of market analysis for goods, can be examined, resulting in a better explanation of why Americans consume the amounts of gasoline that they do. The results of this study will allow for the impact of each variable affecting demand to be gauged, and for predictions about future gasoline prices under varying conditions to be made.

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Wednesday April 22, 2015 10:25am - 10:45am
016 Karpen Hall

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