Energy Demand Relationship: Theory and Empirical Application. A Short Note

Fakhri J. Hasanov; Jeyhun L. Mikayilov

doi:10.20944/preprints202001.0008.v1

Preprint Article Version 1 Preserved in Portico This version is not peer-reviewed

Version 1 : Received: 31 December 2019 / Approved: 2 January 2020 / Online: 2 January 2020 (04:22:15 CET)

In this short note, the described step-by-step derivations of the industrial energy demand function from the production function framework and provided researchers with two specifications. Then we applied these theoretical specifications to the time series data as empirical analysis. We concluded that theories should be considered at the beginning of the empirical analyses but the data also should be allowed to speak freely. Hence, the main suggestion of this short note is that it would be a better strategy to consider the combination of theory-driven and data-driven approaches in the empirical analyses.

theory of energy demand; empirical application; cointegration; theory-driven approach; data-driven approach

Business, Economics and Management, Economics

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Energy Demand Relationship: Theory and Empirical Application. A Short Note

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