횡단면 자료를 이용한 주택용 전력의 수요함수 추정

This paper attempts to estimate the residential electricity demand function, using survey data of 521households in Korea. As the residential electricity demand function provides us information on the pattern ofconsumer's electricity consumption, it can be usefully utilized in predicting the impact of policy variables suchas electricity price and forecasting electricity demands. We apply least absolute deviation(LAD) estimation asa robust approach to estimating parameters. The results showed that price and income elasticities are -0.68 and0.14 respectively, and statistically significant at the 10% levels. The price and income elasticities portray thatresidential electricity is price- and income-inelastic. This implies that the residential electricity is indispensablegoods to human-being's life, thus the residential electricity demand would not be promptly adjusted to respondingto price and/or income change.


This paper attempts to estimate the residential electricity demand function, using survey data of 521 households in Korea. As the residential electricity demand function provides us information on the pattern of consumer's electricity consumption, it can be usefully utilized in predicting the impact of policy variables such as electricity price and forecasting electricity demands. We apply least absolute deviation(LAD) estimation as a robust approach to estimating parameters. The results showed that price and income elasticities are -0.68 and 0.14 respectively, and statistically significant at the 10% levels. The price and income elasticities portray that residential electricity is price- and income-inelastic. This implies that the residential electricity is indispensable goods to human-being's life, thus the residential electricity demand would not be promptly adjusted to responding to price and/or income change.