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Bootstrap Variance Estimation Of Nonlinear Functions Of Parameters: An Application To Long-Run Elasticities Of Energy Demand

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  • Hongyi Li
  • G. S. Maddala

Abstract

In many practical applications, one is interested in obtaining confidence intervals for nonlinear functions of the parameters. This paper considers the following different methods: Fieller's method, Taylor's series expansion, and bootstrap methods. Compared to some of the earlier results in the empirical studies that are against the application of bootstrap, our results suggest a different conclusion in favor of the bootstrap methods. © 2000 by the President and Fellows of Harvard College and the Massachusetts Institute of Technology

Suggested Citation

  • Hongyi Li & G. S. Maddala, 1999. "Bootstrap Variance Estimation Of Nonlinear Functions Of Parameters: An Application To Long-Run Elasticities Of Energy Demand," The Review of Economics and Statistics, MIT Press, vol. 81(4), pages 728-733, November.
    • Handle: RePEc:tpr:restat:v:81:y:1999:i:4:p:728-733
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    2. Yazid Dissou & Reza Ghazal, 2010. "Energy Substitutability in Canadian Manufacturing Econometric Estimation with Bootstrap Confidence Intervals," The Energy Journal, , vol. 31(1), pages 121-148, January.
    3. Ziesemer, Thomas, 1995. "Reconciling environmental policy with employment, international competitiveness and participation requirements," Research Memorandum 016, Maastricht University, Maastricht Economic Research Institute on Innovation and Technology (MERIT).
    4. Poe, Gregory L. & Giraud, Kelly L. & Loomis, John B., 2001. "Simple Computational Methods for Measuring the Difference of Empirical Distributions: Application to Internal and External Scope Tests in Contingent Valuation," Staff Papers 121130, Cornell University, Department of Applied Economics and Management.
    5. Kim, Jae H. & Fraser, Iain & Hyndman, Rob J., 2011. "Improved interval estimation of long run response from a dynamic linear model: A highest density region approach," Computational Statistics & Data Analysis, Elsevier, vol. 55(8), pages 2477-2489, August.
    6. Natallia Gray & Gabriel Picone, 2018. "Evidence of Large-Scale Social Interactions in Mammography in the United States," Atlantic Economic Journal, Springer;International Atlantic Economic Society, vol. 46(4), pages 441-457, December.
    7. Lee, Chien-Chiang & Chiu, Yi-Bin, 2011. "Electricity demand elasticities and temperature: Evidence from panel smooth transition regression with instrumental variable approach," Energy Economics, Elsevier, vol. 33(5), pages 896-902, September.
    8. Song, Haiyan & Lin, Shanshan & Witt, Stephen F. & Zhang, Xinyan, 2011. "Impact of financial/economic crisis on demand for hotel rooms in Hong Kong," Tourism Management, Elsevier, vol. 32(1), pages 172-186.
    9. Chien-Chiang Lee & Jun-De Lee, 2010. "A Panel Data Analysis of the Demand for Total Energy and Electricity in OECD Countries," The Energy Journal, International Association for Energy Economics, vol. 0(Number 1), pages 1-24.
    10. Charles Harvie & Hyeon-Seung Huh, 2007. "Uncertainty Surrounding The U.S. NAIRU Estimates Of Estrella And Mishkin(1999)," Korean Economic Review, Korean Economic Association, vol. 23, pages 49-63.
    11. Canning, David & Günther, Isabel & Linnemayr, Sebastian & Bloom, David, 2013. "Fertility choice, mortality expectations, and interdependent preferences—An empirical analysis," European Economic Review, Elsevier, vol. 63(C), pages 273-289.
    12. Jing Cao, Mun S. Ho, and Huifang Liang, 2016. "Household energy demand in Urban China: Accounting for regional prices and rapid income change," The Energy Journal, International Association for Energy Economics, vol. 0(China Spe).
    13. Kearsley, Aaron & Riddel, Mary, 2010. "A further inquiry into the Pollution Haven Hypothesis and the Environmental Kuznets Curve," Ecological Economics, Elsevier, vol. 69(4), pages 905-919, February.
    14. Fochesato, Mattia, 2018. "Origins of Europe’s north-south divide: Population changes, real wages and the ‘little divergence’ in early modern Europe," Explorations in Economic History, Elsevier, vol. 70(C), pages 91-131.
    15. Hirschberg, J.G. & Lye, J.N. & Slottje, D.J., 2008. "Inferential methods for elasticity estimates," Journal of Econometrics, Elsevier, vol. 147(2), pages 299-315, December.
    16. J. G. Hirschberg, J. N. Lye & D. J. Slottje, 2008. "Confidence Intervals for Estimates of Elasticities," Department of Economics - Working Papers Series 1053, The University of Melbourne.
    17. Boonsaeng, Tullaya & Fletcher, Stanley M. & Carpio, Carlos E., 2008. "European Union Import Demand for In-Shell Peanuts," Journal of Agricultural and Applied Economics, Cambridge University Press, vol. 40(3), pages 941-951, December.
    18. Yue Ma & Ying Chu Ng, 2008. "Bootstrapping statistical inferences of decomposition methods for gender earnings differentials," Applied Economics, Taylor & Francis Journals, vol. 40(12), pages 1583-1593.
    19. Mario Arturo Ruiz Estrada & Evangelos Koutronas & Ross Knippenberg, 2016. "The Mega Distributed Lag Model," Contemporary Economics, University of Economics and Human Sciences in Warsaw., vol. 10(2), June.
    20. David E. Bloom & David Canning & Isabel Günther & Sebastian Linnemayr, 2008. "Social Interactions and Fertility in Developing Countries," PGDA Working Papers 3408, Program on the Global Demography of Aging.
    21. Charles Harvie & Hyeon‐Seung Huh, 2009. "A New Measure Of Us Potential Output, Inflation Forecasts, And Monetary Policy Rules," Manchester School, University of Manchester, vol. 77(5), pages 611-631, September.
    22. Saroja Selvanathan & Maneka Jayasinghe & Eliyathamby A. Selvanathan, 2023. "Deteriorating Australia-China relations and prospects for the Australian tourism industry: A dynamic demand analysis," Tourism Economics, , vol. 29(8), pages 2012-2031, December.
    23. Hyeon-Seung Huh, 2006. "A forecast based NAIRU measure of the US," Applied Economics Letters, Taylor & Francis Journals, vol. 13(3), pages 177-182.

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