Economic Sector Models
The most elementary forms of econometric models are not models in the complete sense. Rather they are components of models or are single sector models that relate to one particular aspect of a mineral or energy market or industry as a whole. Typically, model components or equations in this category focus on the price, the supply, the demand or the trade aspect of a market. The underlying methodologies used for the components can be statistical equations which embody some complex time-series process or econometric regression equations which feature dependence on a set of economic and technological factors of an explanatory nature.
KeywordsEnergy Market Supply Curve Structural Time Series Marginal Cost Curve Choleski Decomposition
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