An econometric model of the world copper industry

Book · Sun Jan 01 00:00:00 EST 1989

OSTI ID:7227266

Lewanika, M W

This model of the world copper economy is fitted to 1960-1984 annual data. Here, unlike in previous models, an attempt is made to depart from the tendency to force the same functional form to represent individual country supply curves. The methodology utilized in constructing this model allows for individual countries to have supply curves that differ in functional form. The model consists of five categories - Western world consumption, Western world primary supply, Western world secondary supply, change in inventory, and net exports to the Centrally Planned Economies. Consumption, secondary supply, and change in inventory are each estimated by one equation aggregating the Western world. Primary supply is the sum of the supply equations for primary copper estimated for seven major producing countries and the Rest of the world. The seven countries are Chile, the United States, Canada, Zambia, Zaire, Peru, and Australia. The model is used to examine the copper industry in the coming decade under various scenarios. The copper market is found to be characterized by low short-run and slightly higher long-run price elasticities except in the case of the Rest of the World whose short-run elasticity is 1.52.

• Research Organization: Colorado School of Mines, Golden, CO (USA)
• OSTI ID: 7227266
• Resource Relation: Other Information: Thesis (Ph. D.)
• Country of Publication: United States
• Language: English

Related Subjects

29 ENERGY PLANNING
POLICY AND ECONOMY
COPPER
SUPPLY AND DEMAND
RAW MATERIALS
ECONOMETRICS
ECONOMIC ELASTICITY
FORECASTING
FUNCTIONAL MODELS
ECONOMICS
ELEMENTS
MATERIALS
METALS
TRANSITION ELEMENTS
290400* - Energy Planning & Policy- Energy Resources
290200 - Energy Planning & Policy- Economics & Sociology