작성일 : 14-01-27 16:35
Oil Price and Travel Demand
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   수시2009-07_Oil_Price_and_Travel_Demand_이재민한상용이창운.pdf (647.9K) [29] DATE : 2014-01-27 16:35:19
Recently, crude oil prices fluctuated. In the first half of 2008, crude oil prices increased sharply but plummeted dramatically in the second half of 2008 because of worldwide economic crisis. This kind of oil price volatility influenced the economic activity. In detail, oil price volatility affected investment decision for firms, consumption behavior, and gross domestic product (GDP). Most of all, oil price volatility influenced transport sector because the transport sector depends upon oil products such as gasoline, diesel, and LPG and is sensitive to oil price changes.
Until now some researchers investigated the relationship between oil price changes and road traffic volumes such as the numbers of vehicles or vehicle-kilometers. However, we have few articles and reports to examine if there are asymmetric effects of oil prices on travel demand. This report is valuable in that it investigates the elasticities of travel demand with respect to oil prices changes when oil prices are high and low or rise and drop. This report also investigates the effects of oil price changes on subway travel demand, which is a new trial in transport economics.
This report also estimates the effects of Mass Transit System Change on subway travel demand, which was executed in July 2004 by the city of Seoul.
This report suggests useful policy implications for green transport using the analysis about oil prices changes and travel demand and Mass Transit System Change.
We do not think that this report can provide the solution to all problems in transport and oil price issues. However, we believe that this report is the first trial to investigate the asymmetric effects of oil price changes on travel demand and that this report provides useful information and data for policy designers.
We would like to give our thanks to authors, Jaimin Lee, Sangyong Han, and Chang-Woon Lee, for their special research activity. We are also very thankful to everyone that supports and helps to make this report.


 
   
 

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