TY - JOUR
T1 - Does energy consumption follow asymmetric behavior? An assessment of Ghana's energy sector dynamics
AU - Sarkodie, Samuel Asumadu
AU - Crentsil, Aba Obrumah
AU - Owusu, Phebe Asantewaa
N1 - Publisher Copyright:
© 2018 Elsevier B.V.
PY - 2019/2/15
Y1 - 2019/2/15
N2 - The study answered the following questions: First, does energy evolves in different regimes by transitioning over a finite set of unobserved states? Second, does energy consumption follow an asymmetric behavior over “energy boom” and energy scarcity? and, Third, are there unobserved factors underpinning energy crisis? We employed Markov-switching dynamic regression to examine the asymmetric effect, NIPALS regression to examine energy determinants and neural network analysis for prediction. The neural network model suggests a 99% prediction of energy consumption by the predictor variables. It was evident that energy consumption evolves in two states by transitioning over a finite set of unobserved states. The 11.6% growth in energy consumption is expected to occur in 4.1 years while energy crisis is expected to last for 3.7 years. Technological advancement and the development of green energy through foreign direct investment are essential to improve energy sector portfolio.
AB - The study answered the following questions: First, does energy evolves in different regimes by transitioning over a finite set of unobserved states? Second, does energy consumption follow an asymmetric behavior over “energy boom” and energy scarcity? and, Third, are there unobserved factors underpinning energy crisis? We employed Markov-switching dynamic regression to examine the asymmetric effect, NIPALS regression to examine energy determinants and neural network analysis for prediction. The neural network model suggests a 99% prediction of energy consumption by the predictor variables. It was evident that energy consumption evolves in two states by transitioning over a finite set of unobserved states. The 11.6% growth in energy consumption is expected to occur in 4.1 years while energy crisis is expected to last for 3.7 years. Technological advancement and the development of green energy through foreign direct investment are essential to improve energy sector portfolio.
KW - Energy efficiency
KW - Ghana
KW - Markov-switching
KW - NIPALS
KW - Neural network
UR - http://www.scopus.com/inward/record.url?scp=85055037901&partnerID=8YFLogxK
U2 - 10.1016/j.scitotenv.2018.10.147
DO - 10.1016/j.scitotenv.2018.10.147
M3 - Article
C2 - 30463141
AN - SCOPUS:85055037901
SN - 0048-9697
VL - 651
SP - 2886
EP - 2898
JO - Science of the Total Environment
JF - Science of the Total Environment
ER -