We apply the lag-augmented vector autoregression technique to test the Granger-causal relationships among wholesale electricity prices, natural gas prices, and crude oil prices. In addition, by adopting a cross-correlation function approach, we test not only the causality in mean but also the...

This study examines whether the spot prices in the Japan Electric Power Exchange are efficiently formed from April 3, 2006, to March 31, 2012, using the conventional and rank-based variance-ratio tests. The results seem to reject the efficient market hypothesis in the market. Moreover, by...

This paper constructs panel data from an 11-year data set on all 47 prefectures of Japan, covering the period 1996-2006 . We use this data set to analyze the factors affecting photovoltaic (PV) system diffusion. Our empirical results show that the regional government policy clearly helps to...