By Peter B. Dixon, Mark Horridge, David T. Johnson (auth.), Professor Dr. John Piggott, Professor Dr. John Whalley (eds.)
Over the final twenty years, utilized basic equilibrium (AGE) modelling has built from a small educational examine application right into a regularly used coverage overview instrument. significant governments and foreign organizations continue AGE learn teams, and speak to for his or her enter to numerous exchange, tax, and different source allocation matters. This publication is a suite of papers consultant of contemporary job during this box. Contributions were grouped right into a methodological part, a alternate part, and a piece on power matters, and this department safely shows the focal point of the quantity. Readers will hence have entry to modern thoughts and effects at the moment getting used through researchers on the leading edge of the study program.
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Additional resources for Applied General Equilibrium
After describing one representative solution, we perform a series of sensitivity analyses with respect to the key elasticity parameters. We A Long Term Model of Oil Markets 53 demonstrate that OPEC's optimal pricing and production strategy is heavily dependent upon the parameter values assumed for oil demand elasticities. The range of uncertainty is wide enough to cast doubt on the usefulness of models that are based upon OPEC following an optimal pricing strategy. The economic optimum is virtually indeterminate.
Table 4. A. S. free trade are presented in Table 5. S. experiences a larger gain in absolute terms. A major cause of this is the fact that Canadian tariffs are initially significantly higher, leading to a terms of trade loss to Canada from liberalization. While the model is similar in structure to that of Harris and Cox (1984), the quantitative results differ significantly due to the elasticities used, and pricing variables used for calibration. I5 Briefly, the current model uses lower values for the trade elasticities, and more conservative values for the pricing variables.
The level of provision of the public good is not optimal, since distortionary taxes are present. The elasticity values used in the model are discussed in Piggott (1983). An especially important set of parameters are elasticities of substitution between public and private goods in household preferences. 5, if the public good expenditure shares are small. The empirical evidence relevant to appraising the realism of this assumption is sparse. The major econometric evidence derives from' median voter models, in which levels of provision of public goods in local jurisdictions are assumed to be determined by the preferences of the median voter (ranked by income).
Applied General Equilibrium by Peter B. Dixon, Mark Horridge, David T. Johnson (auth.), Professor Dr. John Piggott, Professor Dr. John Whalley (eds.)