Applied General Equilibrium by Peter B. Dixon, Mark Horridge, David T. Johnson (auth.),

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 normal equilibrium (AGE) modelling has constructed from a small educational study software right into a commonly used coverage evaluate device. significant governments and overseas organizations retain AGE learn teams, and speak to for his or her enter to numerous exchange, tax, and different source allocation concerns. This ebook is a set of papers consultant of modern task during this box. Contributions were grouped right into a methodological part, a alternate part, and a bit on power matters, and this department safely shows the point of interest of the amount. Readers will hence have entry to brand new concepts and effects at the moment getting used via researchers on the leading edge of the study program.

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To allow for time lags in the adjustment process, there are fixed input-output coefficients for most of the initial stock of capital, but flexible (price-responsive) coefficients for subsequent "vintages". Although the initial stocks are non-malleable, there is compete flexibility in all subsequent periods for new capital to adjust to current prices. From a theoretical perspective, this approach is undesirable. It would have been more logical to distinguish individual vintages of investment. In practice, however, this shortcut does not seem to have a significant impact on the numerical results.

0 ;:l '" o· ~. - 0 a0 (S. ;:? 32 J. Piggott and J. Whalley Secondly, the value of the change in G required to satisfy the Samuelson condition after redistribution varies significantly with the elasticity of substitution and attribution rule assumed. The welfare gain from adjusting G varies with the size of the required change for given paramenter values, but decreases as the elasticity of substitution rises. This is because the greater is the substitutability between private and public goods in consumption, the less costly is the non-optimality in the level of G to the consumer.

In this way, the model avoids the bang-bang solutions that are characteristic of linear programming models. LTM is intertemporal and contains "look-ahead" features. Consumers and producers are consistent in their expectations of prices and quantities. Five representative points of time are distinguished: 1990,2000,2010,2020 and 2030. This extended horizon is essential for evaluating the consequences of investment, debt and resource depletion policies. Because of the possibility of "horizon effects", the results should probably be disregarded for the years beyond 2010.

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