A DUAL APPROACH TO THE IMPLEMENTATION OF A GENERAL EQUILIBRIUM MODEL
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概要
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A dual approach with an iterative output price revision rule for solving a general equilibrium model is discussed, and the strength of the approach is demonstrated with some general equilibrium applications. A closed economy model can utilize either a primal approach with a factor price revision rule or a dual approach with an output price revision rule. For a small open economy however, the dual approach is superior. The main strengths of a dual approach in comparison with a primal approach are : (1) the derivations of the structural equations in the model are made simple by making use of Shephard's lemma and Roy's identity ;(2) an output price revision rule, which is more convenient than a factor price revision rule for a small open economy model in particular, is easily implemented ; and (3) the overall programming structure of the model is modified with relative ease. Because of these strengths, the dual approach has considerable merit in the implementation of large-scale empirical general equilibrium models.
- 青森公立大学の論文
- 2001-09-30
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