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A General Equilibrium Analysis of Partial-Equilibrium Welfare Measures: The Case of Climate Change

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  • Kokoski, Mary F
  • Smith, V Kerry

Abstract

This paper reports the results of an evaluation of partial-equilibrium welfare measures of the effects of large multisector shocks to an economic system. A nine a developed economy was used in the analysis. The findings indicate that the errors in single-sector, partial-equilibrium welfare measures depend on the consistency in the signs and approximate magnitude of indirect price effects. Disparities in either the direction or size of price changes in the indirectly affected markets can lead to large errors in the partial-equilibrium welfare measures. Copyright 1987 by American Economic Association.

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Bibliographic Info

Article provided by American Economic Association in its journal American Economic Review.

Volume (Year): 77 (1987)
Issue (Month): 3 (June)
Pages: 331-41

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Handle: RePEc:aea:aecrev:v:77:y:1987:i:3:p:331-41

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Cited by:
  1. Rómulo A. Chumacero & Klaus Schmidt-Hebbel, 2005. "General Equilibrium Models: An Overview," Central Banking, Analysis, and Economic Policies Book Series, in: Rómulo A. Chumacero & Klaus Schmidt-Hebbel & Norman Loayza (Series Editor) & Klaus Schmidt-Hebbel ( (ed.), General Equilibrium Models for the Chilean Economy, edition 1, volume 9, chapter 1, pages 001-027 Central Bank of Chile.
  2. Douglas A. Irwin, 1996. "The Smoot-Hawley Tariff: A Quantitative Assessment," NBER Working Papers 5509, National Bureau of Economic Research, Inc.
  3. Runar Brännlund & Bengt Kriström, 1993. "Assessing the impact of environmental charges a partial general equilibrium model of the forest sector," Environmental & Resource Economics, European Association of Environmental and Resource Economists, vol. 3(3), pages 297-312, June.
  4. Burtraw, Dallas & Pizer, William & Harrington, Winston & Sanchirico, James & Newell, Richard, 2005. "Modeling Economywide versus Sectoral Climate Policies Using Combined Aggregate-Sectoral Models," Discussion Papers dp-05-08, Resources For the Future.
  5. Klaus Conrad & Michael Schröder, 1991. "The control of CO 2 emissions and its economic impact: An AGE model for a german state," Environmental & Resource Economics, European Association of Environmental and Resource Economists, vol. 1(3), pages 289-312, September.

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