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Revised stochastic analysis of an input-output model

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  • ten Raa, Thijs
  • Steel, Mark F. J.

Abstract

A main difficulty of regional analysis is the inaccuracy of regional input-output data. A natural framework for investigation is stochastic input-output analysis. In his study of Central Queensland, West (1986) assumes that input coefficients are normally distributed and derives formulas for the approximation of input-output multipliers means and variances. In his normality framework, these moments do not exits, however. Moreover, an inconsistency in the derivation will be exposed. We remedy these shortcomings by respecification of the stochastic structure and by direct evaluation of the moments through Monte Carlo calculations. West's formulas are quite accurate for an aggregated version of his data set. The leading terms of the formulas can be shown to be first order approximations to the means and the variances.

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Bibliographic Info

Article provided by Elsevier in its journal Regional Science and Urban Economics.

Volume (Year): 24 (1994)
Issue (Month): 3 (June)
Pages: 361-371

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Handle: RePEc:eee:regeco:v:24:y:1994:i:3:p:361-371

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References

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  1. West, Guy R, 1986. "A Stochastic Analysis of an Input-Output Model," Econometrica, Econometric Society, vol. 54(2), pages 363-74, March.
  2. Raa, M.H. ten & Steel, M.F.J., 1994. "Revised stochastic analysis of an input-output model," Open Access publications from Tilburg University urn:nbn:nl:ui:12-381938, Tilburg University.
  3. Simonovits, A, 1975. "A Note on the Underestimation and Overestimation of the Leontief Inverse," Econometrica, Econometric Society, vol. 43(3), pages 493-98, May.
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Cited by:
  1. Raa, Thijs ten & Steel, Mark F.J., . "Revised stochastic analysis of an input-output model," Open Access publications from Universidad Carlos III de Madrid info:hdl:10016/2836, Universidad Carlos III de Madrid.
  2. Manfred Lenzen, 2001. "A Generalized Input-Output Multiplier Calculus for Australia," Economic Systems Research, Taylor and Francis Journals, vol. 13(1), pages 65-92.

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