We revisit the question of choosing partial equilibrium or general equilibrium modeling in applied policy analysis in the context of evaluating the effects of a complete phase-out of the Common Agricultural Policy (CAP) of the European Union. We compare the results of three models—two three-sector general equilibrium models (one with an additional major distortion in the nonagricultural sector) and a two-sector partial equilibrium model. We find that the market effects of a complete phase-out of the CAP are quite comparable across these models. On the other hand, the measured welfare impacts may depend on the modeling choice.
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Paper provided by Iowa State University, Department of Economics in its series Staff General Research Papers with number
12727.
Length: Date of creation: 22 Feb 2007 Date of revision: Publication status: Published in Review of Agricultural Economics, Summer 2006, Vol. 28, No. 2, pp. 195–211. Handle: RePEc:isu:genres:12727
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