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Implementing Alternative Pricing Policies in Economic Equilibrium Models Using the Extended Mathematical Programming Framework

Author

Listed:
  • Bertrand Rioux
  • Abdullah Al Jarboua
  • Frederic Murphy
  • Axel Pierru

    (King Abdullah Petroleum Studies and Research Center)

Abstract

Standard economic optimization models represent markets in perfect competition. They are commonly used, though they may not accurately represent real-world policies and regulations. Equilibrium models built using a mixed complementarity problem (MCP) approach are capable of simulating more flexible pricing structures, including regulated prices. This approach can provide a more accurate representation of real-world economic systems. However, it is significantly more difficult to develop and requires more complex formulations, as well as advanced skill sets.

Suggested Citation

  • Bertrand Rioux & Abdullah Al Jarboua & Frederic Murphy & Axel Pierru, 2020. "Implementing Alternative Pricing Policies in Economic Equilibrium Models Using the Extended Mathematical Programming Framework," Methodology Papers ks--2020-mp01, King Abdullah Petroleum Studies and Research Center.
    • Handle: RePEc:prc:mpaper:ks--2020-mp01
    DOI: 10.30573/KS--2020MP01
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    File URL: https://www.kapsarc.org/research/publications/implementing-alternative-pricing-policies-in-economic-equilibrium-models-using-the-extended-mathematical-programming-framework/
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    Cited by:

    1. Rioux, Bertrand & Shabaneh, Rami & Griffiths, Steven, 2021. "An economic analysis of gas pipeline trade cooperation in the GCC," Energy Policy, Elsevier, vol. 157(C).

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