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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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  • Kokoski, Mary F & Smith, V Kerry, 1987. "A General Equilibrium Analysis of Partial-Equilibrium Welfare Measures: The Case of Climate Change," American Economic Review, American Economic Association, vol. 77(3), pages 331-341, June.
  • Handle: RePEc:aea:aecrev:v:77:y:1987:i:3:p:331-41
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    Cited by:

    1. Wei, Yi-Ming & Mi, Zhi-Fu & Huang, Zhimin, 2015. "Climate policy modeling: An online SCI-E and SSCI based literature review," Omega, Elsevier, vol. 57(PA), pages 70-84.
    2. Adam Rose, 2015. "Macroeconomic consequences of terrorist attacks: estimation for the analysis of policies and rules," Chapters,in: Benefit–Cost Analyses for Security Policies, chapter 8, pages 172-200 Edward Elgar Publishing.
    3. 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 (S (ed.), General Equilibrium Models for the Chilean Economy, edition 1, volume 9, chapter 1, pages 001-027 Central Bank of Chile.
    4. V. Kerry Smith & Min Qiang Zhao, 2016. "Evaluating Economy-Wide Benefit Cost Analyses," NBER Working Papers 22769, National Bureau of Economic Research, Inc.
    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, Springer;European Association of Environmental and Resource Economists, vol. 1(3), pages 289-312, September.
    6. Ning An & Paul J. Thomassin, 2016. "The Economic Impact of Climate Change on Cash Crop Farms in Québec and Ontario," CIRANO Working Papers 2016s-31, CIRANO.
    7. 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.
    8. Kerry Smith, V. & Sieg, Holger & Spencer Banzhaf, H. & Walsh, Randall P., 2004. "General equilibrium benefits for environmental improvements: projected ozone reductions under EPA's Prospective Analysis for the Los Angeles air basin," Journal of Environmental Economics and Management, Elsevier, vol. 47(3), pages 559-584, May.
    9. An, Ning & Thomassin, Paul J., 2015. "The economic impact of climate change on cash crop farms in Quebec and Ontario," 2015 AAEA & WAEA Joint Annual Meeting, July 26-28, San Francisco, California 205702, Agricultural and Applied Economics Association;Western Agricultural Economics Association.
    10. Douglas A. Irwin, 1998. "The Smoot-Hawley Tariff: A Quantitative Assessment," The Review of Economics and Statistics, MIT Press, vol. 80(2), pages 326-334, May.
    11. Runar Brännlund & Bengt Kriström, 1993. "Assessing the impact of environmental charges a partial general equilibrium model of the forest sector," Environmental & Resource Economics, Springer;European Association of Environmental and Resource Economists, vol. 3(3), pages 297-312, June.
    12. Aradhyula, Satheesh Venkata, 1989. "Policy structure, output supply and input demand for US crops," ISU General Staff Papers 198901010800009909, Iowa State University, Department of Economics.
    13. Patrick Point, 1992. "Les services rendus par le patrimoine naturel : une évaluation fondée sur des principes économiques," Économie et Statistique, Programme National Persée, vol. 258(1), pages 11-18.
    14. Narayanan, Badri & Thomas Hertel & Mark Horridge, 2010. "Linking Partial and General Equilibrium Models: A GTAP Application Using TASTE," GTAP Technical Papers 3192, Center for Global Trade Analysis, Department of Agricultural Economics, Purdue University.

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