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Market Equilibrium Computations in Activity Analysis Models

Author

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  • Roger D. Norton

    (University of New Mexico, Albuquerque, New Mexico)

  • Pasquale L. Scandizzo

    (The World Bank, Washington, D.C.)

Abstract

This paper shows how an approximate competitive market equilibrium may be computed as the solution to a linear programming model, when production possibilities are described by activity analysis vectors and demand functions are locally linear. Numerical examples show that the degree of approximation may be expected to be very small in many cases. Prices and quantities of goods and resources and also incomes are explicit in the primal. (The defining characteristics of a market equilibrium are written as primal constraints.) Linearizations of inherently nonlinear expressions are attained by use of grid linearizations and the associated interpolation variables.

Suggested Citation

  • Roger D. Norton & Pasquale L. Scandizzo, 1981. "Market Equilibrium Computations in Activity Analysis Models," Operations Research, INFORMS, vol. 29(2), pages 243-262, April.
    • Handle: RePEc:inm:oropre:v:29:y:1981:i:2:p:243-262
    DOI: 10.1287/opre.29.2.243
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    Cited by:

    1. Andrés Weintraub & Carlos Romero, 2006. "Operations Research Models and the Management of Agricultural and Forestry Resources: A Review and Comparison," Interfaces, INFORMS, vol. 36(5), pages 446-457, October.
    2. Pasquale Lucio Scandizzo & Maria Rita Pierleoni, 2018. "Assessing The Olympic Games: The Economic Impact And Beyond," Journal of Economic Surveys, Wiley Blackwell, vol. 32(3), pages 649-682, July.
    3. Ramirez, Jorge & Easter, K. William, 1991. "Modeling Policy Options For Irrigation Investment, Buffer Stock Levels And Foodgrain Imports In India," Staff Papers 13970, University of Minnesota, Department of Applied Economics.

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