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Solution Software for Computable General Equilibrium Modeling

Author

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  • Horridge, Mark
  • Meeraus, Alex
  • Pearson, Ken
  • Rutherford, Thomas F.

Abstract

We describe the progress of computable general equilibrium (CGE) modeling software since the 1980s and contrast the main systems used today: GAMS, MPSGE and GEMPACK. The development of these general-purpose modeling systems has underpinned rapid growth in the use of CGE models, and allowed models to be shared and their results replicated. We show how a very simple model may be implemented and solved in all three systems. We note that they produce the same numerical results but have different strengths. We conclude by considering some challenges for the future.

Suggested Citation

  • Horridge, Mark & Meeraus, Alex & Pearson, Ken & Rutherford, Thomas F., 2013. "Solution Software for Computable General Equilibrium Modeling," Handbook of Computable General Equilibrium Modeling, Elsevier.
  • Handle: RePEc:eee:hacchp:v:1:y:2013:i:c:p:1331-1381
    DOI: 10.1016/B978-0-444-59568-3.00020-1
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    References listed on IDEAS

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    1. Hertel, Thomas W. & Mark Horridge, J. & Pearson, K. R., 1992. "Mending the family tree a reconciliation of the linearization and levels schools of AGE modelling," Economic Modelling, Elsevier, vol. 9(4), pages 385-407, October.
    2. W. Jill Harrison & J. Mark Horridge & K.R. Pearson, 2000. "Decomposing Simulation Results with Respect to Exogenous Shocks," Computational Economics, Springer;Society for Computational Economics, vol. 15(3), pages 227-249, June.
    3. Edward A. Hudson & Dale W. Jorgenson, 1974. "U.S. Energy Policy and Economic Growth, 1975-2000," Bell Journal of Economics, The RAND Corporation, vol. 5(2), pages 461-514, Autumn.
    4. Meeraus, Alexander, 1983. "An algebraic approach to modeling," Journal of Economic Dynamics and Control, Elsevier, vol. 5(1), pages 81-108, February.
    5. Pearson, K. R., 1988. "Automating the computation of solutions of large economic models," Economic Modelling, Elsevier, vol. 5(4), pages 385-395, October.
    6. Shoven, John B. & Whalley, John, 1972. "A general equilibrium calculation of the effects of differential taxation of income from capital in the U.S," Journal of Public Economics, Elsevier, vol. 1(3-4), pages 281-321, November.
    7. Böhringer, Christoph & Rutherford, Thomas F., 2000. "Decomposing the cost of Kyoto: a global CGE analysis of multilateral policy impacts," ZEW Discussion Papers 00-11, ZEW - Zentrum für Europäische Wirtschaftsforschung / Center for European Economic Research.
    8. Herbert E. Scarf, 1967. "On the Computation of Equilibrium Prices," Cowles Foundation Discussion Papers 232, Cowles Foundation for Research in Economics, Yale University.
    9. Taylor, Lance & Black, Stephen L., 1974. "Practical general equilibrium estimation of resource pulls under trade liberalization," Journal of International Economics, Elsevier, vol. 4(1), pages 37-58, April.
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    Citations

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    Cited by:

    1. Bohlmann, Jessika & Bohlmann, Heinrich & Inglesi-Lotz, Roula & van Heerden, Jan, 2016. "An economy-wide evaluation of new power generation in South Africa: The case of Medupi and Kusile," Energy Policy, Elsevier, vol. 97(C), pages 450-460.
    2. Brita Bye & Taran Fæhn & Orvika Rosnes, 2015. "Residental energy efficiency and European carbon policies A CGE-analysis with bottom-up information on energy efficiency technologies," Discussion Papers 817, Statistics Norway, Research Department.

    More about this item

    Keywords

    CGE; software; GAMS; GEMPACK; MPSGE;

    JEL classification:

    • C63 - Mathematical and Quantitative Methods - - Mathematical Methods; Programming Models; Mathematical and Simulation Modeling - - - Computational Techniques
    • C68 - Mathematical and Quantitative Methods - - Mathematical Methods; Programming Models; Mathematical and Simulation Modeling - - - Computable General Equilibrium Models
    • D58 - Microeconomics - - General Equilibrium and Disequilibrium - - - Computable and Other Applied General Equilibrium Models

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