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Constraining Output Responses in Long-run Closures of ORANI: Some Suggestions

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  • Horridge, Mark
  • Powell, Alan
  • Wilcoxen, Peter

Abstract

In long-run closures of the ORANI model of the Australian economy, the responses of endogenous exporting industries other than agriculture (which is characterized by the fixity of the land base) can be very large. The main.industries exhibiting such behaviour are in the mining sector. If this behaviour is seen as implausible, then some aspects of the model's structural-form equations, database, parameter file. or closure, must be altered. In this paper we canvass the alternatives, concentrating on the industries' supply curves. We give details of a proposal which we believe gives the best prospects for constraining long-run supply elasticities in an orderly and interpretable manner.

Suggested Citation

  • Horridge, Mark & Powell, Alan & Wilcoxen, Peter, 1990. "Constraining Output Responses in Long-run Closures of ORANI: Some Suggestions," Impact Project Archive 295210, Impact Research Centre, University of Melbourne.
    • Handle: RePEc:ags:ircipa:295210
    DOI: 10.22004/ag.econ.295210
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    File URL: https://ageconsearch.umn.edu/record/295210/files/melbourne063.pdf
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    References listed on IDEAS

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    1. Wilcoxen, Peter, 1989. "Intertemporal Optimization in General Equilibrium: A Practical Introduction," Impact Project Archive 295061, Impact Research Centre, University of Melbourne.
    2. Wilcoxen, Peter J., 1993. "Supply elasticities in the presence of adjustment costs," Journal of Policy Modeling, Elsevier, vol. 15(1), pages 91-97, February.
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    Cited by:

    1. McLaren, Keith, 1991. "The USe of Adjustment Cost Investment Models in Intertemporal Computable General Equilibrium Models," Impact Project Archive 295064, Impact Research Centre, University of Melbourne.

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