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Designing Efficient Policies in a Regional Economy. A MCDM-CGE Approach

Since policy makers usually pursue several conflicting objectives, policy making can be understood as a multicriteria decision problem. Following the methodological proposal in André and Cardenete (2005), we use multiobjective programming in connection with a computable general equilibrium model to represent optimal policy making and to get so-called efficient policies in an application to a regional economy (Andalusia, Spain). We illustrate the solution of two bicriteria problems (unemployment vs. inflation and growth vs. unemployment) from which we get a new reading of two classical results: the Phillips curve and the Okun law. Finally, we enlarge the scope of the exercise by solving a problem with five objectives and discuss the efficient solutions that can be obtained in this context.

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Paper provided by Centro de Estudios Andaluces in its series Economic Working Papers at Centro de Estudios Andaluces with number E2006/03.

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Length: 28 pages
Date of creation: 2006
Date of revision:
Handle: RePEc:cea:doctra:e2006_03
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  1. Francisco J. André & M. Alejandro Cardenete, 2004. "Performing an Environmental Tax Reform in a Regional Economy: A Computable General Equilibrium Approach," Computing in Economics and Finance 2004 115, Society for Computational Economics.
  2. repec:cup:cbooks:9780521266550 is not listed on IDEAS
  3. Kehoe, Timothy J & Polo, Clemente & Sancho, Ferran, 1995. "An Evaluation of the Performance of an Applied General Equilibrium Model of the Spanish Economy," Economic Theory, Springer, vol. 6(1), pages 115-41, June.
  4. M. Alejandro Cardenete & Ferran Sancho, 2002. "An Applied General Equilibrium Model to Assess the Impact of National Tax Changes on a Regional Economy," Economic Working Papers at Centro de Estudios Andaluces E2002/13, Centro de Estudios Andaluces.
  5. repec:cup:cbooks:9780521319867 is not listed on IDEAS
  6. Francisco J. André & Manuel Alejandro Cardenete, 2005. "Multicriteria Policy Making. Defining Efficient Policies in a General Equilibrium Model," Economic Working Papers at Centro de Estudios Andaluces E2005/04, Centro de Estudios Andaluces.
  7. Mas-Colell, Andreu & Whinston, Michael D. & Green, Jerry R., 1995. "Microeconomic Theory," OUP Catalogue, Oxford University Press, number 9780195102680, March.
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