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Applied General Equilibrium Modelling: Achievement, Failure and Potential


  • Peter B. Dixon


Over the last twenty years, applied general equilibrium models (AGEMs) have provided useful insights on the likely effects of disturbances in one part of the economy on activity in other parts; e.g. the effects of changes in manufacturing protection on exports of mineral products. On the other hand, AGEM-based analyses of the welfare effects of proposed policy changes have been unconvincing. Nor have forecasts derived from AGE models provided satisfactory guidance to people concerned with investment and other business decisions. This paper explains these views and discusses the research required to move AGE modelling closer to its full potential.

Suggested Citation

  • Peter B. Dixon, 1994. "Applied General Equilibrium Modelling: Achievement, Failure and Potential," Centre of Policy Studies/IMPACT Centre Working Papers g-106, Victoria University, Centre of Policy Studies/IMPACT Centre.
  • Handle: RePEc:cop:wpaper:g-106

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    References listed on IDEAS

    1. Peter B. Dixon, 1986. "Prospects for Australian Industries and Occupations, 1985 to 1990," Australian Economic Review, The University of Melbourne, Melbourne Institute of Applied Economic and Social Research, vol. 19(1), pages 3-28.
    2. Daina McDonald & Peter B. Dixon, 1988. "The Australian Economy: 1987-88 and 1988-89," Australian Economic Review, The University of Melbourne, Melbourne Institute of Applied Economic and Social Research, vol. 21(2), pages 3-26.
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    JEL classification:

    • 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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