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Integrated Model of Computable General Equilibrium and Social Cost Benefit Analysis of an Indian Oil Refinery: Future Projections and Macroeconomic Effects

Author

Listed:
  • Shovan Ray

  • A. Ganesh-Kumar
  • Sumana Chaudhuri

Abstract

Social Cost Benefit Analysis has long been used as a useful tool to appraise the value of a range of investment projects. Various aspects of this method have been subject to scrutiny over the decades. Other aspects concerning financial flows and appropriate ‘shadow prices’ have also undergone considerable attention. This study, a sequel to a paper that ignores such macro-aggregative benefits, examines the costs and benefits of Vadinar refinery in Gujarat with a focus on this welfare dimension on society for the project. The study allows for this large-scale benefit accrual and examines the net economic benefit of refining at Vadinar by Essar Oil to the region. The framework thus explores a methodological breakthrough in SCBA studies. SCBA when combined with CGE as an analytical tool can be gainfully employed to appraise or evaluate large-scale projects like oil refineries, especially when they make a splash with their mega-sizes as the Essar Oil refinery is. [WP-2016-024]

Suggested Citation

  • Shovan Ray & A. Ganesh-Kumar & Sumana Chaudhuri, 2016. "Integrated Model of Computable General Equilibrium and Social Cost Benefit Analysis of an Indian Oil Refinery: Future Projections and Macroeconomic Effects," Working Papers id:11381, eSocialSciences.
    • Handle: RePEc:ess:wpaper:id:11381
    Note: Institutional Papers
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    Cited by:

    1. Sumana Chaudhuri & Shovan Ray & Ganesh-Kumar, 2018. "Integrated Model of Computable General Equilibrium and Social Cost Benefit Analysis of an Indian Oil Refinery: Future Projections and Macroeconomic Effects," Journal of Infrastructure Development, India Development Foundation, vol. 10(1-2), pages 96-125, June.
    2. Oliveira, André & Couto, Gualter & Pimentel, Pedro, 2025. "Currents of change: Social-environmental valuation of electric ships for sustainable passenger transport," Economics of Transportation, Elsevier, vol. 42(C).

    More about this item

    Keywords

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    JEL classification:

    • B41 - Schools of Economic Thought and Methodology - - Economic Methodology - - - Economic Methodology
    • C51 - Mathematical and Quantitative Methods - - Econometric Modeling - - - Model Construction and Estimation
    • C52 - Mathematical and Quantitative Methods - - Econometric Modeling - - - Model Evaluation, Validation, and Selection
    • C53 - Mathematical and Quantitative Methods - - Econometric Modeling - - - Forecasting and Prediction Models; Simulation Methods
    • C54 - Mathematical and Quantitative Methods - - Econometric Modeling - - - Quantitative Policy Modeling
    • C55 - Mathematical and Quantitative Methods - - Econometric Modeling - - - Large Data Sets: Modeling and Analysis
    • D50 - Microeconomics - - General Equilibrium and Disequilibrium - - - General
    • D58 - Microeconomics - - General Equilibrium and Disequilibrium - - - Computable and Other Applied General Equilibrium Models
    • D60 - Microeconomics - - Welfare Economics - - - General
    • D61 - Microeconomics - - Welfare Economics - - - Allocative Efficiency; Cost-Benefit Analysis

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