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The IMAGE CGE Model: Understanding the Model Structure, Code and Solution Methods

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  • Ronnie O'Toole
  • Alan Matthews

Abstract

This working paper details the structure, code and solution methods for IMAGE, which is an acronym of "Irish Model of Agriculture, General Equilibrium". The IMAGE model is based on the widely known ORANI model (Dixon et al. 1982) of the Australian economy. The model has a theoretical structure that is typical of many CGE (Computable General Equilibrium) models. It is a static model, as it does not have any mechanism for the accumulation of capital. It is based entirely on the assumption of perfect competition, with no individual buyer or seller being able to influence price. Demand and supply equations are derived from the solution of optimisation problems (e.g. profit or utility maximization) for private sector agents. The model allows for multiple household types, export destinations, land types and labour occupations.

Suggested Citation

  • Ronnie O'Toole & Alan Matthews, 2002. "The IMAGE CGE Model: Understanding the Model Structure, Code and Solution Methods," Trinity Economics Papers 20029, Trinity College Dublin, Department of Economics.
  • Handle: RePEc:tcd:tcduee:20029
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    File URL: http://www.tcd.ie/Economics/TEP/2002_papers/tepno9RT22.PDF
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    References listed on IDEAS

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    1. Shoven, John B & Whalley, John, 1984. "Applied General-Equilibrium Models of Taxation and International Trade: An Introduction and Survey," Journal of Economic Literature, American Economic Association, vol. 22(3), pages 1007-1051, September.
    2. Herbert E. Scarf, 1967. "On the Computation of Equilibrium Prices," Cowles Foundation Discussion Papers 232, Cowles Foundation for Research in Economics, Yale University.
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    Cited by:

    1. Grealis, Eoin & O’Donoghue, Cathal, 2015. "The Economic Impact of the Irish Bio-Economy: Development and Uses," Research Reports 210704, Socio-Economic Marine Research Unit, National University of Ireland, Galway.
    2. Wang, Dong & Parton, Kevin A. & Deblitz, Claus, 2008. "Impact of potential dairy-beef production on China's beef supply, demand and international trade," Australasian Agribusiness Review, University of Melbourne, Melbourne School of Land and Environment, vol. 16.
    3. Antonella Finizia & Riccardo Magnani & Federico Perali & Paolo Polinori, 2005. "The Meg-Ismea Model for Analysis of Italy’s Agricultural Policies," QA - Rivista dell'Associazione Rossi-Doria, Associazione Rossi Doria, issue 4, November.
    4. Dixon, Janine & Matthews, Alan, 2006. "Impact of the 2003 Mid-Term Review of the Common Agricultural Policy," Quarterly Economic Commentary: Special Articles, Economic and Social Research Institute (ESRI), vol. 2006(1-Spring), pages 1-17.

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