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A 'Live' Version of the Specific Factors Model in Excel

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Abstract

We present a numerical version of the specific factors model of production/trade in a small economy, built in Excel. The model features the most common graphical devices used to explain the model properties. It differs from earlier work in that the solution is embedded in the sheet, making the use of the Solver add-in unnecessary. The equilibrium values and graphics respond instantly to changes in parameters/exogenous variables. The model can be used to demonstrate the usual properties (price-factor price relations, etc.) of the specific factors model.

Suggested Citation

  • John Gilbert, 2009. "A 'Live' Version of the Specific Factors Model in Excel," Working Papers 200906, Utah State University, Department of Economics and Finance, revised 11 Oct 2009.
    • Handle: RePEc:uth:wpaper:200906
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    File URL: https://repec.bus.usu.edu/RePEc/uth/wpaper/DEFWP2009-06.pdf
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    References listed on IDEAS

    as
    1. John Gilbert & Reza Oladi, 2011. "Excel Models for International Trade Theory and Policy: An Online Resource," The Journal of Economic Education, Taylor & Francis Journals, vol. 42(1), pages 95-95, January.
    2. John Gilbert, 2009. "A 'Live' Version of the HOS Model in Excel," Working Papers 2009-02, Utah State University, Department of Economics, revised 10 Jun 2009.
    3. Soumaya M. Tohamy & J. Wilson Mixon, 2003. "Lessons from the Specific Factors Model of International Trade," The Journal of Economic Education, Taylor & Francis Journals, vol. 34(2), pages 139-150, January.
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    More about this item

    Keywords

    Specific factors model; Excel;

    JEL classification:

    • A2 - General Economics and Teaching - - Economic Education and Teaching of Economics
    • D5 - Microeconomics - - General Equilibrium and Disequilibrium
    • F1 - International Economics - - Trade

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