کد مقاله کد نشریه سال انتشار مقاله انگلیسی نسخه تمام متن
5053610 1476516 2016 12 صفحه PDF دانلود رایگان
عنوان انگلیسی مقاله ISI
General equilibrium models with Morishima elasticities of substitution in production
ترجمه فارسی عنوان
مدل تعادل عمومی با اشکال مریشیمه جایگزینی در تولید
موضوعات مرتبط
علوم انسانی و اجتماعی اقتصاد، اقتصادسنجی و امور مالی اقتصاد و اقتصادسنجی
چکیده انگلیسی


- Constructs an analytical general equilibrium (AGE) model using the Morishima elasticity of substitution (MES) in production
- Demonstrates advantages of AGE models using the MES formulation
- Highlights the important special case of constant elasticity of substitution (CES) production

Analytical general equilibrium (AGE) models are important tools that economists use to answer questions about theory and policy. When a production function has three or more inputs, the traditional modeling technique employs Allen elasticities of substitution to represent general functional forms. This paper builds an analytical general equilibrium model using the Morishima elasticity of substitution (MES). Specifically, an existing model using Allen elasticities is reformulated to employ the MES and the new, closed-form solutions are interpreted with additional insights from the reformulation. Importantly, the special case of constant elasticity of substitution (CES) production follows directly when using Morishima elasticities, but not Allen elasticities. This paper also provides a general technique for switching from Allen to Morishima elasticities in any existing AGE model and demonstrates a one-to-one numerical equivalence regardless of the elasticity measure employed. Replicating prior results, plausible parameter values are applied to the reformulated model to analyze the source-side, distributional effects of a pollution tax and highlight how the Allen and Morishima elasticities differ.

ناشر
Database: Elsevier - ScienceDirect (ساینس دایرکت)
Journal: Economic Modelling - Volume 53, February 2016, Pages 266-277
نویسندگان
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