GTAP Resources: Resource Display
| GTAP Resource #2507 |
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"Mending the Family Tree: A Reconciliation of the Linearization and Levels Schools of CGE Modelling" by Hertel, Thomas, Mark Horridge and Ken Pearson Abstract A revised version of this paper was published in Economic Modelling, Vol. 9 (1992), pp. 385-407 . Abstract This paper offers a critical comparison between the North American levels school of applied general equilibrium modelling and the Norwegian/Australian school of linearizers. The paper develops both the levels and linearized representations of a neoclassical, multiregion trade model. This development is used to focus attention on similarities and differences between the two schools. The main conclusions are as follows. * The method used to solve applied general equilibrium models is not really the issue - the solution method used has become short-hand for a host of cultural differences reflecting the orientation of the two groups. * Levels or linearized versions of models are equally valid representations. Either representation is a natural starting point for obtaining accurate solutions of the model. * Linearized versions ofter aid transparency in explaining the mechanisms at work in a model. * In view of recent developments with the GEMPACK software suite, it is no longer necessary for linearizers to settle for solutions containing linearization errors. * The two schools have a great deal in common and both would benefit from greater cooperation. |
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- Software and modeling tools - Calibration and parameter estimation |
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Public Access  GTAP Resource 2507 (1.8 MB) Replicated: 0 time(s)Restricted Access No documents have been attached. Special Instructions No instructions have been specified. |
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Last Modified: 9/15/2023 2:05:45 PM
