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Extended Sensitivity Analysis for Applied General Equilibrium Models

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  • Christina Dawkins

Abstract

Previous sensitivity analysis procedures for applied general equilibrium models have focussed on the values of exogenously assigned elasticity parameters, while the calibrated parameters -those that are obtained from combining elasticity information with flow or stock data- have been largely ignored. Calibrated parameters are central to a model´s specification, and uncertainty surrounding their values affects the credibility of the model´s results. This paper introduces and illustrates a calibrated parameter sensitivity analysis (CPSA) which, when combined with previous elasticity sensitivity analysis procedures in an `extended sensitivity analysis´, allows modelers to undertake sensitivity analysis over the full set of model parameters.

Suggested Citation

  • Christina Dawkins, 2005. "Extended Sensitivity Analysis for Applied General Equilibrium Models," Revista de Economía del Rosario, Universidad del Rosario, December.
    • Handle: RePEc:col:000151:002704
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    File URL: http://revistas.urosario.edu.co/index.php/economia/article/view/1029/928
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    References listed on IDEAS

    as
    1. Shoven,John B. & Whalley,John, 1992. "Applying General Equilibrium," Cambridge Books, Cambridge University Press, number 9780521266550, September.
    2. 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.
    3. Wiese, Arthur M., 1995. "On the construction of the total accounts from the U.S. national income and product accounts: How sensitive are applied general equilibrium results to initial conditions?," Journal of Policy Modeling, Elsevier, vol. 17(2), pages 139-162, April.
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    Cited by:

    1. Joshua Elliott & Meredith Franklin & Ian Foster & Todd Munson & Margaret Loudermilk, 2012. "Propagation of Data Error and Parametric Sensitivity in Computable General Equilibrium Models," Computational Economics, Springer;Society for Computational Economics, vol. 39(3), pages 219-241, March.

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    More about this item

    Keywords

    Sensitivity Analysis; Calibration;

    JEL classification:

    • C63 - Mathematical and Quantitative Methods - - Mathematical Methods; Programming Models; Mathematical and Simulation Modeling - - - Computational Techniques

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