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Welfare Analysis: Bridging the Partial and General Equilibrium Divide for Policy Analysis

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  • Farrow, Scott
  • Rose, Adam

Abstract

Advances in theoretical and computable general equilibrium modeling brought their conceptual foundations more in line with standard microeconomic constructs. This reduced the theoretical gap between welfare measurements using a partial or a general equilibrium approach. However, the separation of the partial and general equilibrium literatures lingers in many applications that this manuscript seeks to bridge. The now shared conceptual foundations, the importance of functional specification, the role of common price movements and closure rules are discussed. The continuing stricture in U.S. Government guidelines against including secondary effects in welfare measures is questioned.

Suggested Citation

  • Farrow, Scott & Rose, Adam, 2018. "Welfare Analysis: Bridging the Partial and General Equilibrium Divide for Policy Analysis," Journal of Benefit-Cost Analysis, Cambridge University Press, vol. 9(1), pages 67-83, April.
    • Handle: RePEc:cup:jbcoan:v:9:y:2018:i:01:p:67-83_00
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    Cited by:

    1. Adam Rose, 2022. "Behavioral Economic Consequences of Disasters: A Basis for Inclusion in Benefit–Cost Analysis," Economics of Disasters and Climate Change, Springer, vol. 6(2), pages 213-233, July.
    2. Sue Wing, Ian & Rose, Adam Z., 2020. "Economic consequence analysis of electric power infrastructure disruptions: General equilibrium approaches," Energy Economics, Elsevier, vol. 89(C).
    3. Shahirari, Siroos & Rashidi, Taha & Dixit, Vinayak & Robson, Edward, 2021. "Assessing economic benefits of transport projects using an integrated transport-CGE approach," Research in Transportation Economics, Elsevier, vol. 90(C).
    4. Novikova, Tatyana S., 2022. "Investments in research infrastructure on the project level: Problems, methods and mechanisms," Evaluation and Program Planning, Elsevier, vol. 91(C).
    5. Rose, Adam & Wei, Dan, 2020. "Impacts of the Property Assessed Clean Energy (PACE) program on the economy of California," Energy Policy, Elsevier, vol. 137(C).

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