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Consistent Estimation of General Equilibrium Welfare Effects

Author

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  • Walter N. Thurman
  • Michael K. Wohlgenant

Abstract

A general equilibrium demand curve is appropriate for measuring the surplus changes in several markets induced by a policy intervention in one market. Guidelines for the identification and consistent estimation of such a demand curve are discussed. Specifically, conditions are stated under which the dropping of prices of related goods yields a consistent estimate of the slope of the general equilibrium demand curve. Also, a method similar to Leamer's is proposed to provide consistent bounds for the general equilibrium demand slope when the slope is underidentified.

Suggested Citation

  • Walter N. Thurman & Michael K. Wohlgenant, 1989. "Consistent Estimation of General Equilibrium Welfare Effects," American Journal of Agricultural Economics, Agricultural and Applied Economics Association, vol. 71(4), pages 1041-1045.
    • Handle: RePEc:oup:ajagec:v:71:y:1989:i:4:p:1041-1045.
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    File URL: http://hdl.handle.net/10.2307/1242680
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    Cited by:

    1. Fabio Santeramo, 2015. "A cursory review of the identification strategies," Agricultural and Food Economics, Springer;Italian Society of Agricultural Economics (SIDEA), vol. 3(1), pages 1-8, December.
    2. Bullock, David S. & Salhofer, Klaus, 2003. "Judging agricultural policies: a survey," Agricultural Economics, Blackwell, vol. 28(3), pages 225-243, May.
    3. Walter N. Thurman, 1993. "The Welfare Significance and Nonsignificance of General Equilibrium Demand and Supply Curves," Public Finance Review, , vol. 21(4), pages 449-469, October.
    4. Jean-Paul Chavas & Thomas L. Cox, 1997. "On Market Equilibrium Analysis," American Journal of Agricultural Economics, Agricultural and Applied Economics Association, vol. 79(2), pages 500-513.
    5. K. Salhofer, 1996. "Efficient income redistribution for a small country using optimal combined instruments," Agricultural Economics, International Association of Agricultural Economists, vol. 13(3), pages 191-199, February.
    6. Piggott, Roley R., 1992. "Some Old Truths Revisited," Australian Journal of Agricultural Economics, Australian Agricultural and Resource Economics Society, vol. 36(2), pages 1-24, August.
    7. Santeramo, Fabio Gaetano, 2014. "On the Estimation of Supply and Demand Elasticities of Agricultural Commodites," MPRA Paper 56126, University Library of Munich, Germany.
    8. Jean Paul CHAVAS & Thomas L. COX, 1996. "Abstract Of On Market Equilibrium Analysis," Staff Papers 393, University of Wisconsin Madison, AAE.
    9. Dimitrios Dadakas & Stelios D. Katranidis, 2010. "The Effects of Trade Liberalization in Textiles and Clothing on the Greek Market for Cotton Yarn: A Multi‐Market Analysis," Review of International Economics, Wiley Blackwell, vol. 18(1), pages 138-152, February.
    10. Herrmann, Roland & Schenck, Patricia & Wiebelt, Manfred, 1990. "On the measurement of agricultural protection: how price uncertainty and limited substitution matter," Kiel Working Papers 414, Kiel Institute for the World Economy (IfW Kiel).
    11. Brester, Gary W. & Lhermite, Pascale & Goodwin, Barry K. & Hunt, Melvin C., 1993. "Quantifying The Effects Of New Product Development: The Case Of Low-Fat Ground Beef," Journal of Agricultural and Resource Economics, Western Agricultural Economics Association, vol. 18(2), pages 1-12, December.
    12. Alston, Julian M., 1991. "Research Benefits in a Multimarket Setting: A Review," Review of Marketing and Agricultural Economics, Australian Agricultural and Resource Economics Society, vol. 59(01), pages 1-30, April.
    13. Bullock, David S. & Dadakas, Dimitrios & Katranidis, Stelios D., 2009. "Measuring the Effects of Technology Change in Multiple Markets : Application to the Greek Cotton Yarn Industry," MPRA Paper 67204, University Library of Munich, Germany, revised 2012.
    14. David S. Bullock & Klaus Salhofer & Jukka Kola, 1999. "The Normative Analysis of Agricultural Policy: A General Framework and Review," Journal of Agricultural Economics, Wiley Blackwell, vol. 50(3), pages 512-535, September.

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