Multicriteria Policy Making. Defining Efficient Policies in a General Equilibrium Model

Francisco J. André () and M. Alejandro Cardenete ()

No E2005/04, Economic Working Papers at Centro de Estudios Andaluces from Centro de Estudios Andaluces

Abstract: We propose to model policy making as a multicriteria problem and solve it using suitable multicriteria techniques in connection with some structural economic model to represent optimal policy making and to get useful policy recommendations. By using a multiobjective approach combined with a Computable General Equilibrium model, we propose the concept of efficient policy and calculate the set of efficient policies for the Spanish economy in an empirical exercise. This approach allows us to quantify the trade-off between growth and inflation, to measure the efficiency of the actually applied fiscal policy and to get some plausible modifications that could foster policy efficiency in practice.

Keywords: Public Policy; Multicriteria Decision Making; Efficient Frontier; Computable General Equilibrium Model. (search for similar items in EconPapers)
JEL-codes: C61 C68 D78 (search for similar items in EconPapers)
Date: 2005
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Persistent link: http://EconPapers.repec.org/RePEc:cea:doctra:e2005_04

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