A path independent decomposition of the equivalent variation

Alexandre Gohin (alexandre.gohin@rennes.inra.fr)
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Alexandre Gohin: Department of Economics, INRA Rennes

Economics Bulletin, 2006, vol. 4, issue 6, 1-8

Abstract: This paper proposes a new decomposition of welfare effects simulated by Computable General Equilibrium (CGE) models. Rather than relying on first order approximations, our approach is based on Taylor series approximations of CGE specifications and thus is path independent. This decomposition is useful for explaining the effects of large economic shocks, like international trade agreements.

Keywords: computable; general; equilibrium; model (search for similar items in EconPapers)
JEL-codes: D5 F1 (search for similar items in EconPapers)
Date: 2006-02-01
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