Consistent Estimation of General Equilibrium Welfare Effects

Walter Thurman and Michael Wohlgenant ()

American Journal of Agricultural Economics, 1989, vol. 71, issue 4, 1041-1045

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.

Date: 1989
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Persistent link: https://EconPapers.repec.org/RePEc:oup:ajagec:v:71:y:1989:i:4:p:1041-1045.

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