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On the effects of technology improvements in multi-market models: Theory and evidence

Dimitrios Dadakas (), Stelios Katranidis () and David Bullock ()

Discussion Paper Series from Department of Economics, University of Macedonia

Abstract: The purpose of this paper is to develop the methodology that allows the inclusion of a technology variable in multi-market welfare models. We compare the price induced welfare effects obtained from a multimarket technology-inclusive model, a multimarket technology-exclusive model and a single-market model. An application to the Greek cotton market shows that the omission of the effects of technology biases the estimated welfare effects. Moreover, welfare estimates from the multi-market approach carry superior statistical properties than estimates obtained from the single-market approach.

Keywords: Multi-Market; Single Market; Technology; Bootstrap; Trade Liberalization. (search for similar items in EconPapers)
JEL-codes: D6 F1 C0 (search for similar items in EconPapers)
Date: 2009-03, Revised 2009-03
New Economics Papers: this item is included in nep-agr
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