By Peter B. Dixon, Mark Horridge, David T. Johnson (auth.), Professor Dr. John Piggott, Professor Dr. John Whalley (eds.)
Over the final twenty years, utilized normal equilibrium (AGE) modelling has constructed from a small educational examine application right into a normally used coverage overview instrument. significant governments and foreign companies preserve AGE study teams, and speak to for his or her enter to numerous exchange, tax, and different source allocation concerns. This e-book is a set of papers consultant of contemporary task during this box. Contributions were grouped right into a methodological part, a alternate part, and a piece on strength matters, and this department appropriately exhibits the point of interest of the quantity. Readers will therefore have entry to brand new options and effects at present getting used by means of researchers on the vanguard of the examine program.
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Both taxes and transactions of all economic agents specified in the model appear in these data. A units convention is used to separate these equilibrium data observations in value terms into separate price and quantity data. With functional forms chosen for production and demand (utility) functions, parameters are then generated which will reproduce the observed benchmark equilibrium under an unchanged tax and expenditure regime (see Mansur and Whalley (1984)). In calibrating the model, we assume a benchmark equilibrium in which the sum of the marginal rates of substitution across households equals the ratio of producer prices for private and public goods in the presence of the 1972-73 Australian tax/subsidy system.
Does optimal provision change as the income distribution changes, and if so how? Theoretical research has stressed the conditions under which the optimum is independent of the distribution of income. Samuelson (1954) showed that independence is guaranteed when the preferences of all consumers are quasi-linear, a restrictive condition, since quasi-linearity implies zero income elasticity of demand for public goods, a property rejected by empirical evidence. More recently, Bergstrom and Comes (1983) have formally derived both the necessary and sufficient conditions for in- We wish to acknowledge finanical support from the ARGS and the Reserve Bank of Australia.
USA. 26 J. Piggott and J. Whalley dependence. While the Bergstrom-Comes conditions admit a broader class of preferences than those allowed by quasi-linearity, they remain highly restrictive. 3 Here we focus on numerical analysis of more policy relevant concerns. Specifically, to what extent is a given redistribution of income likely to affect the optimal level of public good supply? And are the welfare costs of not adjusting the level at which public goods are provided when the income distribution changes significant?