Assessing global computable general equilibrium model validity using agricultural price volatility

dc.contributor.author	Valenzuela, E.
dc.contributor.author	Hertel, T.
dc.contributor.author	Keeney, R.
dc.contributor.author	Reimer, J.
dc.date.issued	2007
dc.description.abstract	<jats:p>Computable General Equilibrium (CGE) models are commonly used for global agricultural market analysis. Concerns are sometimes raised, however, about the quality of their output since key parameters may not be econometrically estimated and little emphasis is generally given to model assessment. This article addresses the latter issue by developing an approach to validating CGE models based on the ability to reproduce observed price volatility in agricultural markets. We show how patterns in the deviations between model predictions and validation criteria can be used to identify the weak points of a model and guide development of improved specifications with firmer empirical foundations.</jats:p>
dc.description.statementofresponsibility	Ernesto Valenzuela, Thomas W. Hertel, Roman Keeney and Jeffrey J. Reimer
dc.identifier.citation	American Journal of Agricultural Economics, 2007; 89(2):383-397
dc.identifier.doi	10.1111/j.1467-8276.2007.00977.x
dc.identifier.issn	0002-9092
dc.identifier.issn	1467-8276
dc.identifier.uri	http://hdl.handle.net/2440/46571
dc.language.iso	en
dc.publisher	Blackwell Publishers
dc.source.uri	https://doi.org/10.1111/j.1467-8276.2007.00977.x
dc.title	Assessing global computable general equilibrium model validity using agricultural price volatility
dc.type	Journal article
pubs.publication-status	Published

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