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Kiel Institute for World Economics Kiel Working Papers, Kiel Institute for World Economics

No 907:
Comments on the Harrison-Rutherford-Tarr CGE Model with Imperfect Competition and Increasing Returns to Scale

Roberto A. DeSantis

Abstract: Harrison, Rutherford and Tarr (1997) use a multiregional Computable General Equilibrium (CGE) model with a CES multistage demand system, imperfect competition, increasing returns to scale (IRS), and two endogenous price elasticities of demand perceived by a firm in each national market, in order to quantify the reforms of the Uruguay Round, when firms compete in a quantity setting oligopoly with constant conjectures. This paper argues that the derivation of the price markups is based on two incorrect assumptions, which might affect their empirical results, especially on output and welfare.

Keywords: Price markup and CGE analysis.; (follow links to similar papers)

JEL-Codes: D43; D58; (follow links to similar papers)

18 pages, February 1999

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