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GTAP Resource #4970

"Modeling the Economy-Wide Costs of Non-Price Based Environmental Policies in an Applied General Equilibrium Framework"
by Garbaccio, Richard, Alex Marten, Ann Wolverton and et al.

The social cost of air regulations has been measured using many different types of models. In this paper, we explore the use of computable general equilibrium (CGE) models to measure the social cost of policies that seek to reduce pollution emissions and improve air quality. A key focus of this exercise is providing insight into the additional information that may (or may not) be gleaned from a general equilibrium approach in practice, relative to partial equilibrium and engineering approaches, given the complex and non-price nature of most air regulations. Specifically, we explore the sensitivity of social cost estimates to key information limitations, regulatory design variations, and CGE model attributes using a detailed CGE model of the United States. Air regulations are often complex and vary widely with respect to the types of pollution addressed, sectoral and geographic scope, regulatory design, stringency, types of benefits and costs, and other dimensions. A number of these regulatory attributes are likely to influence the estimates of social cost. We provide qualitative and quantitative assessments of how these additional complexities can be introduced into a CGE model and in which cases they may impact ex ante social cost estimates to the point where practitioners should pay particular attention in applied analyses.

Resource Details (Export Citation) GTAP Keywords
Category: 2016 Conference Paper
Status: Published
By/In: Presented at the 19th Annual Conference on Global Economic Analysis, Washington DC, USA
Date: 2016
Created: Garbaccio, R. (4/14/2016)
Updated: Wolverton, A. (4/15/2016)
Visits: 852
- Domestic policy analysis
- North America

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