Journal Article

Evaluating the Market and Welfare Impacts of Agricultural Policies in Developed Countries: Comparison of Partial and General Equilibrium Measures

Alexandre Gohin and GianCarlo Moschini

in Applied Economic Perspectives and Policy

Published on behalf of Agricultural and Applied Economics Association

Volume 28, issue 2, pages 195-211
Published in print January 2006 | ISSN: 2040-5790
Published online January 2006 | e-ISSN: 2040-5804 | DOI: https://dx.doi.org/10.1111/j.1467-9353.2006.00281.x
Evaluating the Market and Welfare Impacts of Agricultural Policies in Developed Countries: Comparison of Partial and General Equilibrium Measures

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  • General Equilibrium and Disequilibrium
  • Agricultural Economics

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We revisit the question of choosing partial equilibrium or general equilibrium modeling in applied policy analysis in the context of evaluating the effects of a complete phase-out of the Common Agricultural Policy (CAP) of the European Union. We compare the results of three models—two three-sector general equilibrium models (one with an additional major distortion in the nonagricultural sector) and a two-sector partial equilibrium model. We find that the market effects of a complete phase-out of the CAP are quite comparable across these models. On the other hand, the measured welfare impacts may depend on the modeling choice.

Keywords: D580; Q180

Journal Article.  7078 words. 

Subjects: General Equilibrium and Disequilibrium ; Agricultural Economics

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