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Appears in Collections:Economics Working Papers
Peer Review Status: Unrefereed
Title: Econometric estimation of Armington import elasticities and their system-wide impact in a regional CGE model of the Illinois economy
Authors: Ha, Soo Jung
Turner, Karen
Hewings, Geoffrey
McGregor, Peter G
Swales, J Kim
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Citation: Ha SJ, Turner K, Hewings G, McGregor PG & Swales JK (2010) Econometric estimation of Armington import elasticities and their system-wide impact in a regional CGE model of the Illinois economy. Stirling Economics Discussion Paper, 2010-19. University of Stirling Management School.
Keywords: CGE models
parameter estimates
regional modeling
Armington import elasticities
JEL Code(s): C51
Issue Date: Dec-2010
Publisher: University of Stirling Management School
Series/Report no.: Stirling Economics Discussion Paper, 2010-19
Abstract: One of the main concerns associated with the development and use of regional CGE models is the determination of key parameter values, particularly substitution and other price elasticities. A common problem is the lack of appropriate regional data for econometric estimation. Consequently, it is important to identify key parameters that are likely to be important in determining quantitative results and then to prioritize these for estimation where appropriate data are available. In this paper, the focus is on the estimation of the regional trade (import) substitution parameters, which tend to be important in analysis for regional economies (given their openness to trade). Here, commodity import elasticities for the Illinois economy are estimated and tested in a single region CGE model of the Illinois economy. In our econometric estimation, we apply a model that takes account of market size and distance in estimating the substitutability between commodities produced in Illinois and other US states.
Type: Working or Discussion Paper
Affiliation: Korean Research Institute for Human Settlements
Univeristy of Illinois
University of Strathclyde
University of Strathclyde

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