Computable general equilibrium

Computable general equilibrium (CGE) models are a class of economic model that use actual economic data to estimate how an economy might react to changes in policy, technology or other external factors.

Overview
A CGE model consists of (a) equations describing model variables and (b) a database (usually very detailed) consistent with the model equations. The equations tend to be neo-classical in spirit, often assuming cost-minimizing behaviour by producers, average-cost pricing, and household demands based on optimizing behaviour. However, most CGE models conform only loosely to the theoretical general equilibrium paradigm. For example, they may allow for:

non-market clearing, especially for labour (unemployment) or for commodities (inventories)
imperfect competition (eg, monopoly pricing)
demands not influenced by price (eg, government demands)
a range of taxes
externalities, such as pollution
A CGE model database consists of: CG equilibrium

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Computable general equilibrium

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