Modeling two countries in one database
#5
See the main Documentation, Part I, page 11:

"TIMES, like most equilibrium models, assumes competitive markets for all commodities. The result is a supply-demand equilibrium that maximizes the net total surplus (i.e. the sum of producers’ and consumers’ surpluses) as will be fully discussed in chapters 3 and 6."

Yes, the same equilibrium properties apply to a TIMES model run for a single country without trade.
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RE: Modeling two countries in one database - by Antti-L - 01-04-2016, 08:16 PM

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