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Towards General Equilibrium in a Technology-Rich Model with Empirically Estimated Behavioral Parameters

Chris Bataille, Mark Jaccard, John Nyboer and Nic Rivers

Year: 2006
Volume: Hybrid Modeling
Number: Special Issue #2
DOI: 10.5547/ISSN0195-6574-EJ-VolSI2006-NoSI2-5
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Abstract:
Most energy-economy policy models offered to policy makers are deficient in terms of at least one of technological explicitness, microeconomic realism, or macroeconomic completeness. We herein describe CIMS, a model which starts with the technological explicitness of the �bottom-up� approach and adds the microeconomic realism and macroeconomic completeness of the �topdown� CGE approach. This paper demonstrates CIMS� direct utility for policy analysis, and also how it can be used to better estimate the long run capital-forenergy substitution elasticity (ESUB) and autonomous energy efficiency index (AEEI) technology parameters used in top-down models. By running CIMS under several possible energy price futures and observing their effects on capital and energy input shares and energy consumption, we estimate an economy-wide ESUB of 0.26 and an AEEI of 0.57%, with significant sectoral differences for both parameters.





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