Using a Joint-Input, Multi-Product Formulation to Improve Spatial Price Equilibrium Models

Phillip M. Bishop · James E. Pratt · Andrew M. Novakovic

11 citations0/0 files storedRePEc: Research Papers in Economics

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Global trade and economics Economics of Agriculture and Food Markets Economic theories and models

Abstract

Mathematical programming models, as typically formulated for international trade applications, may contain certain implied restrictions which lead to solutions which can be shown to be technically infeasible, or if feasible, then not actually an equilibrium. An alternative formulation is presented which allows joint-inputs and multi-products, with pure transshipment and product substitution forms of arbitrage.

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