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Journal article

Investigation of Japanese electricity industry using a CGE model of translog function

Authors : Kwang Il, Kim (2019)

CGE models are usually used for policy analysis. The conventional CGE models use CES function because of being a convenience for modeling. Moreover, some of the CGE models use a multi-CES function to model the multi-layered production process. These multi-layered CES functions are frequently used in the energy and environmental policy analysis. However, the CES function is rigid for considering various substitution– complement relationships.&#x...