The evolution of equilibrium models - general equilibrium models in transport
Abstract
There is little literature in Hungarian on this topic, so it is important to summarize the results that have been obtained so far. Computable general equilibrium models are an increasingly popular method for assessing the economic impacts of transport, including direct and wider economic impacts. They can be used to determine the behaviour of all markets and actors in the economy. The applied or computable general equilibrium models (AGE or CGE) are based on the modelling of the behaviour of microeconomic actors (households, companies, etc.). General Equilibrium (GE) typically describes a state of stable equilibrium between individual decisions. Then the signals influencing individual choice coincide with the signals issued by the markets, so no one is pushing for a change in the equilibrium situation. The article reviews the range of CGE models used in transport issues and discusses their role in transport assessment.
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