UNSPECIFIED. (1997) Reference point dependence and specification bias. ECONOMICS LETTERS, 55 (1). pp. 75-83. ISSN 0165-1765

Abstract

Issues of specification bias arise in deterministic as well as in econometric models, This paper shows that such biases depend on the reference point used to evaluate them using numerical general equilibrium models in which the incorporation of quality upgrading (in the competitive case) increases or reduces the welfare costs of trade barriers, depending upon whether a trade-distorted equilibrium or free trade is used as the reference point. (C) 1997 Elsevier Science S.A.

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