ABSTRACT
In Chapter 15 we will introduce a model framework which may be used for the analysis of up to 12 different markets.
The model structure for a 12-market model corresponds to the theoretical principles of multi-market models discussed in the previous three chapters. The supply and demand functions of the Cobb-Douglas type describe the quantities supplied and demanded for each product as a function of all 12 producer and consumer prices as well as the income variable on the demand side. The welfare assessment is based on Marshallian demand curves. The data basis consists of quantities supplied and demanded, producer and demand prices, world market prices as well as price and income elasticities for each the 12 products and markets.
