Welfare‐at‐Risk and Extreme Dependency of Regional Wheat Yields: Implications of a Stochastic CGE Model
研究发现，若忽略区域间小麦产量的相关性，全球福利风险可能被低估高达33%，埃及、哈萨克斯坦、乌克兰等地区对国际市场波动尤为脆弱。
Abstract Stochastic computable general equilibrium ( CGE ) models have ignored regional correlations in agricultural yields, assuming random shocks to be independent between regions. This could lead to misinterpretation of simulation outputs which ignore extreme positive or negative harvests at the global scale. We develop a multi‐regional CGE model which allows for five types of interregional correlation between wheat yields to analyse the vulnerability of countries against fluctuating international markets, focusing on Value at Risk (VaR) and extreme dependency. We find that global welfare risks could be underestimated by up to 33% if significant interregional correlations in yield shocks are not taken into account. Egypt, Kazakhstan, Ukraine, the former Soviet Union and Northern Africa are particularly vulnerable to global volatilities in terms of economic welfare.