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Improving Homeland Security Decisions by Detlof von Winterfeldt, Milind Tambe, Ali E. Abbas

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8 Economic Consequences of Terrorism and Natural Disasters: The Computable General Equilibrium Approach

Peter B. Dixon, Maureen T. Rimmer, Glyn Wittwer, Adam Rose, and Nathaniel Heatwole

8.1 Introduction

This chapter is an introduction to computable general equilibrium (CGE) modeling and its application to the analysis of terrorism and other disruptive events.

CGE belongs to the economy-wide class of models, that is, those that provide industry disaggregation in a quantitative description of the whole economy. Economy-wide models emphasize the links between different parts of the economy, and, in effect model it as a set of integrated supply chains. The first economy-wide model was Leontiefs (1936, 1941) input-output (I-O) model, which quantified ...

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