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Hello!
I have been trying to include demand elasticities for the commodities in the TIMES model. Can you please let me if this is the right way of defining COM_ELAST and COM_BPRICE in VEDA? The case manager does not recognize this: it says "No Elast DEM" under 'Base Price' section. Is there another way of doing it? Sorry if this is a stupid question....
Thanks,
Kalai
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In addition to Amit's good advice, please also remember that the default value of COM_VOC is zero in both directions.
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Thanks a lot, Amit & Antti!!
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Also note that after correctly specifying and importing your elastic demand parameters, you must then run a reference scenario (in least-cost mode) in which you write the base prices (enable Write B Price in the Control Panel).
Then, in a second run (in partial-equilibrium mode), you select the base prices of the previous run by clicking the Base Price button (which normally says 'No Elast DEM').
Bingo, elastic demands are activated!
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Thanks Will! I have a question...how to run the model in "least-cost" or "partial equilibrium" modes? I know activating Macro in Control Panel runs it in general equilibrium mode.
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Partial equilibrium = with elastic demands
Least cost = without elastic demands
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