01-04-2016, 08:16 PM
See the main Documentation, Part I, page 11:
"TIMES, like most equilibrium models, assumes competitive markets for all commodities. The result is a supply-demand equilibrium that maximizes the net total surplus (i.e. the sum of producers’ and consumers’ surpluses) as will be fully discussed in chapters 3 and 6."
Yes, the same equilibrium properties apply to a TIMES model run for a single country without trade.
"TIMES, like most equilibrium models, assumes competitive markets for all commodities. The result is a supply-demand equilibrium that maximizes the net total surplus (i.e. the sum of producers’ and consumers’ surpluses) as will be fully discussed in chapters 3 and 6."
Yes, the same equilibrium properties apply to a TIMES model run for a single country without trade.