P-graph Model of Economic Networks with Partial Substitution

P-graph models of economic networks based on the Leontief input-output framework have been demonstrated in previous work. However, such models are subject to the limiting assumption of fixed technical coefficients that reflect the average state of technology currently in use. This limitation restric...

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Autores principales:	Kathleen B. Aviso, Krista Danielle Yu, Raymond R. Tan
Formato:	article
Lenguaje:	EN
Publicado:	AIDIC Servizi S.r.l. 2021
Materias:	Chemical engineering TP155-156 Computer engineering. Computer hardware TK7885-7895
Acceso en línea:	https://doaj.org/article/8377e049ad82495797d6575fdefc0fbb
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id	oai:doaj.org-article:8377e049ad82495797d6575fdefc0fbb
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spelling	oai:doaj.org-article:8377e049ad82495797d6575fdefc0fbb2021-11-15T21:49:10ZP-graph Model of Economic Networks with Partial Substitution10.3303/CET21880102283-9216https://doaj.org/article/8377e049ad82495797d6575fdefc0fbb2021-11-01T00:00:00Zhttps://www.cetjournal.it/index.php/cet/article/view/11803https://doaj.org/toc/2283-9216P-graph models of economic networks based on the Leontief input-output framework have been demonstrated in previous work. However, such models are subject to the limiting assumption of fixed technical coefficients that reflect the average state of technology currently in use. This limitation restricts the use of such models to incremental changes; more radical shifts in economic structure cannot be adequately represented. In this paper, a modified P-graph model of economic networks that allows partial substitution of inputs is developed. This modified formulation can represent major structural shifts, such as deep decarbonization or increased circularity, that are needed for improving the sustainability of modern economies. The new model is illustrated using a hypothetical case study. Results show that economic systems which allow for partial substitution are more resilient when disruptions occur in certain sectors of the economy.Kathleen B. AvisoKrista Danielle YuRaymond R. TanAIDIC Servizi S.r.l.articleChemical engineeringTP155-156Computer engineering. Computer hardwareTK7885-7895ENChemical Engineering Transactions, Vol 88 (2021)
institution	DOAJ
collection	DOAJ
language	EN
topic	Chemical engineering TP155-156 Computer engineering. Computer hardware TK7885-7895
spellingShingle	Chemical engineering TP155-156 Computer engineering. Computer hardware TK7885-7895 Kathleen B. Aviso Krista Danielle Yu Raymond R. Tan P-graph Model of Economic Networks with Partial Substitution
description	P-graph models of economic networks based on the Leontief input-output framework have been demonstrated in previous work. However, such models are subject to the limiting assumption of fixed technical coefficients that reflect the average state of technology currently in use. This limitation restricts the use of such models to incremental changes; more radical shifts in economic structure cannot be adequately represented. In this paper, a modified P-graph model of economic networks that allows partial substitution of inputs is developed. This modified formulation can represent major structural shifts, such as deep decarbonization or increased circularity, that are needed for improving the sustainability of modern economies. The new model is illustrated using a hypothetical case study. Results show that economic systems which allow for partial substitution are more resilient when disruptions occur in certain sectors of the economy.
format	article
author	Kathleen B. Aviso Krista Danielle Yu Raymond R. Tan
author_facet	Kathleen B. Aviso Krista Danielle Yu Raymond R. Tan
author_sort	Kathleen B. Aviso
title	P-graph Model of Economic Networks with Partial Substitution
title_short	P-graph Model of Economic Networks with Partial Substitution
title_full	P-graph Model of Economic Networks with Partial Substitution
title_fullStr	P-graph Model of Economic Networks with Partial Substitution
title_full_unstemmed	P-graph Model of Economic Networks with Partial Substitution
title_sort	p-graph model of economic networks with partial substitution
publisher	AIDIC Servizi S.r.l.
publishDate	2021
url	https://doaj.org/article/8377e049ad82495797d6575fdefc0fbb
work_keys_str_mv	AT kathleenbaviso pgraphmodelofeconomicnetworkswithpartialsubstitution AT kristadanielleyu pgraphmodelofeconomicnetworkswithpartialsubstitution AT raymondrtan pgraphmodelofeconomicnetworkswithpartialsubstitution
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P-graph Model of Economic Networks with Partial Substitution

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