Calibrating and Applying Random-Utility-Based Multiregional Input–Output Models for Real-World Applications

Random-utility-based multiregional input–output (RUBMRIO) models are used to study the impact of changes in transport networks or spatial economies on interregional or international trade patterns. These models rely on elastic prices algorithms to estimate trade flows. According to the literature, two different RUBMRIO elastic prices algorithms exist: an original algorithm that was the subject of theoretical investigation, and a modified...