Run Time Error 5 Invalid Procedure or Error Argument

[Ed Song]

The code where the error code occurs is as follows:

'Calculate Production function
Output_t1 = GrowthFactor ^ (Period_Length) * (Output_t0 + FactorProductivity * (1 - Damages_Production_t1) * _
(1 - AbatementCost_Production) * (CapitalStock_t1 - CapitalStock_t0) ^ Share_K_Capital * _
(Labor_t0 ^ Share_Labor))


What's funny is that when I first ran the program it worked several times without error. Then I changed the value of dep_K on the excel sheet and got the message. The program no longer worked even when I changed the value of dep_K back to the original value (actually it worked off and on for a couple of times before it never worked again). I had a backup copy and tried that one, too. Again the exact same results. It worked until I changed the value of dep_K and didn't work even when I changed it back to the original value.

I also played around to see which terms caused the error. Apparently the problem is with (CapitalStock_t1 - CapitalStock_t0). The program runs every time I take that term out. The program runs with all of the remaining variable. I've rewritten the term, but no luck. I've checked to see if I missed declare the terms, but again no luck.

Anyone have any suggestions? What's wrong with this code? This code is embedded in the following double Do Until loops. Maybe there is an error in the loops?

'Begin Outer Loop XXXXXXXXXXXXXXXXXXXXXXXXXXXXXXXXXXXXXXXXXXXXXXXXXXXXXXXXXXXXXXXXXXXXXXXXXXXXXXXXXXXXXXXXXXXXXXXXXXXXXXXXXXXXXXXXXXXXXXX End Outer Loop
'The outerloop is the time loop. After variables for a time period is calculated, the program exits the inner loop into the outerloop to update the
'time period.
    
 'Set Counter
 Dim t As Long
 t = 1
 
Do Until t = 102


'First the economy flatlines (dies) if the survivability function is zero.


If Survivability_Function_t0 = 0 Then
    Output_t1 = 0
    CapitalStock_t1 = 0
    Consumption_t1 = 0
    Investment_t1 = 0
    Government_t1 = 0
    TotalDeadWtLoss_t1 = 0
    Energy_Usage_Consumption_t1 = 0
    Energy_Usage_Production_t1 = 0
    Energy_Usage_t1 = 0
    AtmoEmissions_t1 = 0
    CO2_Level_t1 = AtmoEmissions_t1 + (CO2_Equilibrium_Fraction_Atm * (CO2_Level_t0 - CO2_Equilibrium)) + _
                    ((1 - CO2_Equilibrium_Fraction_Atm) * (1 - CO2_TransferRate_to_Atm) * (CO2_Level_t0 - CO2_Equilibrium)) + CO2_Equilibrium
    CO2_Transient_t1 = (1 - CO2_Equilibrium_Fraction_Atm) * AtmoEmissions_t1 + (1 - CO2_Equilibrium_Fraction_Atm) * _
                       (1 - CO2_TransferRate_to_Atm) * (CO2_Level_t0 - CO2_Equilibrium)
    New_CO2_Equilibrium_t1 = CO2_Level_t1 - CO2_Transient_t1
    Damages_Utility_t1 = 1
    Damages_CapitalStock_t1 = 1
    Damages_Production_t1 = 1
    Damages_Y_Composite_t1 = 1
    Damages_Composite_t1 = 1
    
    'If the economy is still living, then proceed through innerloop. Otherwise, go to outerloop.
    Else
            
'Begin Inner Loop xxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxx Begin Inner Loop
'In the inner loop, an iteration process is used to solve for the damages, and production simultaneity problem. First solve the problem using the
'last periods damages, then calculate a new implied damage quantity. Then use the new computed damages to solve for production. Repeat the process until
'a solution converges.


    
    'Declare and set counter
    Dim w As Long
    
    w = 1
    
    'Declare and set conditional statement variable
    Dim Abs_Error As Double

Abs_Error = 0.1




    Do Until Abs_Error < 0.005
    
        'Assume Damages are equal to their last computed values
        Damages_CapitalStock_t1 = Damages_CapitalStock_t0
        Damages_Utility_t1 = Damages_Utility_t0
        Damages_Production_t1 = Damages_Production_t0
        Damages_Composite_t1 = Damages_Composite_t0




        'Calculate Capital Stock. Remember, damages to capital stock acts like another depreciation rate.
        CapitalStock_t1 = Investment_t0 + (1 - Dep_k) ^ Period_Length * (1 - Damages_CapitalStock_t0) ^ Period_Length * CapitalStock_t0


        'Calculate Production function
        Output_t1 = GrowthFactor ^ (Period_Length) * (Output_t0 + FactorProductivity * (1 - Damages_Production_t1) * _
        (1 - AbatementCost_Production) * (CapitalStock_t1 - CapitalStock_t0) ^ Share_K_Capital * _
                    (Labor_t0 ^ Share_Labor))
        
        
        'Calculate World Accounting Equation: Consumption, Investment and Government Spending.


        Consumption_t1 = (Share_Consumption * Output_t1) * (1 - AbatementCost_Consumption) ^ (1 / (1 + MU_Elasticity))
        Investment_t1 = Share_Investment * Output_t1 + (1 - (1 - AbatementCost_Consumption) ^ (1 / (1 + MU_Elasticity)))
        Government_t1 = Share_Government * Output_t1
        TotalDeadWtLoss_t1 = Output_t1 - Consumption_t1 - Investment_t1 - Government_t1
    
    'Note: AtmoEmissions is the same as retained emissions.
    
        'Energy Balance
        Energy_Usage_Consumption_t1 = Energy_to_Consumption_Ratio * Consumption_t1
        Energy_Usage_Production_t1 = Energy_to_Production_Ratio * Output_t1
        Energy_Usage_t1 = Energy_Usage_Consumption_t1 + Energy_Usage_Production_t1
        AtmoEmissions_Consumption_t1 = Emissions_Consumption_Ratio * Consumption_t1
        AtmoEmissions_Output_t1 = Emissions_Output_Ratio * Output_t1
        AtmoEmissions_t1 = AtmoEmissions_Consumption_t1 + AtmoEmissions_Output_t1
        
        'CO2 Level
        CO2_Level_t1 = AtmoEmissions_t1 + (CO2_Equilibrium_Fraction_Atm * (CO2_Level_t0 - CO2_Equilibrium)) + _
                    ((1 - CO2_Equilibrium_Fraction_Atm) * (1 - CO2_TransferRate_to_Atm) * (CO2_Level_t0 - CO2_Equilibrium)) + CO2_Equilibrium
        CO2_Transient_t1 = (1 - CO2_Equilibrium_Fraction_Atm) * AtmoEmissions_t1 + (1 - CO2_Equilibrium_Fraction_Atm) * _
                       (1 - CO2_TransferRate_to_Atm) * (CO2_Level_t0 - CO2_Equilibrium)
        New_CO2_Equilibrium_t1 = CO2_Level_t1 - CO2_Transient_t1
        
        'New Temperature Deviation
        Dim Temp_Off_t1 As Double
        Temperature_Critical = Sheets(1).Range("K28")
    
        Forcing_t1 = 3.35 * (Log(1 + 1.2 * CO2_Level_t1 + 0.005 * CO2_Level_t1 ^ 2 + 1.4 * 10 ^ (-6) * CO2_Level_t1 ^ 3) _
                    - Log(1 + 1.2 * CO2_Equilibrium + 0.005 * CO2_Equilibrium ^ 2 + 1.4 * 10 ^ (-6) * CO2_Equilibrium ^ 3))
    
        Temp_Off_t1 = ClimateSensitivity_Lambda * Forcing_t1
        If Temp_Off_t1 < Temperature_Critical Then
                Switch = 0
                Else
                    Switch = 1
                    End If
                      
        Temp_t1 = Temp_Off_t1 + ClimateSensitivityParameter_b2 * Switch * (CO2_Level_t1 / CO2_Equilibrium)
    
        'Damages
        Damages_Utility_t1 = 1 - (1 / (1 + Proportional_Constant_Temperature_U * Temp_t1 + Exponent_Constant_Temperature_U * Temp_t1 ^ 2))
        Damages_Production_t1 = 1 - (1 / (1 + Proportional_Constant_Temperature_Y * Temp_t1 + Exponent_Constant_Temperature_Y * Temp_t1 ^ 2))
        Damages_CapitalStock_t1 = 1 - (1 / (1 + Proportional_Constant_Temperature_K * Temp_t1 + Exponent_Constant_Temperature_K * Temp_t1 ^ 2))
        Damages_Y_Composite_t1 = 1 - (1 - Damages_Production_t1) * (1 - Damages_CapitalStock_t1) ^ Share_K_Capital
        Damages_Composite_t1 = Damages_Utility_t1 + (1 - Damages_Utility_t1) * Damages_Utility_t1 * (Damages_Y_Composite_t1 ^ MU_Elasticity)
        
                   
        'Begin Error Calculations
        'Termination or continuance condition of iteration process. If error is small enough terminate loop. Termination also occurs
     'when 100 iteration attempts have been made.
     
        
        If w = 1 Then
            Abs_Error = 0.001
            End If
        
        If w > 1 And w < 100 Then
            Abs_Error = Abs((Output_t1 - Output_t0) / Output_t0)
                End If
                
    If Abs_Error > 0.005 Then
    
    'Reset t1 variables as t0 variables and start at the beginning of the loop.
        Damages_CapitalStock_t0 = Damages_CapitalStock_t1
        Damages_Utility_t0 = Damages_Utility_t1
        Damages_Production_t0 = Damages_Production_t1
        Damages_Y_Composite_t0 = Damages_Y_Composite_t0
        Damages_Composite_t0 = Damages_Composite_t1
        
     End If
        
        'Termination or continuance condition of iteration process. If error is small enough terminate loop. Termination also occurs
        'when 100 iteration attempts have been made.
     
     w = w + 1
    
      
    Loop
        'End Inner Loop xxxxxxxxxxxxxxxxxxxxx'xxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxx End Inner Loop
    End If
        
        
   'Utility and welfare calculations
   
        'Survivability Probability
        Survivability_Function_t1 = 1 - (Temp_t1 ^ 2 / (Temp_Max ^ 2 + 1.96 * (Temp_Max - Temp_t1) ^ 2))
        
        If Survivability_Function_t1 <= 0 Then
            Temp_t1 = SKI_Limit_Temp
            Survivability_Function_t1 = 0
            End If
 
        'Utility Index
        Raw_Utility_Index_t1 = (Survivability_Function_t1 * (Consumption_t1 ^ MU_Elasticity)) / MU_Elasticity
        Utility_Index_t1 = Utility_Normalization_Factor * Raw_Utility_Index_t1
    
        'Welfare
        Welfare_t1 = Welfare_t0 + Discount_Factor ^ Period_Length * Utility_Index_t1
   
    
    'Print output
    Sheets(1).Range("P" & 3 + t, "AK" & 3 + t).Value = _
    Array(Output_t1, CapitalStock_t1, Consumption_t1, Investment_t1, Government_t1, TotalDeadWtLoss_t1, _
        Energy_Usage_Consumption_t1, Energy_Usage_Production_t1, Energy_Usage_t1, AtmoEmissions_t1, CO2_Level_t1, _
        CO2_Transient_t1, New_CO2_Equilibrium_t1, Temp_t1, Damages_Utility_t1, Damages_CapitalStock_t1, Damages_Production_t1, _
        Damages_Y_Composite_t1, Damages_Composite_t1, Survivability_Function_t1, Utility_Index_t1, Welfare_t1)
        
        
        
     'Reset stock variables and survivability function
     
     Investment_t0 = Investment_t1
     CapitalStock_t0 = CapitalStock_t1
     Output_t0 = Output_t1
     CO2_Level_t0 = CO2_Level_t1
     Welfare_t0 = Welfare_t1
     Survivability_Function_t0 = Survivability_Function_t1
        
    t = t + 1
        
Loop

 

[Ed Song]

Also note, that references to the iteration should be disregarded, since I dropped the iteration from this version.

 

[Ed Song]

Looks good. But in the program I just put up, its written in a slightly different way.

Another way would be to write it as Output_1 = g^po + g^p*(f.....)*l^Z

Note l^z is a constant in this version.

 

[Ed Song]

Another note, the names of my variables in the main and subprograms were names with the same names in previous versions. However, I ran across an internet posting saying that for some reason following this procedure could cause run time errors. So now I give them slightly different names.

 

[Ed Song]

This isn't a worksheet event is it ??

Looks like I got the problem solved. The program worked on Excel, but I noticed that the numbers seemed off. The equation that was causing the problem was not written correctly, and thus the numbers were increasing at an increasing rate. I simply rewrote the equation as

Output_1 = Productivity_1 * ((1 - Damage_Prodution_1) ^ Period_Length) * _
(1 - AbatmentCost_Production_1) * (CapitalStock_1 ^ Capital_Share) * (Labor ^ Labor_Share)

This equation did not cause the system to crash. I had decomposed the equation into two parts to highlight a steady state term and a non-steady state term.

Nevertheless, the system did not crash after a dozen runs were made. It had a successful run after I had my registry cleaned up and one successful run after I purchased a new excel program. Thus, it remains a mystery why my system crashed.

 

[Ed Song]

Looks like I got the problem solved. The program worked on Excel, but I noticed that the numbers seemed off. The equation that was causing the problem was not written correctly, and thus the numbers were increasing at an increasing rate. I simply rewrote the equation as

Output_1 = Productivity_1 * ((1 - Damage_Prodution_1) ^ Period_Length) * _
(1 - AbatmentCost_Production_1) * (CapitalStock_1 ^ Capital_Share) * (Labor ^ Labor_Share)

This equation did not cause the system to crash. I had decomposed the equation into two parts to highlight a steady state term and a non-steady state term.

Nevertheless, the system did not crash after a dozen runs were made. It had a successful run after I had my registry cleaned up and one successful run after I purchased a new excel program. Thus, it remains a mystery why my system crashed.

Well, it ran three successful runs, then collapsed. Back to the drawing board.

 

[Michael M]

Without seeing the actual program, I'm guessing the calcs involved are running out of stack space and giving the error 5, which as mentioned earlier, means there is something in the calc, that is causing this.
You mentioned earlier where the issue was.....I'd suggest running the code manually, and, at the previously mentioned error location, hover the mouse over each variable and see what it's value is !!
I'm guessing you will have either a Divide by zero problem OR a factorial that goes way beyond the Excel number limits, due to a calc error or requirement.

 

[oldbrewer]

you have 2 terms that are raised to a power, tell us the maximum value of each term and the maximum value of each power please

 

[Ed Song]

I believe there are four terms raised to powers that are written in terms of variables. Share_L is .7, Share_K is .3. MU_Elasticity is 1.4, and Period_Length is arbitrary and for most runs set at 1. However, the program ran successfully at period_Length = 1, 5 and 10. It collapsed at 100, then the program wouldn't run at 5 and 10 anymore, though I haven't tested to see if it would run at 1 again.

This is the same pattern before the program first crashed with dep_K = .1. The program ran smoothly about a dozen times. I then changed it to dep_K = .15 and the system collapses. The program couldn't run anymore even after I changed dep_K back to .1. It didn't run regardless of what value I put for dep_K, this is very strange because I made no other changes to the program. However, I would get a successful run in when I performed some type of trick , cleaned up my registry, ran an anti-virus program or purchased a new excel program. Then I'd get one successful run before the system collapsed again. However, each trick works only once.

The Excel program runs smoothly at period_length = 1. I'm going to do the same test and run the program at period_length = 5, 10 and 100 and see what happens.

 

[Ed Song]

The other exponent greater than one is MU_Elasticity. However, I don't see it being the problem. It's associated with Consumption_Shares which doesn't very much from .62. It's also used to calculate Utility, which has an exponent of 2.4. Though you may think 2.4 is large enough to blow up the program, I never see the Utility Index being a really big number, and I never see the offending code have something to do with this parameter.

 

[Ed Song]

The full code is posted earlier in the thread.