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]

Actually, I tried to do the macro first. When the program shutdown, I used the macro as a template for the excel only program.

 

[oldbrewer]

I have now had a long look at it. Many call statements are either user defined functions or other macros ?

It is so complex that I would end up taking as long as you to figure it all out - I don't mind a few hours but this could be many days.

It looks like a masters thesis to me - hope you pass - over and out - Bob

 

[Ed Song]

I have now had a long look at it. Many call statements are either user defined functions or other macros ?

It is so complex that I would end up taking as long as you to figure it all out - I don't mind a few hours but this could be many days.

It looks like a masters thesis to me - hope you pass - over and out - Bob

Thanks for the try anyway. Although my problem remains unsolved, you made me discover some useful concepts, and it at least made my excel program better. I also discovered that the mass balance can really be simplified as CO2 levels being equal to current emissions plus last last year's equilibrium level + last year's transitory level multiplied by one minus its transfer rate.