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The Structure and Performance of the World Market in a Cobb-Douglas Example

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  • Ben Zissimos

    ()
    (Department of Economics, Vanderbilt University)

Abstract

In an international trading economy where countries set tariffs strategically, modeled using a Cobb-Douglas example, this paper studies the relationship between the structure and the performance of the world market. Using new results from monotone comparative statics in a Shapley-Shubik market game, replication of such an international trading economy is studied. It is shown that, as the economy is replicated, the equilibrium converges monotonically towards the equilibrium of a competitive equilibrium model of international trade. The distributional implications of replication are also evaluated.

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File URL: http://www.accessecon.com/pubs/VUECON/vu06-w23.pdf
File Function: First version, 2006
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Bibliographic Info

Paper provided by Vanderbilt University Department of Economics in its series Vanderbilt University Department of Economics Working Papers with number 0623.

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Date of creation: Nov 2006
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Handle: RePEc:van:wpaper:0623

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Web page: http://www.vanderbilt.edu/econ/wparchive/index.html

Related research

Keywords: Efficiency; market structure; market game; tariff war; welfare;

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  1. Robert W. Staiger, 1994. "International Rules and Institutions for Trade Policy," NBER Working Papers 4962, National Bureau of Economic Research, Inc.
  2. Petros C. Mavroidis & Kyle Bagwell & Robert W. Staiger, 2004. "The case for auctioning countermeasures in the WTO," Discussion Papers 0405-08, Columbia University, Department of Economics.
  3. Barbara J. Spencer & James A. Brander, 1982. "Tariff Protection and Imperfect Competition," Working Papers 517, Queen's University, Department of Economics.
  4. Shapley, Lloyd S & Shubik, Martin, 1977. "Trade Using One Commodity as a Means of Payment," Journal of Political Economy, University of Chicago Press, vol. 85(5), pages 937-68, October.
  5. Bloch, Francis & Ghosal, Sayantan, 1997. "Stable Trading Structures in Bilateral Oligopolies," Journal of Economic Theory, Elsevier, vol. 74(2), pages 368-384, June.
  6. Rabah Amir & Val E. Lambson, 1998. "On the Effects of Entry in Cournot Markets," CIE Discussion Papers 1998-06, University of Copenhagen. Department of Economics. Centre for Industrial Economics.
  7. Constantinos Syropoulos, 2002. "Optimum Tariffs and Retaliation Revisited: How Country Size Matters," Review of Economic Studies, Oxford University Press, vol. 69(3), pages 707-727.
  8. Kyle Bagwell & Robert W. Staiger, 2004. "The Economics of the World Trading System," MIT Press Books, The MIT Press, edition 1, volume 1, number 0262524341, December.
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