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Using a Joint-Input, Multi-Product Formulation to Improve Spatial Price Equilibrium Models

Author

Listed:
  • Bishop, Phillip M.
  • Pratt, James E.
  • Novakovic, Andrew M.

Abstract

Mathematical programming models, as typically formulated for international trade applications, may contain certain implied restrictions which lead to solutions which can be shown to be technically infeasible, or if feasible, then not actually an equilibrium. An alternative formulation is presented which allows joint-inputs and multi-products, with pure transshipment and product substitution forms of arbitrage.

Suggested Citation

  • Bishop, Phillip M. & Pratt, James E. & Novakovic, Andrew M., 1994. "Using a Joint-Input, Multi-Product Formulation to Improve Spatial Price Equilibrium Models," Staff Papers 121317, Cornell University, Department of Applied Economics and Management.
    • Handle: RePEc:ags:cudasp:121317
    DOI: 10.22004/ag.econ.121317
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    File URL: https://ageconsearch.umn.edu/record/121317/files/Cornell%20SP%2094-06.pdf
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    References listed on IDEAS

    as
    1. Giovanni Anania & Alex F. McCalla, 1991. "Does Arbitraging Matter? Spatial Trade Models and Discriminatory Trade Policies," American Journal of Agricultural Economics, Agricultural and Applied Economics Association, vol. 73(1), pages 103-117.
    2. Bruce L. Gardner, 1975. "The Farm-Retail Price Spread in a Competitive Food Industry," American Journal of Agricultural Economics, Agricultural and Applied Economics Association, vol. 57(3), pages 399-409.
    3. Bishop, Phillip M. & Pratt, James E. & Novakovic, Andrew M., 1993. "Analyzing the Impacts of the Proposed North American Free Trade Agreement on European-North American Dairy Trade Using a Joint-Input, Multi-Product Approach," Staff Papers 121341, Cornell University, Department of Applied Economics and Management.
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    Cited by:

    1. Li, Dong & Nagurney, Anna & Yu, Min, 2018. "Consumer learning of product quality with time delay: Insights from spatial price equilibrium models with differentiated products," Omega, Elsevier, vol. 81(C), pages 150-168.
    2. Nicholson, Charles F. & Kaiser, Harry M., 2008. "Dynamic market impacts of generic dairy advertising," Journal of Business Research, Elsevier, vol. 61(11), pages 1125-1135, November.
    3. Nagurney, Anna & Hassani, Dana & Nivievskyi, Oleg & Martyshev, Pavlo, 2024. "Multicommodity international agricultural trade network equilibrium: Competition for limited production and transportation capacity under disaster scenarios with implications for food security," European Journal of Operational Research, Elsevier, vol. 314(3), pages 1127-1142.
    4. Nagurney, Anna & Li, Dong & Nagurney, Ladimer S., 2014. "Spatial price equilibrium with information asymmetry in quality and minimum quality standards," International Journal of Production Economics, Elsevier, vol. 158(C), pages 300-313.

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