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A flexible, full rank two model of food consumption that is globally consistent with economic theory, aggregates across … individual commodities in the U.S. food supply is derived and implemented empirically on the time period 1949-1995 for the …
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The problem of choosing second-best trade policies is modified by including sector-specific policies as well as tariffs. We obtain conditions under which reduction of the largest tariff is welfare improving. Formulae for the optimal tariff and sector-specific subsidy are used to study the design...
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This paper considers the effect of market structure on the durability of goods. A previous model is analyzed to provide conditions under which a monopolist provides less durable goods and a lower present value of services than the social optimum.
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