We show that price differences across EC countries have seriously decreased in 1986-87 compared with 1983-84. It is however difficult to assess whether this evolution is due to exchange rate variations going "in the right direction" or to voluntary decisions made by producers to comply with EC...

We construct returns and quantity indices for Impressionist, Modern and Contemporary painting over the last thirty years, using the results of public auctions. In particular, we isolate the large swing in prices during the late 1980s; from results on individual artists, we also conclude that the...

Though retaliation to discriminatory measures taken by a trading partner are made possible by international treaties (GATT and WTO in particular), it is rarely used. We give theoretical reasons for which this has been the case. We also show that the retaliation mechanism which is built into the...