applicable to both tariffs and quotas and allows international and intertemporal comparisons. The index is operational and we …

This paper examines the welfare effects of partial trade liberalization when trade is restricted by tariffs, quotas or … (using a new geometric technique) in both small and large open economies. A general expression for shadow prices of factors … of production, which applies in both small and large economies, with or without quotas, is also derived. Welfare …

which maintains the same volume of trade as a given set of tariffs, quotas, and domestic taxes and subsidies. We relate this …