profits decline. Overall welfare rises. Our theoretical results have implications for estimating the elasticity of the labor …

affects trade patterns and economic welfare. We find that linguistic similarity within a country accounts for about 10 percent … demonstrates that domestic language diversity has significant implications for Canada's welfare but also sizable economic …

to avoid losses. In this paper, we provide the first welfare analysis under reference-dependent preferences. We decompose … the welfare impact of changes in reference points and prices into direct and behavioral effects, and describe how these … grounded in common empirical findings, we find that lowering reference points robustly improves welfare, while the welfare …

This paper analyzes nature protection by a social planner under different "utilitarian" social welfare functions. For … efficient allocations when social welfare is anthropocentric (only consumers have positive welfare weights), and when social … welfare is nonanthropocentric (all species have positive welfare weights). Not surprisingly, biocentric social welfare calls …

(PTAs) and show that the indirect effects can give rise to trade diversion. We also characterize the welfare effects of … persistent finding is that, in the absence of appropriate regulation, preferential trade liberalization can be welfare …

equilibrium effects of GATT/WTO membership on trade and welfare. Using an extensive database covering manufacturing trade for 186 … general equilibrium effects of GATT/WTO on welfare, which are sizable and heterogeneous across members, and relatively small … gain in terms of welfare, due to beneficial terms-of-trade effects. …