to the elimination of tariffs and cuts in non-tariff measures by 25%, is in the range of 1% to 4% of initial consumption …, depending on the parameterization. The welfare gain increases in the elasticity of substitution between domestic and foreign …

negative direct effect of US tariffs on US imports from China, but (2) do not find evidence for significant short-run trade …

We examine the effects of reorganizing electricity markets on ca- pacity investments, retail prices and welfare when … wholesale trade, and (iii) sep- arated duopoly with wholesale trade. Assuming that wholesale prices can react to changes in … retail prices (but not vice versa), we find that generators install sufficient capacity to serve retail demand in each market …

We examine welfare e ffects of real-time pricing in electricity markets. Before stochastic energy demand is known … electricity generators compete in a uniform price auction to satisfy demand from retailers acting on behalf of subscribed … increase welfare since risk-averse consumers dislike uncertain and high prices arising through market power. In the Bertrand …