Only few models exist which allow for a regime-dependent spatial price equilibrium. This paper focuses on the price insulating effects of export restrictions. Theory suggests that export restrictions lead to multiple spatial equilibria between the domestic and the world market price. Our...

Only few models exist which allow for a regime-dependent spatial price equilibrium. This paper focuses on the price insulating effects of export restrictions. The theory of a Walrasian equilibrium and the spatial price equilibrium theory suggest that export restrictions lead to multiple spatial...