This study explores tariff cooperation under a representative democracy, comparing national welfare realized in three trading regimes: most favored nation (MFN), customs union (CU), and free trade agreement (FTA). Two points are addressed: Why have FTAs increased in recent decades when...

This study explores the intertemporal choice of goods with a limited time to enjoy it. Compared to previous research showing that time preferences in intertemporal decisions have a decreasing hyperbolic function, we investigate time preferences when there are time constraints, or expirations, to...