This paper extends the model developed by Krugman and Taylor (1978) to take into account interesting features of the evolving structure of global trade. The growing presence of transnational production chains and differential pricing behaviour of exports destined for industrial and developing...

Este artículo considera un modelo de generaciones solapadas, aplicado a una economía pequeña, abierta al comercio internacional y caracterizada por la existencia de competencia imperfecta en los mercados de bienes y de trabajo, para analizar: i) cuáles fueron los principales determinantes de...

This manuscript studies the market conduct of the milk manufacturers and retail chains in a Midwestern state in the U.S. Following the menu approach we employ a random coefficient logit demand model to investigate several possible scenarios on the supply side. Demand estimates are obtained using...

This paper investigates the pricing and vertical organization of differentiated products under imperfect competition. In a multiproduct context, a Cournot model is used to examine how substitution/complementarity relationships among products and vertical structures can affect the exercise of...

Market access in the WTO is highly fragmented due to exceptions from GATT principles. Tariff-rate quotas (TRQs) stand in contradiction to the principle of the GATT, according to which all quantitative restrictions in international trade should be eliminated. Bhagwati’s theorem of the...

This paper examines supply response models in a rational expectations framework for each one of the fourmajor Greek meat markets, i.e. beef, broiler, lamb and pork. A multivariate GARCH model with Choleskydecomposition is used to incorporate price volatility into the rational expectations supply...

This paper provides an adaptive learning algorithm for linear stochastic models with expectational leads in which forecasts for an arbitrary period ahead of the current state feed back into the economic system. The concept of an unbiased forecasting rule with generates rational expectations...

This paper investigates a financial market in which investors with linear mean-variance preferences and multiperiod planning horizons of arbitrary finite length interact. Given heterogeneous subjective beliefs, the temporary equilibrium map determining market clearing prices is calculated...

The standard overlapping generations model is extended to include retradeable paper assets (shares) of firms. Two period lived consumers hold portfolios including paper assets and capital in order to transfer wealth over time. An infinitely lived firm produces a stochastic output using a...

This paper reports the results of experimental asset markets designed to investigate how the public disclosure of uncertain information affects market and individual outcomes. In some markets, no information is released as trading starts, and in others, an imperfect pre-announcement is...