El-Agraa, Ali; Jones, Anthony - In: Applied Economics Letters 7 (2000) 5, pp. 301-304
For a decade and a half, Cooper and Massell's (1965) conclusion that a policy of unilateral tariff reduction (UTR) is superior to the formation of a customs union (CU) remained unchallenged. However Wonnacott and Wonnacott (1981) using a more realistic model, claimed to show that UTR need not...