The authors develop an "intertemporal," two-period, two-sector, specific factor model, characterized by generalized wage differentials, and show that a number of pathological results in the domestic distortions literature are all but eliminated. In this model, in contrast to the standard...

We construct a model whereby stock exchanges take a new role as an information intermediary, notably absent in their roles. We show that exchanges differentiate themselves at subgame perfect equilibrium and will not race to the top or the bottom.

We first construct three measures of the expected damage from the unintentional introduction of alien species into a country called Home. We then focus on four market structures. First, perfect competition prevails in both Home and Foreign and Home is a small country. Second, the Home and the...