This paper examines how the welfare implication of the "most-favored-nation" (MFN) principle has changed as the trade agreement mode has shifted from the "one-shot-multilateral-trade-agreement" to "sequential-bilateral-trade-agreements.'' In particular, it emphasizes that the MFN principle works...

This paper develops an equilibrium job search model in which the employed worker privately accumulates human capital and continually searches for a better paying job. In order to encourage production and discourage job turnover, firms reward their workers having better performance and longer job...

This paper examines the welfare implication of banning price discrimination in the intermediate goods market in which a monopolistic supplier contracts with asymmetric downstream retailers. We demonstrate that the supplier has a strong incentive to manipulate the interdependent demand structure...