Wine is an experience good and also (at least under certain circumstances and to a certain extent) a conspicuous consumption good. As such, wine buyers should be willing to pay a premium for regional reputation to avoid risk and to send signals about their wealth and social status. At the same...

Via partnership agreements like the Cotonou Partnership Agreement, the EU provides African countries with access to its markets and asks for compliance with a given set of good governance norms and procedures. While the EU markets are significant for African countries, African markets are not...

In addition to legal constraints and social-psychological barriers, in a post-conflict setting mutually beneficial economic transactions might not occur due to the widening gap between the health, quality, and environmental standards of the parties. A lack of incentives during the years of...

With students in the policy and business schools with no formal economics background in mind, we propose an intuitively appealing and simple step-by-step graphical approach to explain the Heckscher-Ohlin (HO) model. Our approach is simple because it needs only two pieces of information,...

For the steel import quota bill of 1999, our answer to the question posed in the title is that each word in the Congressional Record costs $39 in campaign contributions from the steel industry. Consequently, our answer is "Yes."

In an overlapping generations model, capital and labor produce two tradable goods. A kleptocratic government spends the tariff revenue. Trade liberalization benefits the retired generation if and only if the relative price of the capital-intensive good rises. Starting from autarky, a small...