Stockman and Dellas (1986) demonstrated that in the presence of complete international asset markets, the relative welfare implications of a small tariffare reversed from standard trade theory. This paper examines the robustness of that result to change in preference parameters and asset market structure. For nearly all values of substitution elasticity and risk aversion, the reversal remains. ...

International trade has become an integrated part of our everyday lives. Many, if not all, of the foods we eat and the clothes we wear today are consequences of trade, one way or another. Not a single day passes without contemporary media covering several reports on world trade. During the past six decades of the modern trading system, the volume of world trade increased more than twenty times....

Infrastructure-as-a-Service is the most flexible form of cloud computing and provides great opportunities to acquire and release computing resources as necessary. However, consumers face an increasingly opaque market due to growing number of providers and tariff options. As an approach to aid consumers finding the right tariff matching their needs, we suggest a broker model as an intermediate b...

We study the impact of import protection on relationship-specific investments, organizational choice and welfare. We show that a tariff on intermediate inputs can improve social welfare through mitigating hold-up problems. It does so if it discriminates in favor of the investing party, thereby improving its bargaining position. On the other hand, a tariff can prompt inefficient organizational c...

A strategy to convert quotas to tariffs is to auction the quota rights and use the realized auction prices as guides to setting tariffs. In the 1980s, New Zealand employed auctions to allocate quota licenses. We analyze the relationship between tariff-equivalents and auction prices for auctions with resale. Using panel data from New Zealand’s quota license auctions, we estimate the expected val...