S ince the end of World War II the U.S. share of world income has fallen, while U.S. trade with the rest of the world has increased. Many believe that these two trends are not coincidental. U.S. firms that once dominated automobile, steel, and consumer electronics industries face stiff competition from Japan and increasing competition from South Korea and other industrializing countries. In res...

S ince the end of World War II the U.S. share of world income has fallen, while U.S. trade with the rest of the world has increased. Many believe that these two trends are not coincidental. U.S. firms that once dominated automobile, steel, and consumer electronics industries face stiff competition from Japan and increasing competition from South Korea and other industrializing countries. In res...

Will continual expansion of preferential trade agreements (PTAs) lead to global free trade? In the presence of multilateral negotiations, are PTAs necessary for, or will they necessarily lead away from, global free trade? This paper shows both answers depend crucially on a commitment problem faced by PTA members. Because the commitment problem revolves around a desire to commit to not form futu...

All countries would agree to immediate global free trade if countries were compensated for any terms-of-trade losses with transfers from countries whose terms-of-trade improve, and if customs unions were required to have no effects on non-member countries. Global free trade with transfers is in the core of a Kemp-WanGrinols customs union game. (52 words)

Trade-off reviews the rate of marginal substitution of inputs and outputs onto the efficient frontier. On the other hand, marginal rates of substitution (MRS) are important quantities for analysts and managers. In this paper, by changing the method of Asmild (2004), an algorithm is found that it can be used to calculate the marginal rate of the free disposal hull (FDH) model.