On the Best Use of Trade Controls in the Presence of Foreign Market Power

Article Abstract:

Specific tariffs, quotas and price limits are examined for their usefulness and efficiency in varying market structures. Assumption is made of a competitive market. A monopolist of monopsonist will prefer to provide an elastic supply or demand curve to diminish their trading partner's market power. A best price floor or ceiling will provide the best results.

Economic policy

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Optimal Tariff Calculations in Alternative Trade Models and Some Possible Implications for Current World Trading Arrangements

Article Abstract:

Sequential 2 x 2 trade models are developed to derive optimal tariffs with and without retaliation. Production is introduced into the calculations. Critical parameters are the import price elasticities. Current levels of tariff protection are found to be significantly off from optimal tariffs providing substantial opportunity for retaliation.

Evaluation

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