Multilateral Stability and Efficiency of Trade Agreements: A Network Formation Approach

Published: Jan 18, 2013
Abstract
We study the endogenous network formation of bilateral and multilateral trade agreements by means of hypergraphs and introduce the equilibrium concept of multilateral stability. We consider multi-country settings with a firm in each country that produces a homogeneous good and competes as a Cournot oligopolist in each market. Under endogenous tariffs, we find that the existence of a multilateral trade agreement is always necessary for the...
Paper Details
Title
Multilateral Stability and Efficiency of Trade Agreements: A Network Formation Approach
Published Date
Jan 18, 2013
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