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Existence of Equilibriuim in Welfare-enhancing Free Trade Areas
Proving the existence of equilibrium having specified properties is often synonymous with proving the result in trade theory. The Grandmont-McFadden proposition that any autarkic allocation can be replaced by a Pareto ...
Global Patent Protection: Channels of North & South Welfare Gain
Much of the dynamic literature on intellectual property protection (IPP) arrays goods along a segment of the real line, one endpoint of which expands with innovation. A single margin of innovation brings computational ...
Pharmaceuticals, Prescription Plans, and Promoting Progress
Monopoly response to buyers who pay fraction c of the product cost is to raise the buyer price for the initial quantity q0 from p0 to 1/c p0, and adjust to a different price and quantity only if profits are thereby raised ...