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Renewable resources and the gains from trade

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  • Rögnvaldur Hannesson

Abstract

The Brander-Taylor small, open-economy model of trade in a renewable resource and other goods is modified to allow for diminishing returns in the other goods sector. It is shown that opening up for trade may result in steady-state gains from trade, even when there is open access to the resource and the country does not specialize fully in resource extraction. It is also shown that transition to optimal management, with price-taking behaviour, may result in a welfare loss.

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  • Rögnvaldur Hannesson, 2000. "Renewable resources and the gains from trade," Canadian Journal of Economics, Canadian Economics Association, vol. 33(1), pages 122-132, February.
    • Handle: RePEc:cje:issued:v:33:y:2000:i:1:p:122-132
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