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A Political Economic Analysis of U.S. Rice Export Programs to Japan and South Korea: A Game Theoretic Approach

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  • Dae-Seob Lee
  • P. Lynn Kennedy

Abstract

The Uruguay Round Agreement on agriculture (UR) has contributed to the increase in U.S. and world rice trade since 1994. Despite this, the Japanese and Korean rice markets continue to be characterized by high levels of trade intervention. This paper attempts to analyze both import markets incorporating econometric estimates and public choice theory in a game theoretic framework. Various scenarios are analyzed. The results show that the overall Nash equilibrium occurs with a 4% tariff reduction for Japan and Korea under the U.S. Market Development Program, which includes the Market Access Program and Foreign Market Development Program. Copyright 2007, Oxford University Press.

Suggested Citation

  • Dae-Seob Lee & P. Lynn Kennedy, 2007. "A Political Economic Analysis of U.S. Rice Export Programs to Japan and South Korea: A Game Theoretic Approach," American Journal of Agricultural Economics, Agricultural and Applied Economics Association, vol. 89(1), pages 104-115.
    • Handle: RePEc:oup:ajagec:v:89:y:2007:i:1:p:104-115
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    File URL: http://hdl.handle.net/10.1111/j.1467-8276.2007.00966.x
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    Cited by:

    1. Bullock, David S., 2012. "Dangers of Using Political Preference Functions in Political Economy Analysis: Examples from U.S. Ethanol Policy," 2012 First Congress, June 4-5, 2012, Trento, Italy 124118, Italian Association of Agricultural and Applied Economics (AIEAA).
    2. Jiarong Qian & Shoichi Ito & Zhijun Zhao, 2020. "The effect of price support policies on food security and farmers’ income in China," Australian Journal of Agricultural and Resource Economics, Australian Agricultural and Resource Economics Society, vol. 64(4), pages 1328-1349, October.
    3. Jiarong QIAN & Shoichi ITO & Yueying MU & Zhijun ZHAO & Xuejun WANG, 2018. "The role of subsidy policies in achieving grain self-sufficiency in China: a partial equilibrium approach," Agricultural Economics, Czech Academy of Agricultural Sciences, vol. 64(1), pages 23-35.

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