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Strategic Trade Policy with Competitive Storage

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  • Vanzetti, David
  • Kennedy, John

Abstract

Where international commodity markets are characterized by the use of market power and lags in production or policy responses, dynamic games provide a useful means of analyzing the conflict. A deterministic, dynamic game model with storage is developed in which each country sets a trade tax and carries stocks so as to maximize a quadratic objective function subject to linear intertemporal constraints. An iterative optimal control procedure is used to account for the independence between each countries' policies. The analysis is applied to a four-sector world wheat model. The results illustrate the role of stocks as a strategic variable in a deterministic environment. Copyright 1990 by Oxford University Press.

Suggested Citation

  • Vanzetti, David & Kennedy, John, 1990. "Strategic Trade Policy with Competitive Storage," European Review of Agricultural Economics, Oxford University Press and the European Agricultural and Applied Economics Publications Foundation, vol. 17(4), pages 465-483.
    • Handle: RePEc:oup:erevae:v:17:y:1990:i:4:p:465-83
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    Cited by:

    1. Kjell Holmåker & Thomas Sterner, 1999. "Growth or environmental concern: which comes first? Optimal control with pure stock pollutants," Environmental Economics and Policy Studies, Springer;Society for Environmental Economics and Policy Studies - SEEPS, vol. 2(3), pages 167-185, September.
    2. Kjell Holmåker & Thomas Sterner, 1999. "Growth or environmental concern: which comes first? Optimal control with pure stock pollutants," Environmental Economics and Policy Studies, Springer;Society for Environmental Economics and Policy Studies - SEEPS, vol. 2(3), pages 167-185, September.
    3. Lavoie, Nathalie, 2001. "Price Discrimination In The Context Of Vertical Differentiation: A Modeling Approach For Wheat Exports," 2001 Annual meeting, August 5-8, Chicago, IL 20603, American Agricultural Economics Association (New Name 2008: Agricultural and Applied Economics Association).

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