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Calculating Trade Damages in the Context of the World Trade Organization's Dispute Settlement Process

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  • Jason Bernstein
  • David Skully

Abstract

Since its inception in 1995, the World Trade Organization (WTO) dispute settlement system has received over 250 notifications of trade disputes. While most have been settled, in a few cases the WTO arbitrators had to approve damage awards. This paper will use one of these cases (Hormones) to explain the methodology arbitrators use to calculate damages and how this methodology differs from an efficiency-based measure of welfare that economists would instinctively provide. Yet, there are rational reasons for this difference and the arbitrator's methodology does a better job of providing incentives for countries not to violate trade agreements. Copyright 2003, Oxford University Press.

Suggested Citation

  • Jason Bernstein & David Skully, 2003. "Calculating Trade Damages in the Context of the World Trade Organization's Dispute Settlement Process," Review of Agricultural Economics, Agricultural and Applied Economics Association, vol. 25(2), pages 385-398.
    • Handle: RePEc:oup:revage:v:25:y:2003:i:2:p:385-398
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    File URL: http://hdl.handle.net/10.1111/1467-9353.00145
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    Cited by:

    1. Bown, Chad P. & Ruta, Michele, 2008. "The economics of permissible WTO retaliation," WTO Staff Working Papers ERSD-2008-04, World Trade Organization (WTO), Economic Research and Statistics Division.
    2. Xia, Yan & Kong, Yishu & Ji, Qiang & Zhang, Dayong, 2019. "Impacts of China-US trade conflicts on the energy sector," China Economic Review, Elsevier, vol. 58(C).
    3. Chen, Xiangyu & Tongurai, Jittima, 2023. "Informational linkage and price discovery between China's futures and spot markets: Evidence from the US–China trade dispute," Global Finance Journal, Elsevier, vol. 55(C).
    4. Hill, Megan & Shanoyan, Aleksan & Aldrich, Greg, 2022. "Animal Protein-Based Ingredients in Pet Food: Analysis of Supply Chain and Market Drivers," 2022 Annual Meeting, July 31-August 2, Anaheim, California 322509, Agricultural and Applied Economics Association.

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