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Straight Versus Gradual Opening of Developed and Developing Economies

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  • Park, Jang Woo

Abstract

Rather than straight opening, a country or financial market should use gradual opening to minimize the costs of such a process. This paper provides a model of three players - one more developed than the other - that allocates their costs of opening to the others. All markets trade many goods such as financial products, and a cooperative game approach is used. The main game theoretic instrument is the Shapley value.

Suggested Citation

  • Park, Jang Woo, 2013. "Straight Versus Gradual Opening of Developed and Developing Economies," Conference papers 332320, Purdue University, Center for Global Trade Analysis, Global Trade Analysis Project.
    • Handle: RePEc:ags:pugtwp:332320
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    References listed on IDEAS

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    1. Gately, Dermot, 1974. "Sharing the Gains from Regional Cooperation: A Game Theoretic Application to Planning Investment in Electric Power," International Economic Review, Department of Economics, University of Pennsylvania and Osaka University Institute of Social and Economic Research Association, vol. 15(1), pages 195-208, February.
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    3. S.C. Littlechild & G.F. Thompson, 1977. "Aircraft Landing Fees: A Game Theory Approach," Bell Journal of Economics, The RAND Corporation, vol. 8(1), pages 186-204, Spring.
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