We present a framework for understanding and interpreting reciprocity and nondiscrimination, the two principles that are the pillars of the multilateral trading system as embodied in GATT and its successor, the WTO. We show that GATT’s principle of reciprocity serves to neutralize the...

Despite the important role played by GATT in the world economy, economists have not developed a unified theoretical framework that interprets and evaluates the principles that form the foundation of GATT. Our purpose here is to propose such a framework. Working within a general equilibrium trade...

This chapter offers a comprehensive survey of the economic analysis of advertising. A first objective is to organize the literature in a manner that clarifies what is known. A second objective is to clarify how this knowledge has been obtained. The chapter begins with a discussion of the key...