We model the endogenous evolution of the de facto property rights regime and explore the impact of trade on de facto property rights regimes and on welfare. The model takes into account the dynamics of the stocks of natural resources, and the effect of trade on resource utilization. We show that...

In 1972, the potential gainfulness of free trade was established under fairly general assumptions — essentially those of Arrow and Debreu. Since then, the assumptions have been considerably weakened, notably by accommodating overlapping mortal generations and an infinite horizon. However,...

It is well known that if the autarkic and free-trade equilibria are perfectly competitive with market distortions limited to non-negative taxes on imports and exports then free trade is potentially (after country-specific lumpsum compensatory transfers) beneficial for each trading country. It...