236,713 results on '"BILATERAL trade"'
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2. Bilateral trade with loss-averse agents
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Benkert, Jean-Michel
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- 2024
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3. Bilateral Trade Flow Prediction by Gravity-informed Graph Auto-encoder
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Minakawa, Naoto, Izumi, Kiyoshi, and Sakaji, Hiroki
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Computer Science - Computational Engineering, Finance, and Science - Abstract
The gravity models has been studied to analyze interaction between two objects such as trade amount between a pair of countries, human migration between a pair of countries and traffic flow between two cities. Particularly in the international trade, predicting trade amount is instrumental to industry and government in business decision making and determining economic policies. Whereas the gravity models well captures such interaction between objects, the model simplifies the interaction to extract essential relationships or needs handcrafted features to drive the models. Recent studies indicate the connection between graph neural networks (GNNs) and the gravity models in international trade. However, to our best knowledge, hardly any previous studies in the this domain directly predicts trade amount by GNNs. We propose GGAE (Gravity-informed Graph Auto-encoder) and its surrogate model, which is inspired by the gravity model, showing trade amount prediction by the gravity model can be formulated as an edge weight prediction problem in GNNs and solved by GGAE and its surrogate model. Furthermore, we conducted experiments to indicate GGAE with GNNs can improve trade amount prediction compared to the traditional gravity model by considering complex relationships.
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- 2024
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4. Trade-related infrastructure and bilateral trade flows: evidence from Nigeria and its trading partners
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Wahab, Bashir Adelowo
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- 2024
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5. International Trade Flow Prediction with Bilateral Trade Provisions
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Pan, Zijie, Gordeev, Stepan, Zhao, Jiahui, Meng, Ziyi, Ding, Caiwen, Steinbach, Sandro, and Song, Dongjin
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Quantitative Finance - Statistical Finance ,Computer Science - Computational Engineering, Finance, and Science ,Computer Science - Machine Learning - Abstract
This paper presents a novel methodology for predicting international bilateral trade flows, emphasizing the growing importance of Preferential Trade Agreements (PTAs) in the global trade landscape. Acknowledging the limitations of traditional models like the Gravity Model of Trade, this study introduces a two-stage approach combining explainable machine learning and factorization models. The first stage employs SHAP Explainer for effective variable selection, identifying key provisions in PTAs, while the second stage utilizes Factorization Machine models to analyze the pairwise interaction effects of these provisions on trade flows. By analyzing comprehensive datasets, the paper demonstrates the efficacy of this approach. The findings not only enhance the predictive accuracy of trade flow models but also offer deeper insights into the complex dynamics of international trade, influenced by specific bilateral trade provisions.
- Published
- 2024
6. Feature-Based Online Bilateral Trade
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Gaucher, Solenne, Bernasconi, Martino, Castiglioni, Matteo, Celli, Andrea, and Perchet, Vianney
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Computer Science - Computer Science and Game Theory - Abstract
Bilateral trade models the problem of facilitating trades between a seller and a buyer having private valuations for the item being sold. In the online version of the problem, the learner faces a new seller and buyer at each time step, and has to post a price for each of the two parties without any knowledge of their valuations. We consider a scenario where, at each time step, before posting prices the learner observes a context vector containing information about the features of the item for sale. The valuations of both the seller and the buyer follow an unknown linear function of the context. In this setting, the learner could leverage previous transactions in an attempt to estimate private valuations. We characterize the regret regimes of different settings, taking as a baseline the best context-dependent prices in hindsight. First, in the setting in which the learner has two-bit feedback and strong budget balance constraints, we propose an algorithm with $O(\log T)$ regret. Then, we study the same set-up with noisy valuations, providing a tight $\widetilde O(T^{\frac23})$ regret upper bound. Finally, we show that loosening budget balance constraints allows the learner to operate under more restrictive feedback. Specifically, we show how to address the one-bit, global budget balance setting through a reduction from the two-bit, strong budget balance setup. This established a fundamental trade-off between the quality of the feedback and the strictness of the budget constraints.
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- 2024
7. Fair Online Bilateral Trade
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Bachoc, François, Cesa-Bianchi, Nicolò, Cesari, Tommaso, and Colomboni, Roberto
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Computer Science - Computer Science and Game Theory ,Computer Science - Machine Learning - Abstract
In online bilateral trade, a platform posts prices to incoming pairs of buyers and sellers that have private valuations for a certain good. If the price is lower than the buyers' valuation and higher than the sellers' valuation, then a trade takes place. Previous work focused on the platform perspective, with the goal of setting prices maximizing the gain from trade (the sum of sellers' and buyers' utilities). Gain from trade is, however, potentially unfair to traders, as they may receive highly uneven shares of the total utility. In this work we enforce fairness by rewarding the platform with the fair gain from trade, defined as the minimum between sellers' and buyers' utilities. After showing that any no-regret learning algorithm designed to maximize the sum of the utilities may fail badly with fair gain from trade, we present our main contribution: a complete characterization of the regret regimes for fair gain from trade when, after each interaction, the platform only learns whether each trader accepted the current price. Specifically, we prove the following regret bounds: $\Theta(\ln T)$ in the deterministic setting, $\Omega(T)$ in the stochastic setting, and $\tilde{\Theta}(T^{2/3})$ in the stochastic setting when sellers' and buyers' valuations are independent of each other. We conclude by providing tight regret bounds when, after each interaction, the platform is allowed to observe the true traders' valuations.
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- 2024
8. Trade-related infrastructure and bilateral trade flows: evidence from Nigeria and its trading partners
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Bashir Adelowo Wahab
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Trade-related infrastructure ,Bilateral trade flows ,Gravity model ,Panel instrumental variables ,Nigeria and trading partners ,Economic growth, development, planning ,HD72-88 ,Economics as a science ,HB71-74 - Abstract
Abstract This study examines the relative impacts of transport and information and communications technology (ICT) components of trade-related infrastructure on bilateral trade flows between Nigeria and its major trading partners. An augmented standard gravity model that featured variables for the transport infrastructure component and the ICT component was estimated using bilateral trade data on 22 major trading partners of Nigeria for the period 2005–2021. The panel instrumental variables technique, precisely pooled two-stage least squares technique leveraged on fixed and random effects models, was used for the analysis. The findings show that the two components of trade-related infrastructure, transportation and information and communication technology (ICT) have a significant impact on trade flows between Nigeria and its trading partners. In the exports model, the differential impact of the transport infrastructure component is higher than the ICT component, but the differential impact of the ICT component is greater in the imports model. This suggests that the efficient provision of both transport and ICT infrastructure facilitates trade, while the inefficient provision of either or both hinders it. Therefore, greater attention must be placed on improving both components.
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- 2024
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9. Microchips and sneakers: Bilateral trade, shifting power, and interstate conflict.
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Zeng, Yuleng
- Subjects
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BILATERAL trade , *OPPORTUNITY costs , *SECURITIES trading , *ECONOMIC opportunities , *EXTERNALITIES - Abstract
Strong commercial ties promote peace as states shun the opportunity costs of economic disruption. However, trade also enriches and empowers states, rendering them more capable of enforcing long-term settlements. Given economic disruption does not last forever, countries can be incentivized to trade short-term economic losses for long-term political or territorial gains. This trade-off can restrict or even reverse the pacifying effect of commerce as it renders states incapable of committing to existing peaceful deals. I argue the scope condition hinges on the existing power imbalance and the security externalities of trade, defined as states' abilities to translate trade gains into (potential) military power. For countries where the existing power gap is not extreme, the impact of bilateral strategic trade is contingent upon a country's trade externality relative to its opponent's. Although increased bilateral trade can be peace-promoting when the relative externality is small, the pacifying effects can dissipate as a relatively weaker state becomes more capable of exploiting trade gains. Building on recent work in network analysis, I propose a new measurement of trade externalities to test the above theory and find supporting results. [ABSTRACT FROM AUTHOR]
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- 2024
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10. Non-Excludable Bilateral Trade Between Groups
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Xu, Yixuan Even, Zhang, Hanrui, and Conitzer, Vincent
- Subjects
Computer Science - Computer Science and Game Theory - Abstract
Bilateral trade is one of the most natural and important forms of economic interaction: A seller has a single, indivisible item for sale, and a buyer is potentially interested. The two parties typically have different, privately known valuations for the item, and ideally, they would like to trade if the buyer values the item more than the seller. The celebrated impossibility result by Myerson and Satterthwaite shows that any mechanism for this setting must violate at least one important desideratum. In this paper, we investigate a richer paradigm of bilateral trade, with many self-interested buyers and sellers on both sides of a single trade who cannot be excluded from the trade. We show that this allows for more positive results. In fact, we establish a dichotomy in the possibility of trading efficiently. If in expectation, the buyers value the item more, we can achieve efficiency in the limit. If this is not the case, then efficiency cannot be achieved in general. En route, we characterize trading mechanisms that encourage truth-telling, which may be of independent interest. We also evaluate our trading mechanisms experimentally, and the experiments align with our theoretical results., Comment: 14 pages, 2 figures, 1 table, aaai 2024
- Published
- 2023
11. No-Regret Learning in Bilateral Trade via Global Budget Balance
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Bernasconi, Martino, Castiglioni, Matteo, Celli, Andrea, and Fusco, Federico
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Computer Science - Computer Science and Game Theory ,Computer Science - Machine Learning - Abstract
Bilateral trade models the problem of intermediating between two rational agents -- a seller and a buyer -- both characterized by a private valuation for an item they want to trade. We study the online learning version of the problem, in which at each time step a new seller and buyer arrive and the learner has to set prices for them without any knowledge about their (adversarially generated) valuations. In this setting, known impossibility results rule out the existence of no-regret algorithms when budget balanced has to be enforced at each time step. In this paper, we introduce the notion of \emph{global budget balance}, which only requires the learner to fulfill budget balance over the entire time horizon. Under this natural relaxation, we provide the first no-regret algorithms for adversarial bilateral trade under various feedback models. First, we show that in the full-feedback model, the learner can guarantee $\tilde O(\sqrt{T})$ regret against the best fixed prices in hindsight, and that this bound is optimal up to poly-logarithmic terms. Second, we provide a learning algorithm guaranteeing a $\tilde O(T^{3/4})$ regret upper bound with one-bit feedback, which we complement with a $\Omega(T^{5/7})$ lower bound that holds even in the two-bit feedback model. Finally, we introduce and analyze an alternative benchmark that is provably stronger than the best fixed prices in hindsight and is inspired by the literature on bandits with knapsacks., Comment: Accepted at STOC 2024
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- 2023
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12. Paying for protection: bilateral trade with an alliance leader and defense spending of minor partners.
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Albalate, Daniel, Bel, Germà, Mazaira-Font, Ferran A., and Ros-Oton, Xavier
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MILITARY spending , *BILATERAL trade , *PUBLIC spending , *BALANCE of trade , *BUDGET , *TWENTIETH century - Abstract
• We develop a model on how military and trade alliances can impact defense spending. • Importance of trade and its balance with the leader influences defense spending. • The larger the leader's trade and surplus, the lower the minor partners' spending. Military spending was the main government expenditure until the 20th century, and it still represents a significant fraction of most governments' budgets. We develop a theoretical model to understand how both military and trade alliances with military leaders can impact defense spending. By increasing the costs of military aggression by a non-ally, an alliance reduces the probability of war and allows minor partners reducing their military spending in exchange for a stronger trade relationship with an alliance leader and a higher trading surplus for the latter. We test our hypotheses with data on 138 countries for 1996–2020. Our results show that the importance of the trade relationship and the trade balance with the military alliance leader is a significant driver of military spending. The greater the weight of trade with the military leader and the higher its trade surplus, the lower is the defense spending of the minor partner. [ABSTRACT FROM AUTHOR]
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- 2024
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13. Food-based bilateral trade balance performances between the United States and Canada under COVID-19
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Ongan, Serdar, Karamelikli, Huseyin, and Gocer, Ismet
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- 2023
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14. Bilateral Trade with Correlated Values
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Dobzinski, Shahar and Shaulker, Ariel
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Computer Science - Computer Science and Game Theory - Abstract
We study the bilateral trade problem where a seller owns a single indivisible item, and a potential buyer seeks to purchase it. Previous mechanisms for this problem only considered the case where the values of the buyer and the seller are drawn from independent distributions. In this paper, we study bilateral trade mechanisms when the values are drawn from a joint distribution. We prove that the buyer-offering mechanism guarantees an approximation ratio of $\frac e {e-1} \approx 1.582$ to the social welfare even if the values are drawn from a joint distribution. The buyer-offering mechanism is Bayesian incentive compatible, but the seller has a dominant strategy. We prove the buyer-offering mechanism is optimal in the sense that no Bayesian mechanism where one of the players has a dominant strategy can obtain an approximation ratio better than $\frac e {e-1}$. We also show that no mechanism in which both sides have a dominant strategy can provide any constant approximation to the social welfare when the values are drawn from a joint distribution. Finally, we prove some impossibility results on the power of general Bayesian incentive compatible mechanisms. In particular, we show that no deterministic Bayesian incentive-compatible mechanism can provide an approximation ratio better than $1+\frac {\ln 2} 2\approx 1.346$.
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- 2023
15. The effects of the EU-MERCOSUR agreement on bilateral trade: the role of Brexit
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Sanguinet, Eduardo Rodrigues and Alvim, Augusto Mussi
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- 2024
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16. Do currency manipulations hurt US bilateral trade balance?
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Aftab, Muhammad, Bahmani-Oskooee, Mohsen, and Karamelikli, Huseyin
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- 2023
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17. On the Optimal Fixed-Price Mechanism in Bilateral Trade
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Cai, Yang and Wu, Jinzhao
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Computer Science - Computer Science and Game Theory - Abstract
We study the problem of social welfare maximization in bilateral trade, where two agents, a buyer and a seller, trade an indivisible item. We consider arguably the simplest form of mechanisms -- the fixed-price mechanisms, where the designer offers trade at a fixed price to the seller and buyer. Besides the simple form, fixed-price mechanisms are also the only DSIC and budget balanced mechanisms in bilateral trade. We obtain improved approximation ratios of fixed-price mechanisms in different settings. In the full prior information setting where the designer has access to the value distributions of both the seller and buyer, we show that the optimal fixed-price mechanism can achieve at least $0.72$ of the optimal welfare, and no fixed-price mechanism can achieve more than $0.7381$ of the optimal welfare. Prior to our result the state of the art approximation ratio was $1 - 1/e + 0.0001 \approx 0.632$. Interestingly, we further show that the optimal approximation ratio achievable with full prior information is identical to the optimal approximation ratio obtainable with only one-sided prior information. We further consider two limited information settings. In the first one, the designer is only given the mean of the buyer's (or the seller's) value. We show that with such minimal information, one can already design a fixed-price mechanism that achieves $2/3$ of the optimal social welfare, which surpasses the previous state of the art ratio even when the designer has access to the full prior information. Furthermore, $2/3$ is the optimal attainable ratio in this setting. In the second one, we assume that the designer has sample access to the value distributions. We propose a new family mechanisms called order statistic mechanisms and provide a complete characterization of their approximation ratios for any fixed number of samples., Comment: Abstract shortened to meet arXiv requirements; Updated version with new results
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- 2023
18. Анализ на двустранната търговия между Бъ...
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Генчев, Евгени and Иванова, Десислава
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BILATERAL trade ,INTERNATIONAL trade - Abstract
This study examines the state of trade in goods between Bulgaria and Ukraine for the 2016-2022 period. One of this research’s main objectives is to analyze each trading partner’s role in bilateral trade. Using statistical analysis methods, we estimate each country’s share of bilateral trade for imports and exports of the top imported/exported products. Based on the analysis, it is found that in some product groups such as Group 72 “Iron and Steel”, Group 86 “Railway or Tramway Locomotives, Rolling Stock and Parts Thereof” and Group 27 “Petroleum Oils and Oils Obtained From Bituminous Minerals”, Bulgaria and Ukraine have already established long-term relationships. For the five-year 2016-2021 period, Ukrainian exports to Bulgaria have increased by 100%, and imports have increased by 214%. The results of this study may contribute to further scientific research to determine the direction of development of international trade in both countries. The positive trends in each country’s exports to the other encourage additional investments, particularly in the manufacture of these products and in the search for new market niches [ABSTRACT FROM AUTHOR]
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- 2023
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19. Bilateral trade potential analysis of the Lanzhou-Kathmandu South Asian rail-road freight trains linking China and Nepal: A stochastic frontier gravity model approach.
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Tian, Fei
- Subjects
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BILATERAL trade , *GRAVITY model (Social sciences) , *RAILROAD trains , *BALANCE of trade , *STATISTICS - Abstract
In this paper, the stochastic frontier gravity model is applied to analyze the trade potential between China and Nepal and the prospects of Lanzhou-Kathmandu South Asian rail-road freight trains (LKSARFT). Based on the statistical data, we test the Exports Efficiency (EE), Bilateral Trade Efficiency (BTE), Exports Trade Potential (ETP), Bilateral Trade Potential (BTP), Extended Exports Trade Potential (EETP), Extended Bilateral Trade Potential (EBTP), Improved Exports Trade Potential (IETP) and Improved Bilateral Trade Potential (IBTP) between China and Nepal, the following analysis results can be found: for the bilateral trade model, the bilateral non-efficiency factor decreasing at a rate of 0.057 with time increasing, bilateral trade increasing at a rate of 0.057 with time increasing. For the exports model, the exports non-efficiency factor increasing at a rate of 0.004 with time increasing, exports trade decreasing at a rate of 0.057 with time increasing. The BTE between China and Nepal increases when time changes, the EE from China to Nepal remains constant changing during the 18 years. The changing range of BTE is 0.002–0.05; the changing range of EE from China to Nepal is over 0.1, larger than the BTE. The BTE and EE ranking among the eight South Asian countries are ranking fifth and fourth during the 18 years. exports trade resistance from China to Nepal is larger than bilateral trade resistance; The import trade potential from Nepal to China is huge, the focus of bilateral trade between China and Nepal may be changed, there are more goods may be exported from Nepal to China, and China may become trade deficit when trading with Nepal. Then, the development bottlenecks of the LKSARFT are analyzed. Finally, we give policy directions to boost bilateral trade efficiency and tap the potential of bilateral trade between China and Nepal. [ABSTRACT FROM AUTHOR]
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- 2024
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20. Mathematical Modeling and Analysis on the Influence of Maritime Transport Capability on Bilateral Trade
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Yu, Muyan
- Published
- 2018
21. Labor Productivity, Bilateral Trade, and Institutional Quality in ASEAN 6 Countries: Gravity Approach
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Aryanti, Shafa Kalila, primary and Hastiadi, Fithra Faisal, additional
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- 2024
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22. Repeated Bilateral Trade Against a Smoothed Adversary
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Cesa-Bianchi, Nicolò, Cesari, Tommaso, Colomboni, Roberto, Fusco, Federico, and Leonardi, Stefano
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Computer Science - Machine Learning ,Computer Science - Data Structures and Algorithms ,Computer Science - Computer Science and Game Theory - Abstract
We study repeated bilateral trade where an adaptive $\sigma$-smooth adversary generates the valuations of sellers and buyers. We provide a complete characterization of the regret regimes for fixed-price mechanisms under different feedback models in the two cases where the learner can post either the same or different prices to buyers and sellers. We begin by showing that the minimax regret after $T$ rounds is of order $\sqrt{T}$ in the full-feedback scenario. Under partial feedback, any algorithm that has to post the same price to buyers and sellers suffers worst-case linear regret. However, when the learner can post two different prices at each round, we design an algorithm enjoying regret of order $T^{3/4}$ ignoring log factors. We prove that this rate is optimal by presenting a surprising $T^{3/4}$ lower bound, which is the main technical contribution of the paper.
- Published
- 2023
23. Interview with Natasha Jha-Bhaskar - elevating role of Australian business in the Australia India bilateral trade engagement
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Jha-Bhaskar, Natasha
- Published
- 2024
24. No-Regret Learning in Bilateral Trade via Global Budget Balance.
- Author
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Martino Bernasconi, Matteo Castiglioni, Andrea Celli, and Federico Fusco
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- 2024
- Full Text
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25. Bilateral Trade with Correlated Values.
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Shahar Dobzinski and Ariel Shaulker
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- 2024
- Full Text
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26. Non-excludable Bilateral Trade between Groups.
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Yixuan Even Xu, Hanrui Zhang, and Vincent Conitzer
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- 2024
- Full Text
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27. SORTING OUT THE BILATERAL TRADE AND INCOME CONVERGENCE RELATIONSHIP: DOES INCOME AND THE NATURE OF BILATERAL TRADE MATTER?
- Author
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Darku, Alexander Bilson, Baah-Boateng, William, Mohammed, Ibrahim, and Rahaman, Wassiuw Abdul
- Subjects
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BILATERAL trade , *HIGH-income countries , *CUSTOMS unions , *INTERNATIONAL trade , *LOW-income countries - Abstract
Several studies have used various datasets and methodologies to analyze the relationship between bilateral trade and income convergence among trading partners. However, most studies have not paid attention to the effect that income levels and nature of bilateral trade have on the speed of income convergence. In this paper, we argue that the income levels of trading partners and the nature of bilateral trade play important role in the relationship between bilateral trade and international income convergence. To account for the effect of income levels of trading partners, this paper presents an approach that explicitly accounts for bilateral trade among high-income (OECD) countries, bilateral trade between high-income and low-income (SSA) countries, and bilateral trade among low-income (SSA) countries. We also used total trade data for 25 OECD countries and 30 Sub-Saharan African countries over the period 1980-2018 to avoid the potential bias for selecting certain countries based on arbitrary percentage of trade relationship. We used the 2SLS estimations technique to avoid endogeneity problems due to the nature of the dataset. The paper finds that the bilateral trade-income convergence relationship for OECD to SSA is the strongest. This result throws light on the claim that the nature of bilateral trade between high-income and low-income countries promotes one directional knowledge spillover from high-income to low-income countries which enables low-income countries to adopt new technologies and grow faster than their high-income counterparts. Also, bilateral trade among OECD countries, which mostly comprises of differentiated products, promotes descent income convergence among them. However, bilateral trade among SSA countries has the least effect on income convergence. Findings of the study have important implications for bilateral trade among low-income countries and between low income and high income countries. First, if SSA countries want to develop and catch up with their rich counterparts, they should continue to promote free trade with high income countries by dismantling remaining protection policies. Second, the African Continental Free Trade Area's (AfCFTA) efforts to boost the manufacturing sector through industrialization is in the right direction to promote the production of more differentiated products in Africa which will create growth in income for member countries as they trade more. Finally, there is the need for SSA countries to increase investment rates and improve human capital accumulation to enable them to accelerate the adoption of new technologies and grow faster than their high-income counterparts, while bridging the income gap between them through trade. [ABSTRACT FROM AUTHOR]
- Published
- 2023
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28. Impacts of Regional Integration and Market Liberalization on Bilateral Trade Balances of Selected East African Countries: Potential Implications of the African Continental Free Trade Area
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Perez Onono, Francis Omondi, and Alice Mwangangi
- Subjects
regional integration ,free trade areas ,tariff liberalization ,bilateral trade balance ,African continental free trade area ,Economics as a science ,HB71-74 - Abstract
This study examined the effect of free trade on intra-African bilateral trade balances for Kenya, Rwanda, Uganda, and Tanzania to assess the potential implications of the African Continental Free Trade area. The four countries have experienced persistent trade deficits. Whether free trade within Africa can improve the national trade balances, and the drivers of bilateral trade balances are important questions for policy and strategic programmes for the countries to make the most gains from free trade area. The econometric model estimated for each country is an extension of the standard Keynesian model of trade balance to include determinants of bilateral trade flows from the gravity model. Quantitative analysis using panel regression was augmented with qualitative data from interviews with trade policy experts and trade officials from various African countries and focus group discussions with small-scale cross-border traders at the Busia and Namanga border posts in East Africa. Findings show that complete tariff elimination on intra–African trade may not impact the bilateral trade balances of Kenya, Rwanda, and Tanzania but could improve bilateral trade balances for Uganda by 6 percent. Within the free trade areas, Uganda’s bilateral trade balances were higher within the Common Market for Eastern and Southern Africa but lower within the East African Community, than outside these areas. Kenya’s trade balances were lower in the Common Market for Eastern and Southern Africa, than otherwise. On the contrary, no significant difference in trade balances is established for the membership of Kenya, Rwanda, and Tanzania in the East African Community; Rwanda in the Common Market for Eastern and Southern Africa; and Tanzania in the Southern African Development Community, when compared to trade balances with non-members. The importance of macroeconomic factors is demonstrated by the increase in bilateral trade balances with higher relative price levels of trade partners; the reduction with increase in relative production and expenditure capacities of trade partners; and improvements following a depreciation of home currency for Tanzania and Uganda, yet a worsening of trade balances in Kenya. A lack of harmony in documents required for cross-border movements within the free trade areas is reported as counterproductive. All African countries should therefore fully implement protocols and cooperate in the harmonization of trade procedures for the free movement of people and goods across borders. Country policies and trade programmes should pursue increased productivity in the leading intra-African export sectors and diversify exports via foreign direct investment in strategic sectors to substitute imports from outside Africa; reduce costs of production; increase the quality of products; and improve transport infrastructure.
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- 2024
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29. The bilateral trade imbalances between the EU and China: Structure and trends
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Athina Ditsiou, Konstantia Darvidou, and Evangelos Siskos
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competitiveness ,EU member states ,exchange rate ,foreign supplies ,international trade ,product structure ,Business ,HF5001-6182 - Abstract
The EU and China are among the largest economies affecting the global economy and each other. The paper aims to determine the structure and trends in the trade relations between the EU and China from the perspective of trade imbalances. Net export index (–29% in 2021) and the difference between export and import growth rates (–9% in 2016-2021) were calculated as the indicators of competitiveness of the economies relative to each other. Correlation coefficients and regression models were used to estimate the effects of several factors on the net export index. The EU has a surplus in services trade with China (21% of the trade), but it does not cover a much larger bilateral merchandise trade deficit (–36%), which exists in most member states. Machinery and vehicles are the most important traded items. The net export index shows that the European Union is more competitive than China in nonfuel minerals, food, vehicles, pharmaceutical products, intellectual property, computer, travel, and sea transport services. The effect of the real exchange rates on the trade imbalances is not robust due to the large difference in regression coefficients for the real exchange rates based on consumer prices and unit labor costs. In recent years, the trade balance was not significantly affected by industrial output growth trends in the EU and China (except for the COVID-19 pandemic crisis when the relative competitiveness of China in its trade with the EU improved at least in the short run).
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- 2024
- Full Text
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30. An $\alpha$-regret analysis of Adversarial Bilateral Trade
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Azar, Yossi, Fiat, Amos, and Fusco, Federico
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Computer Science - Computer Science and Game Theory ,Computer Science - Data Structures and Algorithms ,Computer Science - Machine Learning - Abstract
We study sequential bilateral trade where sellers and buyers valuations are completely arbitrary (i.e., determined by an adversary). Sellers and buyers are strategic agents with private valuations for the good and the goal is to design a mechanism that maximizes efficiency (or gain from trade) while being incentive compatible, individually rational and budget balanced. In this paper we consider gain from trade which is harder to approximate than social welfare. We consider a variety of feedback scenarios and distinguish the cases where the mechanism posts one price and when it can post different prices for buyer and seller. We show several surprising results about the separation between the different scenarios. In particular we show that (a) it is impossible to achieve sublinear $\alpha$-regret for any $\alpha<2$, (b) but with full feedback sublinear $2$-regret is achievable (c) with a single price and partial feedback one cannot get sublinear $\alpha$ regret for any constant $\alpha$ (d) nevertheless, posting two prices even with one-bit feedback achieves sublinear $2$-regret, and (e) there is a provable separation in the $2$-regret bounds between full and partial feedback.
- Published
- 2022
31. Pollution Haven Hypothesis and the Bilateral Trade Between India and China
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Varadurga Bhat and Malini L. Tantri
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Political institutions and public administration - Asia (Asian studies only) ,JQ1-6651 ,Social sciences and state - Asia (Asian studies only) ,H53 - Abstract
The pollution haven hypothesis is studied from a bilateral trade perspective in this study, taking the reference of two Asian giants, namely, India and China. For this purpose, trade in pollution-intensive industries is analysed using data collected from the United Nations Comtrade dataset based on Standard Industrial Trade Classification codes for 1992–2019. The analysis helps us argue that between the two, China's demand is more pollution-intensive and India is the major supplier of pollution-intensive products. From an environmental perspective, this implies that China seems to be gaining from trade, and India is becoming a pollution haven in its trade with China.
- Published
- 2024
- Full Text
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32. Pakistan continues to enjoy growing bilateral trade relations with Italy
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International trade ,Textile industry -- International economic relations ,International trade ,Fashion, accessories and textiles industries - Abstract
The trade relationship between Pakistan and Italy is not just thriving but is also pivotal to the growth and modernization of Pakistan's textile industry. Italy, as one of the world's [...]
- Published
- 2024
33. New deals 'The Second After Leaving?' IO withdrawal and bilateral trade agreements.
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Bakaki, Zorzeta and Böhmelt, Tobias
- Subjects
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BILATERAL trade , *COMMERCIAL treaties , *INTERNATIONAL cooperation , *INTERNATIONAL trade , *TRADE negotiation - Abstract
The Brexit campaign was based on the idea that newly gained British sovereignty and flexibility in global trade governance would facilitate the quick negotiation of preferential trade agreements. We explore how long it may take for a state to negotiate bilateral preferential trade agreements to offset potential losses from International Organizations withdrawals. We address the question of 'timing', and discuss several mechanisms that delay or speed up the implementation of bilateral trade deals after exiting International Organizations. The empirical findings are based on quantitative data and models accounting for the likely simultaneous relationship between International Organizations exits and preferential trade agreements' formation. We show that leaving economic organisations significantly lowers the likelihood of subsequent preferential trade agreements ratification. This effect wears out after about 1 year. This research has crucial implications for our understanding of International Organizations, state benefits' stemming from their membership therein, bilateral trade deals, and international cooperation. [ABSTRACT FROM AUTHOR]
- Published
- 2023
- Full Text
- View/download PDF
34. Does bilateral trade in cereals within SADC reflect virtual trade in water between countries with different water endowments?
- Author
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Matchaya, Greenwell, Garcia, Roberto J., and Traoré, Fousseini
- Subjects
- *
BILATERAL trade , *ENDOWMENTS , *GRAVITY model (Social sciences) , *WATER shortages , *SOCIOECONOMIC factors - Abstract
This paper examines intraregional bilateral trade in virtual water embedded in cereal flows between the Southern Africa Development Community (SADC) states. A gravity model is employed to examine whether annual bilateral trade depends on differences in water endowments, but also includes socio-economic and political determinants that affect trade. There is evidence that the abundance of water resources in a country influences trade for a product that is water dependent. Thus, the adverse effect of water scarcity in a country may be ameliorated by encouraging exports of water-intensive cereal crops where water is in abundance and imported where water is scarce. [ABSTRACT FROM AUTHOR]
- Published
- 2023
- Full Text
- View/download PDF
35. Exchange rate asymmetry and its impact on bilateral trade: Evidence from BCIM-EC countries using N-ARDL approach
- Author
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Rahman, Arifur, Murad, S.M. Woahid, and Wang, Xiaowen
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- 2024
- Full Text
- View/download PDF
36. Bilateral Trade: A Regret Minimization Perspective.
- Author
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Nicolò Cesa-Bianchi, Tommaso Cesari, Roberto Colomboni, Federico Fusco, and Stefano Leonardi 0001
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- 2024
- Full Text
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37. Sheikh Hasina visits China, bilateral trade and funding on the agenda
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International economic relations ,Transportation industry - Abstract
Byline: Maritime Gateway Sheikh Hasina is on a three day visit to China. This is her first visit in the past five years. Bilateral trade and funding for infrastructure projects [...]
- Published
- 2024
38. Bilateral trade between Sweden and Norway : A J-curve relation?
- Author
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Nostell, Carl and Nostell, Carl
- Abstract
This thesis studies the relationship between the trade balance ratio between Sweden and Norway and the real exchange rate. Following a real depreciation of the Swedish crown (SEK) against the Norwegian krone (NOK), the trade balance ratio of Swedish exports to Norway to Swedish imports from Norway (X/M), is expected to initially fall due to lower earnings from the exports and higher expenses associated with imports. As the goods become cheaper, the demanded quantity is expected to increase, which is how the J-curve appear. J-curve builds on the Marshall-Lerner theory, which says that if the sum of price elasticities of exports and imports is elastic, the Swedish trade balance will improve as a result of the real depreciation of SEK. A test for cointegration is performed to see if there is a significant long-run relationship between the variables. This relationship is studied at two different frequences of observations, quarterly and annually. Then the Autoregressive Distributed Lag model, ARDL is used to analyse the J-curve. One of the conclusions of the results is that although no significant relationship could be found at monthly or quarterly observations, there is a J-curve present at annual level.
- Published
- 2024
39. ECONOMIC COMPLEXITY AND BILATERAL TRADE FLOWS IN SELECTED COMESA AND EAST ASIA COUNTRIES.
- Author
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ABDI, Abdikafi Hassan, ZAIDI, Mohd Azlan Shah, and KARIM, Zulkefly Abdul
- Subjects
- *
INTERNATIONAL trade , *BILATERAL trade , *RESEARCH & development , *GRAVITY model (Social sciences) , *INDUSTRIAL policy , *MANUFACTURED products - Abstract
A particular country's productive knowledge and sophistication become a crucial determinant for the exported products in the increasingly integrated global trade. However, studies that emphasize the connection between economic complexity and trade flows are still sparse. This research aims to examine the role of economic complexity on bilateral trade flows of 27 countries in COMESA and East Asia using the gravity model from 1995 till 2019. Based on countries' geographical regions and income levels, the empirical estimation of the study applied the Poisson pseudo maximum likelihood (PPML) estimator. The main results are robust to various model specifications and consistent with the expectations of the gravity model indicators. The study found strong empirical evidence that the expansion of economic sophistication and diversification enlarges trade flows of different exported goods. Explicitly, economic complexity increases the exports of machinery and transport equipment alongside manufactured products, while its effects on agricultural exports are negligible. Thus, this study proposes that the countries should engage in more sophisticated Research and Development (R&D), attract multinational companies, establish industrial policies, and improve their productivity by utilizing the existing production network. They should move to a more diversified production and trade structure to enhance their bilateral trade flows. [ABSTRACT FROM AUTHOR]
- Published
- 2023
- Full Text
- View/download PDF
40. Piyush Goyal to visit Australia for bilateral trade engagement
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International trade ,Cabinet officers ,International trade ,Transportation industry - Abstract
Byline: Maritime Gateway To further boost bilateral economic engagement, Union Commerce and Industry Minister Piyush Goyal is set to visit Australia from September 23-25 to interact with leading Australian and [...]
- Published
- 2024
41. India, Myanmar agree to promote bilateral trade
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Foreign exchange market ,International trade ,International trade ,Transportation industry - Abstract
Byline: Maritime Gateway India is looking at promoting trade in local currencies with various other countries including UAE, African nations and Russia India and Myanmar discussed ways to promote bilateral [...]
- Published
- 2024
42. Piyush Goyal discusses bilateral trade with his counterpart in Oman
- Subjects
Transportation industry - Abstract
Byline: Maritime Gateway The focus was amplifying the India-Oman economic partnership and unlocking new avenues for trade growth. Union Minister of Commerce and Industry Piyush Goyal held a pivotal meeting [...]
- Published
- 2024
43. Volume of Egypt-India bilateral trade increase fivefold over past decade
- Subjects
International trade ,International trade ,Business, international - Abstract
CAIRO - 21 August 2024: Minister Plenipotentiary Yehia El Wathek Billah, Head of the Egyptian Commercial Representation, stressed the importance of the growing strategic partnership between Egypt and India during [...]
- Published
- 2024
44. Vietnam PM targets $20 billion in bilateral trade with India
- Subjects
International trade ,International trade ,Transportation industry - Abstract
Byline: Maritime Gateway Both the countries should expand cooperation into new areas such as digital economy, transportation and renewable energy. In his recent visit to India, Vietnamese Prime Minister, Pham [...]
- Published
- 2024
45. India and Russia target $100 billion in bilateral trade by 2030
- Subjects
Oil and gas exploration ,International trade ,International trade ,Transportation industry - Abstract
Byline: Maritime Gateway India following the government-to-government route will strengthen partnership with energy entities in Russia. Russian oil majors have majority stake in private oil refiners like Nayara Energy, while [...]
- Published
- 2024
46. Impacts of Regional Integration and Market Liberalization on Bilateral Trade Balances of Selected East African Countries: Potential Implications of the African Continental Free Trade Area.
- Author
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Onono, Perez, Omondi, Francis, and Mwangangi, Alice
- Subjects
BALANCE of trade ,CUSTOMS unions ,INTERNATIONAL economic integration ,BILATERAL trade ,TARIFF ,FREE trade ,DEPRECIATION - Abstract
This study examined the effect of free trade on intra-African bilateral trade balances for Kenya, Rwanda, Uganda, and Tanzania to assess the potential implications of the African Continental Free Trade area. The four countries have experienced persistent trade deficits. Whether free trade within Africa can improve the national trade balances, and the drivers of bilateral trade balances are important questions for policy and strategic programmes for the countries to make the most gains from free trade area. The econometric model estimated for each country is an extension of the standard Keynesian model of trade balance to include determinants of bilateral trade flows from the gravity model. Quantitative analysis using panel regression was augmented with qualitative data from interviews with trade policy experts and trade officials from various African countries and focus group discussions with small-scale cross-border traders at the Busia and Namanga border posts in East Africa. Findings show that complete tariff elimination on intra–African trade may not impact the bilateral trade balances of Kenya, Rwanda, and Tanzania but could improve bilateral trade balances for Uganda by 6 percent. Within the free trade areas, Uganda's bilateral trade balances were higher within the Common Market for Eastern and Southern Africa but lower within the East African Community, than outside these areas. Kenya's trade balances were lower in the Common Market for Eastern and Southern Africa, than otherwise. On the contrary, no significant difference in trade balances is established for the membership of Kenya, Rwanda, and Tanzania in the East African Community; Rwanda in the Common Market for Eastern and Southern Africa; and Tanzania in the Southern African Development Community, when compared to trade balances with non-members. The importance of macroeconomic factors is demonstrated by the increase in bilateral trade balances with higher relative price levels of trade partners; the reduction with increase in relative production and expenditure capacities of trade partners; and improvements following a depreciation of home currency for Tanzania and Uganda, yet a worsening of trade balances in Kenya. A lack of harmony in documents required for cross-border movements within the free trade areas is reported as counterproductive. All African countries should therefore fully implement protocols and cooperate in the harmonization of trade procedures for the free movement of people and goods across borders. Country policies and trade programmes should pursue increased productivity in the leading intra-African export sectors and diversify exports via foreign direct investment in strategic sectors to substitute imports from outside Africa; reduce costs of production; increase the quality of products; and improve transport infrastructure. [ABSTRACT FROM AUTHOR]
- Published
- 2024
- Full Text
- View/download PDF
47. Bilateral trade of films, religion, and democracy (2002–2015)
- Author
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Costa, Maria Gabriella Oliveira, Nishijima, Marislei, Schor, Adriana, and Perlotti, Edgar Antônio
- Published
- 2023
- Full Text
- View/download PDF
48. Non-Obvious Manipulability for Single-Parameter Agents and Bilateral Trade
- Author
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Archbold, Thomas, de Keijzer, Bart, and Ventre, Carmine
- Subjects
Computer Science - Computer Science and Game Theory - Abstract
A recent line of work in mechanism design has focused on guaranteeing incentive compatibility for agents without contingent reasoning skills: obviously strategyproof mechanisms guarantee that it is "obvious" for these imperfectly rational agents to behave honestly, whereas non-obviously manipulable (NOM) mechanisms take a more optimistic view and ensure that these agents will only misbehave when it is "obvious" for them to do so. Technically, obviousness requires comparing certain extrema (defined over the actions of the other agents) of an agent's utilities for honest behaviour against dishonest behaviour. We present a technique for designing NOM mechanisms in settings where monetary transfers are allowed based on cycle monotonicity, which allows us to disentangle the specification of the mechanism's allocation from the payments. By leveraging this framework, we completely characterise both allocation and payment functions of NOM mechanisms for single-parameter agents. We then look at the classical setting of bilateral trade and study whether and how much subsidy is needed to guarantee NOM, efficiency, and individual rationality. We prove a stark dichotomy; no finite subsidy suffices if agents look only at best-case extremes, whereas no subsidy at all is required when agents focus on worst-case extremes. We conclude the paper by characterising the NOM mechanisms that require no subsidies whilst satisfying individual rationality., Comment: 18 pages, 3 figures
- Published
- 2022
49. Efficiency with(out) intermediation in repeated bilateral trade
- Author
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Lamba, Rohit
- Subjects
Economics - Theoretical Economics - Abstract
This paper analyzes repeated version of the bilateral trade model where the independent payoff relevant private information of the buyer and the seller is correlated across time. Using this setup it makes the following five contributions. First, it derives necessary and sufficient conditions on the primitives of the model as to when efficiency can be attained under ex post budget balance and participation constraints. Second, in doing so, it introduces an intermediate notion of budget balance called interim budget balance that allows for the extension of liquidity but with participation constraints for the issuing authority interpreted here as an intermediary. Third, it pins down the class of all possible mechanisms that can implement the efficient allocation with and without an intermediary. Fourth, it provides a foundation for the role of an intermediary in a dynamic mechanism design model under informational constraints. And, fifth, it argues for a careful interpretation of the "folk proposition" that less information is better for efficiency in dynamic mechanisms under ex post budget balance and observability of transfers.
- Published
- 2022
50. Investigating the Impact of Economic Sanctions on Iran-Nigeria Bilateral Trade (2012-2022)
- Author
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Saeid Sehhat, Alireza Habibi, Mohammad Ghaffary Fard, and Yahaya Abdulmumin
- Subjects
economic sanctions ,trade ,gdp ,exchange rate ,Business ,HF5001-6182 ,Finance ,HG1-9999 - Abstract
This study employs a quantitative approach, utilizing the gravity model and FMOLS estimation, to examine how economic sanctions affect the trade relationship between Iran and Nigeria. Additionally, it explores the influence of factors such as GDP, exchange rate, strong sanctions, and weak sanctions. By doing so, this research contributes to the existing knowledge on bilateral trade between these two nations and provides valuable insights into areas that require attention for fostering trade development between them. The research findings reveal that in the bilateral trade relationship between Iran and Nigeria, there exists a positive correlation between GDP and weak sanctions (LIM) with trade. An increase of 1% in GDP leads to a 7.79% increase in trade, while a 1% increase in weak sanctions contributes to a 3.91% increase in trade. Conversely, strong sanctions and exchange rate have a negative impact on trade, with a 1% increment in strong sanctions resulting in a 1.18% decrease in trade, and a 1% increment in exchange rate leading to a 1.96% decrease in trade.
- Published
- 2023
- Full Text
- View/download PDF
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