The aim of the paper is to investigate the main determinants of the bilateral virtual water (water used in the production of a commodity or service) flows associated with international trade in agricultural goods across the Mediterranean basin. We consider the bilateral gross flows of virtual water in the area and study what export-specific and import-specific factors are significantly associat...

We examine the composition of bilateral trade between the United States and each of eight Asian Pacific economies from 1962 to 1992. Two complementary time series analyses of individual commodities at the SITC four-digit level indicate that significant change occurred in trade composition during this period. For the eight bilateral trade relationships, commodities representing from fifty to sev...

We examine how changes in yield variability affect the welfare of cereal grain and oilseed buyers and producers around the world. We simulate trade patterns and welfare for 21 countries with a Ricardian trade model that incorporates bilateral trade costs and crop yield distributions. The model shows that world trade volumes would need to increase substantially if crop yield variability were to ...

This paper applies Export Similarity Index to examine China’s export potential to ASEAN market by comparing China with six main ASEAN member countries (ASEAN 6) and the other main trade partners of ASEAN. It shows that competition is severe on industrial level in ASEAN market, and the bilateral trade potential is uncertain. While accounting for the factors of size, distance and integration etc....

Attempts are made to provide a theoretical justification for using the gravity model in the analysis of bilateral trade and apply the generalized gravity model to analyse the Bangladesh’s trade with its major trading partners using the panel data estimation technique. We have estimated the gravity model of trade (sum of exports and imports), the gravity model of export and the gravity model of ...

This paper develops a payoff equivalence theorem for mechanisms with ambiguity averse participants with preferences of the Maxmin Expected Utility (MEU) form (Gilboa and Schmeidler [8]). We use our payoff equivalence result to explicitly characterize the revenue maximizing private value auction mechanism for agents with arbitrary forms of ambiguous beliefs. We also show that the revenue ranking...

We consider a private-values buyer-seller problem with multiple objects. Valuations are binary, i.i.d., and such that the problem does not have a trivial solution. We characterize mechanisms that span the Pareto frontier. These have a very simple form: Call the seller "good" if he has a low valuation and "bad" if he has a high valuation. Call the buyer "good" if he has a high valuation and "bad...