Dynamic Games and International Trade: An Application to the World Corn Market

Larry Karp and Alex F. McCalla

American Journal of Agricultural Economics, 1983, vol. 65, issue 4, 641-650

Abstract: Dynamic games are a conceptually useful way of analyzing imperfect markets where both buyers and sellers have potential market power. Previous analysis of imperfect markets was static and limited to either exporters or importers. A dynamic game allows the inclusion of both importers and exporters in a multiperiod framework allowing the derivation of reaction functions. A Nash noncooperative difference game is applied to the international corn market to explore the plausibility of numerical results. The results are reasonable and show that the game approach based on a more comprehensive econometric model has a promising future in policy analysis.

Date: 1983
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Persistent link: https://EconPapers.repec.org/RePEc:oup:ajagec:v:65:y:1983:i:4:p:641-650.

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