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A dispersed equilibrium commodity trade model (1990)

Roy, John R.

Springer

The annals of regional science 24 (1990), S. 13-28

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ISSN: 1432-0592

Source: Springer Online Journal Archives 1860-2000

Topics: Architecture, Civil Engineering, Surveying , Geography , Economics

Notes: Abstract For many bulk commodities, such as mineral ores, crude oil, building materials and food grains, the suppliers are increasingly in the position of being price-takers. This means that, in the short run, their main decisions relate to spatial choice of markets and setting of production levels within the currently available capacity. In this paper, an entropy maximisation framework is introduced to handle dispersion about the profit-maximising choice of markets and production levels by the suppliers. The model also uses information theory to implicitly account for certain rigidities in trading relationships resulting from non-price factors. Although demand functions must be provided exogenously, cost functions can be inferred from regional vintage production data, which in turn allow profit functions to be defined for each producing region or country. A unique and stable dispersed price equilibrium of the Walrasian type is established for this spatial system under quite general conditions.

Type of Medium: Electronic Resource

URL: http://dx.doi.org/10.1007/BF01579891

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A model of trade flows in differentiated goods (1993)

Roy, John R. ; Johansson, Börje

Springer

The annals of regional science 27 (1993), S. 95-115

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ISSN: 1432-0592

Source: Springer Online Journal Archives 1860-2000

Topics: Architecture, Civil Engineering, Surveying , Geography , Economics

Notes: Abstract In modelling trade competition for final products within a sector, the assumption of product homogeneity is often quite unrealistic. Even where the demand for different versions of the product can be attributed to relatively independent submarkets, considerable heterogeneity may still exist within each submarket. For each submarket, such as that for a medium-priced family car, it is assumed that more product heterogeneity exists between countries or regions than within them. Heterogeneity between regions is related to the existence of importers, acting as intermediate agents, who make trade-offs between cif import prices of goods and the willingness-to-pay by consumers. Aggregate spatial supply and demand functions based on plausible distributional assumptions are presented and estimated using a unified theoretical basis for each regional grouping of producers, importers and consumers. Conditions for simultaneous equilibrium for these three sets of agents are established, and illustrated via a small numerical example.

Type of Medium: Electronic Resource

URL: http://dx.doi.org/10.1007/BF01581939

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Electronic Resource

Trade with and without intermediaries (1994)

Roy, John R.

Springer

The annals of regional science 28 (1994), S. 329-343

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ISSN: 1432-0592

Source: Springer Online Journal Archives 1860-2000

Topics: Architecture, Civil Engineering, Surveying , Geography , Economics

Notes: Abstract Interregional and international trade models have conventionally used an abstract exchange mechanism to generate the linkages between exogenous supply and demand functions defined in each region (country). This approach is compared with a procedure where spatial non-separable supply or demand functions for the agents who pay the transport costs are derived endogenously and the exchange mechanism eliminated. In both cases, trade is generated through direct bilateral contracts between buyers and sellers. However, differentiated finished goods are often traded with the active intervention of intermediaries, acting as both buyers and sellers. In such cases, an actual exchange mechanism is introduced to represent the price responsive behaviour of the exchange agents. The structures of the alternative models are compared with regard to their equilibrium properties and potential policy applications, for both mill pricing and uniform delivered pricing.

Type of Medium: Electronic Resource

URL: http://dx.doi.org/10.1007/BF01581964

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