; ; ; "ActiveFedora::Aggregation::ListSource" . a , ; "On Sunk Costs and Trade Liberalization in Applied General Equilibrium"; ; "batchuser@example.com"; "Schmitt, Nicolas", "Mercenier, Jean"; "Federal Reserve Bank of Minneapolis"; "Market structure", "Applied general equilibrium", "Sunk costs", "Trade liberalization"; "D58 - Computable and Other Applied General Equilibrium Models", "C68 - Computable General Equilibrium Models", "F12 - Models of Trade with Imperfect Competition and Scale Economies; Fragmentation", "F17 - Trade: Forecasting and Simulation"; "We argue that the rationalization gains often predicted by static applied general equilibrium models with imperfect competition and scale economies are artificially boosted by an unrealistic treatment of fixed costs. We introduce sunk costs into one such model calibrated with real-world data. We show how this changes the oligopoly game in a way significant enough to affect, both qualitatively and quantitatively, the outcome of a trade liberalization exercise."^^; "1995-03"; "2019-09-13T21:32:25.941841749+00:00"^^; "https://doi.org/10.21034/sr.188"; ; "https://creativecommons.org/licenses/by-nc/4.0/"; "2019-11-08T18:57:54.480389681+00:00"^^; "https://creativecommons.org/licenses/by-nc/4.0/"; "Research Paper"; "701", "517"; "Staff report (Federal Reserve Bank of Minneapolis. Research Department)"; "188"; "Applied general equilibrium", "Market structure", "Trade liberalization", "Sunk costs"; ; ; ; ; "Federal Reserve Bank of Minneapolis. Research Department"; "Published in: _International Economic Review_ (Vol. 37, No. 3, August 1996, pp. 553-571), https://doi.org/10.2307/2527441."^^; ; "Publication" . ; .