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

Author

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  • Larry S. Karp
  • Alex F. McCalla
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.

Suggested Citation

  • Larry S. Karp & Alex F. McCalla, 1983. "Dynamic Games and International Trade: An Application to the World Corn Market," American Journal of Agricultural Economics, Agricultural and Applied Economics Association, vol. 65(4), pages 641-650.
    • Handle: RePEc:oup:ajagec:v:65:y:1983:i:4:p:641-650.
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    File URL: http://hdl.handle.net/10.2307/1240451
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