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Frederic Peltrault and Michel Blanchard
''The welfare effects of international trade with optimistic and pessimistic managers''
( 2004, Vol. 6 No.15 )
This paper investigates the welfare effects of international trade when technological idiosyncratic risk is distorted by optimistic and pessimistic managers. We show that free trade always improves the ex-ante welfare but sometimes lowers the ex-post welfare. Free trade commitment can be regretted ex-post.
JEL: F1 - Trade: General
D8 - Information, Knowledge, and Uncertainty: General
Manuscript Received : Oct 11 2004 Manuscript Accepted : Oct 11 2004

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