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Article
Publication date: 31 August 2023

Tsuyoshi Shinozaki, Makoto Tawada and Mitsuyoshi Yanagihara

The aim of this paper is to investigate whether a Nash equilibrium of a two-country trading economy is symmetry-breaking or not.

381

Abstract

Purpose

The aim of this paper is to investigate whether a Nash equilibrium of a two-country trading economy is symmetry-breaking or not.

Design/methodology/approach

The approach to tackle this topic is a theoretical treatment by the general equilibrium trade theory and game theory.

Findings

If each government's domestic policy serving private production is diminishing to the private production scale, the Nash equilibrium is not symmetry-breaking.

Originality/value

In the existing study of Chatterjee (2017), a similar result is derived by focusing on the properties of each country's GDP function. The authors, however, consider an economy where each country's PPF is strictly concave and show that the Nash equilibrium uniquely exists and this equilibrium is symmetry.

Details

Fulbright Review of Economics and Policy, vol. 3 no. 2
Type: Research Article
ISSN: 2635-0173

Keywords

Available. Open Access. Open Access
Article
Publication date: 6 December 2023

Binh Tran-Nam, Cuong Le-Van, Van Pham-Hoang and Thai-Ha Le

462

Abstract

Details

Fulbright Review of Economics and Policy, vol. 3 no. 2
Type: Research Article
ISSN: 2635-0173

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