In early May 2019, the United States announced it would deploy an aircraft carrier, B-52 strategic bombers, and a Patriot missile battery to the Gulf region, declaring it had received information that Iran intended to strike US targets or those of its allies, directly or through a proxy. The United States followed with a new round of sanctions targeting Iran’s oil industry.
The John F. Kennedy School of Government at Harvard University
Abstract:
This paper investigates the formation of production and trading networks in an economy with general interdependencies and complex property rights. The right to exclude,a core tenet of property, grants asset owners a form of monopoly power that influences granular economic interactions. Equilibrium networks reflect the distribution of these ownership claims. Inefficient production networks may endure in equilibrium as firms multi-source to mitigate hold-up risk. Short supply chains also reduce this risk, but may preclude the production of complex goods. A generalized Top Trading Cycles algorithm, applicable to a production economy, identifies equilibrium outcomes in the model. Such outcomes can be decentralized via a price system.
Topic:
International Trade and Finance, International Affairs, Intellectual Property/Copyright, and National & provincial initiatives
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