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 Does Trade Liberalization Benefit Consumers? The Role of Forward-looking Firms

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Kuo-Feng Kao and Cheng-Hau Peng

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Working Paper

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Kuo-Feng Kao

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We analyze firms¡¦ incentive to invest in product R&D and the welfare implication under antidumping policy. It is found that, when one of the governments implements antidumping policy, the protected firm decreases its product R&D investment, while the constrained firm invests more. Moreover, the total product R&D investment decreases which in turn deteriorates global welfare. On the other hand, when both governments undertake antidumping policies, both firms invest more in product R&D than that under free trade and the global welfare is therefore enhanced.

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