Different Paths to Free Trade: The Gains from Regionalism
比较了通过扩大区域贸易集团与通过多边谈判实现自由贸易的差异，发现区域路径下原成员国福利更高，非成员国更低，但世界总福利更大，并用欧盟数据佐证。
We compare free trade reached through expanding regional trading blocs to free trade accomplished by multilateral negotiation. With sunk costs, the outcomes are different. Trade in an imperfectly competitive good flows disproportionately more between the original members of a regional agreement even after free trade is reached. They secure a higher welfare level from regionalism than from free trade achieved multilaterally; nonmembers, however, reach a lower welfare level. A surprising result is that world welfare during free trade is greater when it is achieved by the regional path. We conclude with some empirical evidence from the European Union that is consistent with the model.