International Trade, Bargaining and Efficiency: The Holdup Problem
研究了在产品市场不完善和敲竹杠问题下，国际贸易如何通过促进竞争提高产出，进而激励上游企业投资，减少效率损失。
In the presence of product market imperfections and holdup, we identify allocative and productive efficiency gains resulting from international trade. Under a bilateral monopoly in a closed economy, inefficiencies arise in both input and output markets. Trade in final goods has a procompetitive effect in the product market. This in turn triggers an increase in output, which raises incentives for the upstream firm to invest and helps reduce the hold‐up problem.