Tariff Revenue and Tariff Caps
研究了政府私下了解关税收入价值时最优贸易协定的设计，发现关税上限和约束过度概率随支持分布上界和宽度增加而上升。
We characterize the design of an optimal trade agreement when governments are privately informed about the value of tariff revenue. We show that the problem of designing an optimal trade agreement in this setting can be represented as an optimal delegation problem when a money burning instrument is available. In a specification with quadratic payoffs and a uniform distribution, we find that the tariff cap and the probability of binding overhang are higher when the upper bound of the support distribution is higher and when the support distribution has greater width.