The Impacts of Korea-U.S. Free Trade Agreement on Beef Industry : An Approach of Consumption Substitution
2006
Lee, Y.K. (Yeungnam University, Gyeongsan, Republic of Korea), E-mail: [email protected]
The effects of Korea-U.S. free trade agreement on beef industry are examined under the assumption that both domestic and imported beefs are not exactly the same goods but substitutes each other in consumption. Theoretical framework to analyze the effects is first provided, and then empirical examination with four scenarios for the related elasticities follows. The results are compared with those of conventional partial equilibrium analysis where the imported and domestic beefs used to be treated as identical products in the model.
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