TY  - JOUR
PY  - 1994//
TI  - A model of the international arms market
JO  - Defence and peace economics
A1  - Levine, Paul
A1  - Sen, Sudeshna
A1  - Smith, Ron
SP  - 1
EP  - 18
VL  - 5
IS  - 1
N2  - Sales of arms are a significant component of international trade and raise a range of pressing policy issues. After a short review of the market, this paper provides a formal model of the trade which allows for competing forward-looking suppliers whose welfare depends on both the economic benefits from the sales and the security repercussions of recipient behaviour. The recipient's behaviour depends on its military capability, a function of the stock of arms it has acquired. We first examine a myopic recipient, whose behaviour depends on current stocks, then a forward looking recipient for whom questions of the time-consistency and the credibility of supplier threats to embargo or promises to resupply become crucial. Finally we examine the impact of supplier cooperation of the sort currently being discussed in the UN Security Council.<p /> 
LA  - 
SN  - 1024-2694
UR  - http://dx.doi.org/10.1080/10430719408404776
ID  - ref1
ER  -