The simple model of perfect competition in spatial markets has been widely applied in analyzing international agricultural trade. Yet, many markets do not appear to be perfectly competitive. In this paper we offer a new and efficient method for computing spatial equilibrium in oligopolistic or oligopsonistic markets. We apply the technique to an analysis of several hypotheses of market conduct in the international wheat market that have been put forward by other authors. We conclude that a Cournot‐Nash duopsony model does not perform well in explaining trade.
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Kolstad et al. (1986) studied this question.
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