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While recent studies use asymmetric trade costs and non-homothetic preference to explain why trade grows strongly with income per capita, this paper proposes a new explanation using a random search framework based on  Burdett and Judd (1983) . I show that the values of international trade flows as a share of income are generally larger in high-income countries because the markups in high-income countries are generally larger than those in low-income countries. In addition, firms’ price setting strategy creates an endogenous wedge between bilateral trade flow and gains from trade.

Endogenous Markup, Per Capita Income and Population Size in the Gravity Equation