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Recent Challenges to the Classical Gains-from-Trade Proposition

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  • Murray C. Kemp
  • Koji Shimomura

Abstract

The classical gains-from-trade conjecture was finally given a thorough Arrow-Debreu proof in 1972. Since then, the proposition has been repeatedly challenged. Some of the challenges rest on grounds which in no respect violate Arrow-Debreu assumptions. Those challenges are therefore without foundation. The remaining challenges rest on the assertion that some of the Arrow-Debreu assumptions are unnatural and unnecessarily restrictive or on the imposition of artificial restrictions on the set of permissible compensatory transfers. We conclude that none of the challenges can be sustained. Copyright Verein für Socialpolitik and Blackwell Publishers Ltd 2002.

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Bibliographic Info

Article provided by Verein für Socialpolitik in its journal German Economic Review.

Volume (Year): 3 (2002)
Issue (Month): 4 (November)
Pages: 485-489

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Handle: RePEc:bla:germec:v:3:y:2002:i:4:p:485-489

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  1. CORDELLA, Tito & MINELLI, Enrico & POLEMARCHAKIS, Heracles, 1993. "Trade and Welfare," CORE Discussion Papers 1993033, Université catholique de Louvain, Center for Operations Research and Econometrics (CORE).
  2. Newbery, David M G & Stiglitz, Joseph E, 1984. "Pareto Inferior Trade," Review of Economic Studies, Wiley Blackwell, vol. 51(1), pages 1-12, January.
  3. Cordella, Tito & Ventura, Luigi, 1992. "A note on redistributions and gains from trade," Economics Letters, Elsevier, vol. 39(4), pages 449-453, August.
  4. repec:fth:louvco:9253 is not listed on IDEAS
  5. Eliakim Katz & Moshe Syrquin & Lester C. Thurow, 1982. "The Failure of Psychic Income as a Source of Market Failure [with Reply]," Journal of Post Keynesian Economics, M.E. Sharpe, Inc., vol. 4(4), pages 623-628, July.
  6. Kemp, Murray C & Wan, Henry Y, Jr, 1972. "The Gains from Free Trade," International Economic Review, Department of Economics, University of Pennsylvania and Osaka University Institute of Social and Economic Research Association, vol. 13(3), pages 509-22, October.
  7. Grandmont, J. M. & McFadden, D., 1972. "A technical note on classical gains from trade," Journal of International Economics, Elsevier, vol. 2(2), pages 109-125, May.
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Cited by:
  1. Wolfgang Kerber & Oliver Budzinski, . "Towards a Differentiated Analysis of Competition of Competition Laws," German Working Papers in Law and Economics 2004-1-1090, Berkeley Electronic Press.

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