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An extended Heckscher-Ohlin model with transaction costs and technological comparative advantage

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Author Info

  • Wenli Cheng

    ()

  • Jeffrey Sachs
  • Xiaokai Yang

Abstract

This paper introduces technological differences and transaction costs into the Heckscher-Ohlin (HO) model and examines the HO theorem, factor price equalization theorem, the Stolper-Samuelson theorem and the Rybczynski theorem. It shows that the HO theorem can be refined, and that the factor price equalisation theorem, the Stolper-Samuelson Theorem and the Rybczynski theorem do not always hold. It also shows that transaction costs play an important role in determining the equilibrium trade pattern. Copyright Springer-Verlag Berlin/Heidelberg 2004

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File URL: http://hdl.handle.net/10.1007/s00199-003-0405-0
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Bibliographic Info

Article provided by Springer in its journal Economic Theory.

Volume (Year): 23 (2004)
Issue (Month): 3 (March)
Pages: 671-688

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Handle: RePEc:spr:joecth:v:23:y:2004:i:3:p:671-688

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Related research

Keywords: H-O theorem; Factor price equalization theorem; Stolper-Samuelson theorem; Rybczynski theorem; Transaction costs; Trade pattern.;

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Cited by:
  1. Murat Üngör, 2009. "De-industrialization of the Riches and the Rise of China," DEGIT Conference Papers c014_040, DEGIT, Dynamics, Economic Growth, and International Trade.

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