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Taste Asymmetries and Trade Patterns

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  • Hennessy, David A.
  • Lapan, Harvey E.

Abstract

We study trade patterns in a pure exchange economy where preferences are symmetric up to taste intensity parameters. In a 2-person, 2-good endowment economy, then all endowments in a particular Edgeworth box rectangle require trading out of that rectangle. Under strictly quasi-concave preferences, trade will occur away from a larger area of initial endowments. The identified area is larger still when preferences are homothetic and identical up to taste intensity parameters. Implications for the factor price equalization theorem are explored.

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Bibliographic Info

Paper provided by Iowa State University, Department of Economics in its series Staff General Research Papers with number 10040.

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Date of creation: 20 Sep 2002
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Publication status: Published in Economics Bulletin, June 2003, vol. 4
Handle: RePEc:isu:genres:10040

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Postal: Iowa State University, Dept. of Economics, 260 Heady Hall, Ames, IA 50011-1070
Phone: +1 515.294.6741
Fax: +1 515.294.0221
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Web page: http://www.econ.iastate.edu
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  1. Chambers,Robert G. & Quiggin,John, 2000. "Uncertainty, Production, Choice, and Agency," Cambridge Books, Cambridge University Press, number 9780521622448, October.
  2. Samuelson, Paul A & Swamy, S, 1974. "Invariant Economic Index Numbers and Canonical Duality: Survey and Synthesis," American Economic Review, American Economic Association, vol. 64(4), pages 566-93, September.
  3. Hennessy, David A. & Lapan, Harvey E., 2003. "Technology Asymmetries, Group Algebra and Multi-Plant Cost Minimization," Staff General Research Papers 5103, Iowa State University, Department of Economics.
  4. Yves Balasko, 1989. "Equivariant General Equilibrium Theory," Research Papers by the Department of Economics, University of Geneva 89.08, Département des Sciences Économiques, Université de Genève.
  5. Mas-Colell, Andreu & Whinston, Michael D. & Green, Jerry R., 1995. "Microeconomic Theory," OUP Catalogue, Oxford University Press, number 9780195102680.
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