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Recent Challenges to the Classical Gains-from-Trade Proposition

  • Murray C. Kemp
  • Koji Shimomura

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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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. 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.
  2. CORDELLA, Tito & VENTURA, Luigi, . "A note on redistribution and gains from trade," CORE Discussion Papers RP -1023, Université catholique de Louvain, Center for Operations Research and Econometrics (CORE).
  3. 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.
  4. CORDELLA, Tito & MINELLI, Enrico & POLEMARCHAKIS, Heracles, . "Trade and welfare," CORE Discussion Papers RP -1379, Université catholique de Louvain, Center for Operations Research and Econometrics (CORE).
    • 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).
  5. 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.
  6. Newbery, David M G & Stiglitz, Joseph E, 1984. "Pareto Inferior Trade," Review of Economic Studies, Wiley Blackwell, vol. 51(1), pages 1-12, January.
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