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Trade Gains when the Opportunity to Trade Changes the State of Information

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Listed:
  • Murray C. Kemp
  • Koji Shimomura
  • Henry Y. Wan

Abstract

J. S. Mill suggested that the destruction of old preferences and their replacement by new are among the greatest benefits imparted by free trade. However, Mill’s argument relied on a possibly controversial ethical judgment. The present note approaches the question posed by Mill with only the conventional Paretian ethical baggage, and shows that, if all agents are rational in a sense to be made clear and if the wellbeing of each agent is independent of irrelevant alternatives, then trade is potentially gainful.

Suggested Citation

  • Murray C. Kemp & Koji Shimomura & Henry Y. Wan, 2001. "Trade Gains when the Opportunity to Trade Changes the State of Information," Review of International Economics, Wiley Blackwell, vol. 9(1), pages 24-28, February.
    • Handle: RePEc:bla:reviec:v:9:y:2001:i:1:p:24-28
    DOI: 10.1111/1467-9396.00260
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    Cited by:

    1. An-Chi Tung & Henry Wan, Jr., 2009. "Comparative Advantages and Possible Coordination Failure: An Explanatory Note," Review of International Economics, Wiley Blackwell, vol. 17(SI), pages 280-291, May.
    2. Raymond Riezman & Ping Wang, 2009. "Preference Bias and Outsourcing to Market: A Steady-State Analysis," Review of International Economics, Wiley Blackwell, vol. 17(SI), pages 338-356, May.

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