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The transfer problem: A complete characterization

  • Balasko, Yves

    ()

    (Department of Economics, PUC-Rio, Brazil and Department of Economics, University of York, UK)

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    The transfer problem is defined by the possibility for a donor country to end up better off after having given away some resources to another country. The simplest version of that problem can be formulated in a two consumer exchange economy with fixed total resources. Existence of a transfer problem at some equilibrium is known to be equivalent to instability in the case of two goods. This characterization is extended to an arbitrary number of goods by showing that a transfer problem exists at a (regular) equilibrium if and only if this equilibrium has an index value equal to -1. Samuelson's conjecture that there is no transfer problem at tatonnement stable equilibria is therefore true for any number of goods.

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    File URL: http://econtheory.org/ojs/index.php/te/article/viewFile/20140435/10818/333
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    Article provided by Econometric Society in its journal Theoretical Economics.

    Volume (Year): 9 (2014)
    Issue (Month): 2 (May)
    Pages:

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    Handle: RePEc:the:publsh:1356
    Contact details of provider: Web page: http://econtheory.org

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    1. Balasko, Yves, 2012. "On the number of critical equilibria separating two equilibria," Theoretical Economics, Econometric Society, vol. 7(1), January.
    2. Dierker, Egbert, 1972. "Two Remarks on the Number of Equilibria of an Economy," Econometrica, Econometric Society, vol. 40(5), pages 951-53, September.
    3. Balasko, Yves, 1978. "The Transfer Problem and the Theory of Regular Economies," International Economic Review, Department of Economics, University of Pennsylvania and Osaka University Institute of Social and Economic Research Association, vol. 19(3), pages 687-94, October.
    4. Balasko, Yves, 1992. "The set of regular equilibria," Journal of Economic Theory, Elsevier, vol. 58(1), pages 1-8, October.
    5. Balasko, Yves, 1975. "Some results on uniqueness and on stability of equilibrium in general equilibrium theory," Journal of Mathematical Economics, Elsevier, vol. 2(2), pages 95-118.
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