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Taste Asymmetries and Trade Patterns

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

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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File URL: http://www.econ.iastate.edu/sites/default/files/publications/papers/paper_10040_02010.pdf
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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
Date of revision:
Publication status: Published in Economics Bulletin, June 2003, vol. 4
Handle: RePEc:isu:genres:10040
Contact details of provider: Postal: Iowa State University, Dept. of Economics, 260 Heady Hall, Ames, IA 50011-1070
Phone: +1 515.294.6741
Fax: +1 515.294.0221
Web page: http://www.econ.iastate.eduEmail:


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  1. Mas-Colell, Andreu & Whinston, Michael D. & Green, Jerry R., 1995. "Microeconomic Theory," OUP Catalogue, Oxford University Press, number 9780195102680.
  2. David A. Hennessy & Harvey E. Lapan, 2003. "Technology Asymmetries, Group Algebra, and Multiplant Cost Minimization," Economic Inquiry, Western Economic Association International, vol. 41(1), pages 183-192, January.
  3. Balasko, Yves, 1990. "Equivariant general equilibrium theory," Journal of Economic Theory, Elsevier, vol. 52(1), pages 18-44, October.
  4. 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.
  5. repec:cup:cbooks:9780521622448 is not listed on IDEAS
  6. repec:cup:cbooks:9780521785235 is not listed on IDEAS
  7. Herings P. Jean-Jacques & Peeters R., 1999. "A Differentiable Homotopy to Compute Nash Equilibria of n-Person Games," Research Memorandum 038, Maastricht University, Maastricht Research School of Economics of Technology and Organization (METEOR).
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