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A Concrete Example of the Transfer Problem with Multiple Equilibria

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  • Minwook KANG

    (Division of Economics, School of Humanities and Social Sciences, Nanyang Technological University, 14 Nanyang Drive, Singapore 637332)

Abstract

This paper presents a constructive example of the Balasko-type (1978, 2014) two-agent transfer problem, based on Shapley and Shubik (1977)'s example of a smooth trading economy with three competitive equilibria.

Suggested Citation

  • Minwook KANG, 2015. "A Concrete Example of the Transfer Problem with Multiple Equilibria," Economic Growth Centre Working Paper Series 1504, Nanyang Technological University, School of Social Sciences, Economic Growth Centre.
  • Handle: RePEc:nan:wpaper:1504
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    File URL: http://www3.ntu.edu.sg/hss2/egc/wp/2015/2015-04.pdf
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    References listed on IDEAS

    as
    1. Kang, Minwook, 2014. "Nonconnectedness Of The Set Of Bankruptcy-Free Money Equilibria In The Static Economy: A Constructive Example," Macroeconomic Dynamics, Cambridge University Press, vol. 18(07), pages 1539-1546, October.
    2. Shapley, Lloyd S & Shubik, Martin, 1977. "An Example of a Trading Economy with Three Competitive Equilibria," Journal of Political Economy, University of Chicago Press, vol. 85(4), pages 873-875, August.
    3. Geanakoplos, John & Heal, Geoffrey, 1983. "A geometric explanation of the transfer paradox in a stable economy," Journal of Development Economics, Elsevier, vol. 13(1-2), pages 223-236.
    4. Chichilnisky, Graciela, 1983. "The transfer problem with three agents once again : Characterization, uniqueness and stability," Journal of Development Economics, Elsevier, vol. 13(1-2), pages 237-247.
    5. Gale, David, 1974. "Exchange equilibrium and coalitions : An example," Journal of Mathematical Economics, Elsevier, vol. 1(1), pages 63-66, March.
    6. Leonard, Daniel & Manning, Richard, 1983. "Advantageous reallocations: A constructive example," Journal of International Economics, Elsevier, vol. 15(3-4), pages 291-295, November.
    7. Balasko, Yves, 2014. "The transfer problem: A complete characterization," Theoretical Economics, Econometric Society, vol. 9(2), May.
    8. 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 687-694, October.
    9. Postlewaite, Andrew & Webb, Michael, 1984. "The possibility of recipient-harming, donor-benefiting transfers with more than two countries," Journal of International Economics, Elsevier, vol. 16(3-4), pages 357-364, May.
    Full references (including those not matched with items on IDEAS)

    More about this item

    Keywords

    Transfer problem; multiple equilibria; unstable equilibrium;

    JEL classification:

    • D5 - Microeconomics - - General Equilibrium and Disequilibrium
    • F1 - International Economics - - Trade
    • F4 - International Economics - - Macroeconomic Aspects of International Trade and Finance
    • O1 - Economic Development, Innovation, Technological Change, and Growth - - Economic Development

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