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To transfer or to destroy
Social Choice and Welfare
Vol. 10, No. 2 (April 1993), pp. 177-184
Published by: Springer
Stable URL: http://www.jstor.org/stable/41106054
Page Count: 8
You can always find the topics here!Topics: International economics, Endowments, Paradoxes, Economic theory, Excess demand, Economic agents, Prices, Exports, Market prices, New welfare economics
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The transfer problem is by now well understood. In an important book Chichilnisky-Heal provide an example of a related paradox - the destroy paradox - in the context of a Walrasian stable economy. It is evident, however, that the paradox depends on the underlying data - tastes, preferences, and net export positions - of the economy. This paper gives necessary and sufficient conditions on the underlying data of a globally Walrasian stable Leontief economy for the occurrence of this paradox. The relationship between the transfer and destroy paradoxes in an economy with Leontief preferences is explored.
Social Choice and Welfare © 1993 Springer