Trade expenditure functions and the gains from trade

Existing conditions for gainful trade under conditions of variable returns to scale are merely sufficient. Basing ourselves on the possible non-uniqueness of the production equilibrium under variable returns, we develop a globally valid necessary and sufficient condition for gainful trade. In particular, it is shown that trade may be gainful without changes in product prices, even if trade results in a loss of productivity.

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“…(For closely related concepts see Neary and Schweinberger (1986) and Lloyd and Schweinberger (1988). )…”

Section: Concepts and Assumptionsmentioning

confidence: 99%

Variable Returns to Scale, Non-Uniqueness of Equilibirum and the Gains from International Trade

Kemp

Schweinberger

1991

The Review of Economic Studies

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“…We are now in a position to define the following trade expenditure func tion (for details of interpretation see Lloyd and Schweinberger 1988):…”

Section: Part IIImentioning

confidence: 99%

Free Riding and the Inefficiency of the Private Production of Pure Public Goods

Cornes¹,

Schweinberger²

1996

The Canadian Journal of Economics

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“…The Uniform Tariff Equivalent is derived from the Trade Expenditure Function for a small distorted economy first developed by Lloyd and Schweinberger (1988). The function is…”

Section: Measures Of Openness Using Cge Analysismentioning

confidence: 99%