Trade and Welfare in General Equilibrium: A Discrete-time Infinite Horizon Case

Hajime Kubota

No 343, Discussion paper series. A from Graduate School of Economics and Business Administration, Hokkaido University

Abstract: This paper extends the results on trade and welfare obtained in Ohyama(1972) in the case of a traditional world economy with a finite number of goods to the one of a world economy over a discrete-time infinite horizon with l1 , the space of all bounded sequences, as the underlying commodity space. The case with l1 is a typical special case of economies with infinite number of goods. In this paper, it is shown that the main results ottained in Ohyama(1972) still hold in the world economy over a discrete-time infinite horizon by following the method used in Ohyama(1972). It turns out that Ohyama(1972)'s method is, indeed, very general in a sense that it also applies to more general cases including economies with infinitely many goods.

Pages: 16 pages
Date: 2019-11
New Economics Papers: this item is included in nep-int
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Persistent link: https://EconPapers.repec.org/RePEc:hok:dpaper:343

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