A General Equilibrium Model of Production Under Uncertainty

Raveendra N. Batra
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Raveendra N. Batra: Southern Methodist University

Chapter 2 in The Pure Theory of International Trade Under Uncertainty, 1975, pp 18-46 from Palgrave Macmillan

Abstract: Abstract The modern deterministic theory of international trade has been built upon the salient characteristics of the two-sector, two-factor, general equilibrium model of production. Therefore, the prerequisite to the development of the stochastic theory of international trade is the formulation of a two-by-two general equilibrium model, which takes into account the random nature of the economic environment. This is the task assigned to this chapter.* In pursuit of this goal, we draw extensively on the analytical tools developed in the previous chapter.

Keywords: International Trade; General Equilibrium Model; Factor Endowment; Pure Theory; Factor Supply (search for similar items in EconPapers)
Date: 1975
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Persistent link: https://EconPapers.repec.org/RePEc:pal:palchp:978-1-349-02208-3_2

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DOI: 10.1007/978-1-349-02208-3_2

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