Recent Challenges to the Classical Gains-from-Trade Proposition

Murray Kemp and Koji Shimomura

German Economic Review, 2002, vol. 3, issue 4, 485-489

Abstract: The classical gains-from-trade conjecture was finally given a thorough Arrow±Debreu proof in 1972. Since then, the proposition has been repeatedly challenged. Some of the challenges rest on grounds which in no respect violate Arrow±Debreu assumptions. Those challenges are therefore without foundation. The remaining challenges rest on the assertion that some of the Arrow±Debreu assumptions are unnatural and unnecessarily restrictive or on the imposition of artificial restrictions on the set of permissible compensatory transfers. We conclude that none of the challenges can be sustained.

Date: 2002
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DOI: 10.1111/1468-0475.00069

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