Predicting the Pattern of International Trade in the Neoclassical Model: A Synthesis

Daniel Bernhofen ()

Discussion Papers from University of Nottingham, GEP

Abstract: I propose a framework that takes a set of conceivable outcomes as the primitive and a prediction is defined by identifying a subset on the set of conceivable outcomes. This notion of predictability serves as an organizing principle for characterizing pattern of trade predictions in single economy and integrated equilibrium formulations of the neoclassical trade model. I identify allocative efficiency as the unifying subset selection criterion for the different formulations of the neoclassical trade model, ranging from Ricardo’s (1817) original comparative advantage formulation to the multi-cone Heckscher-Ohlin specification with multiple countries, goods and factors.

Keywords: Predictability; pattern of trade; neoclassical model (search for similar items in EconPapers)
Date: 2008
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Journal Article: Predicting the pattern of international trade in the neoclassical model: a synthesis (2009)
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Persistent link: https://EconPapers.repec.org/RePEc:not:notgep:08/24

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