Forsythe, Robert and McCubbins, Mathew D. (1980) The Transfer Problem under Uncertainty: The Existence of Pareto-Improving Transfers. Social Science Working Paper, 325. California Institute of Technology , Pasadena, CA. (Unpublished) https://resolver.caltech.edu/CaltechAUTHORS:20171010-151741701
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Abstract
This paper examines the effect of a unilateral transfer on the welfare of two countries under uncertainty. The traditional welfare effects are summarized and extended for a pure exchange economy with complete contingent claims markets. It is demonstrated that the effects of a transfer in such an economy is isomorphic to the effects in the traditional certainty case where a unilateral transfer always decreases the welfare of the transferor and increases that of the transferee. Further, in the absence of a complete set of markets, examples are exhibited in which a unilateral transfer increases the welfare of both countries.
Item Type: | Report or Paper (Working Paper) |
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Group: | Social Science Working Papers |
Series Name: | Social Science Working Paper |
Issue or Number: | 325 |
Record Number: | CaltechAUTHORS:20171010-151741701 |
Persistent URL: | https://resolver.caltech.edu/CaltechAUTHORS:20171010-151741701 |
Usage Policy: | No commercial reproduction, distribution, display or performance rights in this work are provided. |
ID Code: | 82266 |
Collection: | CaltechAUTHORS |
Deposited By: | Jacquelyn Bussone |
Deposited On: | 11 Oct 2017 18:18 |
Last Modified: | 03 Oct 2019 18:52 |
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