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• W1545422437 abstract "Publisher Summary This chapter discusses the theory and application of trade utility functions. It formally presents the properties of trade utility functions and their derived trade demand correspondences, strictly within the framework of the model analyzed by Leontief and Meade, in which the underlying preferences in each country are aggregable, defined over the set of goods and services consumed and traded, and in particular are independent of factor supplies. It is assumed that there is a (convex) production possibility set defined on the space of commodity bundles entering individuals' and the group's preferences. The assumption of aggregable preferences is, of course, highly restrictive. It has nevertheless been very popular and persistent in the literature on international trade, where the emphasis has been on adherence to simple assumptions and structures that can yield unambiguous and empirically refutable results, rather than on complete generality. An example of aggregable preferences is found in the Mill−Graham postulate of expenditure proportionality employed in the Graham−McKenzie model of world trade." @default.
• W1545422437 created "2016-06-24" @default.
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• W1545422437 date "1979-01-01" @default.
• W1545422437 modified "2023-09-27" @default.
• W1545422437 title "The Theory and Application of Trade Utility Functions" @default.
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• W1545422437 doi "https://doi.org/10.1016/b978-0-12-298750-2.50020-4" @default.
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