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Extra resources for A Theory of International Trade Under Uncertainty
1956-1957). Factor proportions and the Heckscher-Ohlin theorem, Review of Economie Studies 24, 1-10. Jones, R. W. (1965). The structure of simple general equilibrium models, Journal of Political Economy 73, 557-572. Kemp, M. C. (1969). " Prentice-Hall, Englewood Cliffs, New Jersey. Ohlin, B. (1933). " Harvard Univ. Press, Cambridge, Massachusetts. Ricardo, D. (1971). " Penguin, New York. Rybczynski, T. M. (1955). Factor endowment and relative commodity prices, Economica 22, 336-341. Samuelson, P.
Turning to portfolio decisions, individual /? 8) choose Ah(\\Ah(2\ . . ,Ah(S) to maximize a=1 subject to s Σ Φ)ΑΗ(*) < Σ <*(« Σ Σ P>)*/*(a) a= 1 where JJ= ι pMeih^) is ^'s endowment of security a, and it equals the value of his commodity endowment in state a. In equilibrium the demand for good / in state a equals its supply. 9) Σ ? » = Σ h = 1 Λ= 1 */W / = 1,2 TV, oc= 1 , 2 , . . , S In addition, the demand for every security equals its supply. 10) £ Ah(oc) = Σ Λ= 1 Σ PiMe», a = 1,2,. . 11) q(*)Pi(*) = ôfi(a) In words, the price of security a times the spot price of commodity / in state a is equal to the price of a claim on one unit of commodity / in state a.
96, The Foerder Institute for Economic Research, Tel-Aviv Univ. (October). Kemp, M. C , and Liviatan, N. (1973). Production and trade patterns under uncertainty, Economic Record49, 215-227. Kemp, M. C , and Ohyama, M. (1978). The gain from free trade under conditions of uncertainty, Journal of International Economics 8, 139-141. Mayer, W. (1976). The Rybczynski, Stolper-Samuelson, and factor price equalization theorems under price uncertainty, American Economic Review 66, 796-808. Pomery, J. G.