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Arbitrage, Gains from Trade and Social Diversity: A Unified Perspective on Resource Allocation

Chichilnisky, Graciela

"We trade because we are different. Gains from trade and the scope for mutually
advantageous reallocation depend naturally on the diversity of the traders' preferences
and endowments. The market owes its existence to the diversity of those who make up
the economy."

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More About This Work

Academic Units
Economics
Publisher
Department of Economics, Columbia University
Series
Department of Economics Discussion Papers, 682
Published Here
February 28, 2011

Notes

December 1993.

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