1993 Reports
Arbitrage, Gains from Trade and Social Diversity: A Unified Perspective on Resource Allocation
"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.