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| Author: | Yun, K. |
| Title: | Structure of distortion equilibria and welfare in a multiregional economy |
| Journal: | Economic Theory
1995 : VOL. 5:3, p. 491-512 |
| Index terms: | ECONOMIC CONDITIONS THEORIES WELFARE |
| Language: | eng |
| Abstract: | The author considers a convex economy with multiregions, each region facing different specific tax-subsidies. The model reduces to a model of a closed economy with an aggregate production set when there is a single region. It can also represent a model of an international economy through a reinterpretation of variables. The author shows that there is a unique path of allocations from a distortion equilibrium to the optimum that can be followed by proportionate changes of price distortions. |
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