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Elements of the Deterministic Theory of International Trade
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allocation assets assets-indifference curve assume assumption capital Chapter choice choose clear commodity prices comparative consider constant consumer consumption contingent costs decisions definition demand depends described determined discussion distribution domestic economy effect endowments equal equilibrium equity prices example exist expected utility exports factor prices Figure firm foreign foreign country gains given Heckscher-Ohlin Hence holdings home country implies imports income increase indifference curve individual industry initial input intensive international trade labor marginal maximize means nature Observe obtain optimal output period portfolio positive preferences present probability problem production profits random ratio real equities realizes relative price represented result risk aversion sector shares slope solution solves specialize stock market substitution supply Suppose tariff theorem theory trade in securities transformation curve type-2 real equities uncertainty units utility function welfare zero