The Heckscher-Ohlin model with arbitrary number of goods, factors and countries (consumers) and no restrictions on factor trading is shown to be equivalent to an exchange model whose goods are the productive factors while consumer's indirect demands for factors are derived from their actual...

Social demand functions result from the budget constrained maximization of "social preferences" or "other regarding preferences." These preferences are non-selfish in the sense that they also depend on other consumers' wealth. This paper addresses the robustness to wealth externalities of the...

Main description: The concept of general equilibrium, one of the central components of economic theory, explains the behavior of supply, demand, and prices by showing that supply and demand exist in balance through pricing mechanisms. The mathematical tools and properties for this theory have...