Global modeling has evolved remarkable in the last two decades. Such evolution led global modeling to perform today's role as an experimental laboratory for the social sciences, and particularly for applications to policy planning. Two of the most interesting applications to policy are to...

For any intransitive community preference, we construct a non-convex economy where all the marginal cost pricing general equilibria are Pareto inefficient (theorem 3.2). The result is valid without requiring a fixed income distribution rule (corollary 3.3). Intransitive community preferences are...

This is a book review on the book, Trade and Structural Change in Pacific Asia. The book is a collection of papers by various authors focusing on the economies of Pacific Asia. The papers were produced for a 1984 seminar sponsored by the NFBER and the Malaysian Economic Association.

This chapter analyzes the possibility of manipulation in futures markets, concentrating on the effects that manipulation may have on their informational efficiency . We use the concept of manipulation as it arises in the study of noncooperative games with imperfect information . The problem can...

This paper analyses both the basic assumptions and the results of the better known and widely used global models - specifically, the UN world model, the RIO (Reshaping the International Order) model and the Bariloche model - in relation to basic needs and to North-South interdependence. The...

This paper examines how, in the presence of individual risk, economic efficiency can be achieved without an unrealistically large number of contingent markets. The authors show that consistency of beliefs and optimality of allocation can be guaranteed with an appropriate array of Arrow...

Differences in property rights create a motive for trade among otherwise identical regions. Two regions with identical technologies, endowments, and preferences will trade if one, the South, has ill-defined property rights on environmental resources. Trade with a region with well-defined...