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- Publisher
- Springer Journals
- Copyright
- 1997 Japanese Economic Association
- ISSN
- 1352-4739
- eISSN
- 1468-5876
- DOI
- 10.1111/1468-5876.00044
- Publisher site
- See Article on Publisher Site
Abstract
Abstract This paper analyses the use of lump-sum compensation to ensure a Pareto improvement under free trade. It first shows how households, which are aware of the free-trade and compensation policy, may falsify autarkic consumption to get larger transfers. Despite consumption falsification, however, trade could still be gainful using lump-sum compensation under certain conditions. This paper also suggests a case in which an incentive-compatible lump-sum compensation scheme exists.
Journal
The Japanese Economic Review – Springer Journals
Published: Jun 1, 1997
Keywords: economics, general; microeconomics; macroeconomics/monetary economics//financial economics; econometrics; development economics; economic history