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S In addition, the demand for every security equals its supply. 10) £ Ah(oc) = Σ Λ= 1 Σ PiMe», a = 1,2,. . 11) q(*)Pi(*) = ôfi(a) In words, the price of security a times the spot price of commodity / in state a is equal to the price of a claim on one unit of commodity / in state a. An individual facing those prices has the same opportunities under the two systems. In the securities framework he can effectively acquire a claim to a unit of commodity / in state a by paying pf(a)g(a). 4 INDIVIDUAL DECISION MAKING UNDER UNCERTAINTY 35 unit of commodity / in state a by paying #t(a).

Uncertainty and diversification of international trade, Food Research Institute Studies in Agricultural Economics, Trade and Development 8, 257-285. 62 4. SURVEY OF THE LITERATURE Das, S. K. (1977). Uncertainty and the Heckscher-Ohlin theorem: A comment, Review of Economic Studies 44, 189-190. Hanoch, G. (1974). Desirability of price stabilization or destabilization, HIER Discussion Paper No. 351. , and Razin, A. (1975). Uncertainty and international trade in the presence of stock markets, Working Paper No.

However, Ruffin (1974a) showed that in a world in which there exist both autonomous exports and autonomous imports, a country will always actively engage in international trade, regardless of foreign price distributions; he called it the nonautarky theorem. Ruffin's model can be presented as follows. 2) choose χλ and x2 to maximize Eu ö i - * ι +/>(α)*2*02 - χ2 + II Ρ(α) where x} is the autonomous export of good 7, x} $ 0. 1) (apart from the production decisions) if we add the constraint x2 = 0.

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