Pareto Inferior Trade
证明，在两个竞争性但缺乏保险市场的风险经济体中，自由贸易可能比没有贸易更差，即导致帕累托劣质结果。模型清晰展示了在不完全市场下价格在风险转移和分担中的作用，并揭示了由此产生的低效率。
The paper shows that between two competitive but risky economies with no insurance markets, free trade may be Pareto inferior to no trade. The model is simple enough to show clearly the role prices play in transferring and sharing risk when there is an incomplete set of markets, but rich enough to exhibit the resulting inefficiencies dramatically.