In decentralized trade individuals self-insure against consumption risk via costly diversification of skills. Although money acts as consumption insurance, it may lead to a moral hazard problem. If the problem is severe, monetizing trade can lower welfare relative to barter
An altruistic agent who may aid a person with a low income may cause that person to exert little eff...
Acknowledging individuals’ distaste for low relative income renders trade less appealing when trade ...
Acknowledging that individuals dislike having low relative income renders trade less attractive when...
In decentralized trade individuals self-insure against consumption risk via costly diversification o...
In decentralized trade individuals self-insure against consumption risk via costly diversification o...
This paper studies the issue of moral hazard in the presence of decentralized international risk sha...
This paper examines the role of money when private information about the quality of the goods is pre...
This paper presents a class of examples where a barter economy develops through agents' optimizing d...
We consider a model of decentralized exchange where individuals choose the set of goods they produce...
We consider a model of decentralized exchange where individuals choose the set of goods they produce...
In this paper I examine whether a society can improve welfare by imposing a legal restric-tion to fo...
We consider a moral hazard problem where the agent has limited wealth which limits his possible acti...
We examine a decentralized monetary economy in which households can use a means of exchange (barter ...
This paper investigates the role of money in markets in which producers have private information abo...
We investigate the dual role of money as a self-insurance device and a means of payment when perfect...
An altruistic agent who may aid a person with a low income may cause that person to exert little eff...
Acknowledging individuals’ distaste for low relative income renders trade less appealing when trade ...
Acknowledging that individuals dislike having low relative income renders trade less attractive when...
In decentralized trade individuals self-insure against consumption risk via costly diversification o...
In decentralized trade individuals self-insure against consumption risk via costly diversification o...
This paper studies the issue of moral hazard in the presence of decentralized international risk sha...
This paper examines the role of money when private information about the quality of the goods is pre...
This paper presents a class of examples where a barter economy develops through agents' optimizing d...
We consider a model of decentralized exchange where individuals choose the set of goods they produce...
We consider a model of decentralized exchange where individuals choose the set of goods they produce...
In this paper I examine whether a society can improve welfare by imposing a legal restric-tion to fo...
We consider a moral hazard problem where the agent has limited wealth which limits his possible acti...
We examine a decentralized monetary economy in which households can use a means of exchange (barter ...
This paper investigates the role of money in markets in which producers have private information abo...
We investigate the dual role of money as a self-insurance device and a means of payment when perfect...
An altruistic agent who may aid a person with a low income may cause that person to exert little eff...
Acknowledging individuals’ distaste for low relative income renders trade less appealing when trade ...
Acknowledging that individuals dislike having low relative income renders trade less attractive when...
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