A pairwise trading process is formulated subject to conditions of nonnegativity of traders’ holdings and quid pro quo. It is shown that that: (i) There is a centralized procedure that achieves the equilibrium allocation for an arbitrary economy. (ii) It is not in general possible to find a decentralized procedure that achieves the equilibrium allocation for an arbitrary economy. (iii) In a monetary economy there is a decentralized procedure that achieves the equilibrium allocation. The usefulness of money is that it allows decentralization of the trading process
An exchange economy is considered, where commodities are exchanged in subsets of traders. No trader ...
A group of people wishes to use money to exchange goods efficiently over several time periods. Howev...
This paper explores the existence of monetary general equilibrium in the context of a classical mode...
A pairwise trading process is formulated subject to conditions of nonnegativity of traders’ holdings...
We construct a simple model of monetary exchange where, as in Lagos and Wright (2004), trades take p...
The theory of money assumes decentralized bilateral exchange and excludes centralized multilateral e...
People have long been trading in a "monetary" way. This persistence of monetary trading suggests th...
none3siThe theory of money assumes decentralized bilateral exchange and excludes centralized multil...
The exchange economy E can be reformulated as a strategic market game. In particular the point of co...
This paper presents a class of examples where a nonmonetary economy converges in a tatonnement proce...
It is suggested that an extra degree of freedom is needed to construct a symmetric noncooperative pr...
In the classic Arrow-Debreu model, the existence of money is not accommodated. However, using tradin...
We show that monetary trading is simple, self-enforcing, symmetric, and irreducible in a natural fra...
If an exchange economy is modeled as a strategic market game with one commodity serving as a money, ...
This study investigates which market structure gives rise to indeterminacy of stationary equilibria ...
An exchange economy is considered, where commodities are exchanged in subsets of traders. No trader ...
A group of people wishes to use money to exchange goods efficiently over several time periods. Howev...
This paper explores the existence of monetary general equilibrium in the context of a classical mode...
A pairwise trading process is formulated subject to conditions of nonnegativity of traders’ holdings...
We construct a simple model of monetary exchange where, as in Lagos and Wright (2004), trades take p...
The theory of money assumes decentralized bilateral exchange and excludes centralized multilateral e...
People have long been trading in a "monetary" way. This persistence of monetary trading suggests th...
none3siThe theory of money assumes decentralized bilateral exchange and excludes centralized multil...
The exchange economy E can be reformulated as a strategic market game. In particular the point of co...
This paper presents a class of examples where a nonmonetary economy converges in a tatonnement proce...
It is suggested that an extra degree of freedom is needed to construct a symmetric noncooperative pr...
In the classic Arrow-Debreu model, the existence of money is not accommodated. However, using tradin...
We show that monetary trading is simple, self-enforcing, symmetric, and irreducible in a natural fra...
If an exchange economy is modeled as a strategic market game with one commodity serving as a money, ...
This study investigates which market structure gives rise to indeterminacy of stationary equilibria ...
An exchange economy is considered, where commodities are exchanged in subsets of traders. No trader ...
A group of people wishes to use money to exchange goods efficiently over several time periods. Howev...
This paper explores the existence of monetary general equilibrium in the context of a classical mode...
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