This paper provides an overview of the major changes in Russia's macroeconomic policies since the early 1990s. For decades, the quest for economic stability and security have been leading principles of Russian macroeconomic policies. To understand the genesis of these macroeconomic policy...

In the past two decades, the design and implementation of living donor kidney exchange clearinghouses have been a major success story in market design. Instead of batching and optimizing exchanges over a fixed pool of incompatible patient-donor pairs, the busiest programs now operate...

Although anthropologists along with historians and academic circles point to no ethnographic evidence to confirm or deny the existence of barter among the prehistoric people in the new Stone Age (the Neolithic epoch during 9000-6000 BC.), the 18th-century Scottish philosopher Adam Smith believed...

An impressive series of scandals and market crashes, including FTX, Celsius and Voyager, have shown the weaknesses of crypto-economy’s market infrastructures. Crypto-trading platforms have become dominant financial institutions, acting as trading venues, broker-dealers, and lenders at the same...

In diesem Buch wird eine integrale Theorie der modernen Gesellschaft mit Tausch und Geld als zentrale Elemente entwickelt. Die vorgeschlagene Theorie ermöglicht einen neuen, radikalen Blick auf das, was Gesellschaft, Wirtschaft und vor allem Geld ist. Der Autor baut seine Theoriearchitektur...

Modern exchange theories model a large market, but do not explain single exchanges. This paper considers the phenomenon of single exchange and formulates the general exchange problem in the form of a system of two equations, subjective and objective. Subjective equilibrium is given by the...

Commercial transactions are complex. More complex are the price–setting negotiations. In a commercial world cross-supplies are not uncommon and equally common is the trend of price adjustment wherein one lump-sum price is agreed as a final measure after offsetting different price components...

We investigate consequences of ambiguity on efficient allocations in an exchange economy. Ambiguity is embodied in the model uncertainty perceived by the consumers: they are unsure what would be the appropriate probability measure to apply to evaluate consumption and keep in consideration a set...

Patients requiring kidney transplant may have proxy donors: people who want to donate a kidney to the patient, but cannot due to medical incompatibility. However, patients can swap proxy donors, so that each swapping patient ends up with a compatible donor. Some patients, called overloaded, have...

Most organ exchanges conducted in the real world deal with the same organ. Donors participating in an organ exchange are generally in good health and can thus donate any organ they are able to. However, an organ exchange, in which each pair of donors donates a different organ, may increase the...

Cross-border payments can be slow, expensive, and risky. They are intermediated by counterparties in different jurisdictions which rely on costly trusted relationships to offset the lack of a common settlement asset as well as common rules and governance. In this paper, we present a vision for a...

Cross-border payments can be slow, expensive, and risky. They are intermediated by counterparties in different jurisdictions which rely on costly trusted relationships to offset the lack of a common settlement asset as well as common rules and governance. In this paper, we present a vision for a...

The literature has shown that complementarity places significant structure on outcomes in matching environments, games, and exchange economies. We examine the extent to which this structure, and the economic intuition underlying it, is common across these classes of environments. We show that...

We investigate consequences of ambiguity on efficient allocations in an exchange economy. Ambiguity is embodied in the model uncertainty perceived by the consumers: they are unsure what would be the appropriate probability measure to apply to evaluate consumption and keep in consideration a set...

For an incompatible patient-donor pair, kidney exchanges often forbid receipt-before-donation (the patient receives a kidney before the donor donates) and donation-before-receipt, causing a double-coincidence-of-wants problem. Our proposed algorithm, the Unpaired kidney exchange algorithm, uses...