This paper explores the private and social benefits from barter exchange in a monetized economy. We first prove a no-trade theorem regarding the ability of firms with double-coincidences-of-wants to negotiate improvements in trade among themselves relative to the market outcomes. We then...

We study LAPD police reforms after the Rampart scandal, when formal oversight rose discretely in 1998, and then fell in late 2002. We offer a simple model to interpret how police behavior is affected by changed accountability to the public. We show how officers responded by a practice they...