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...

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...

The paper presents a simple framework for the analysis of the macroeconomic implications of de-cashing. Defined as replacing paper currency with convertible deposits, de-cashing would affect all key macroeconomic sectors. The overall macreconomic impact of de-cashing would depend on the balance...

In this note, we extend the result of Sato (2010) to economies with unbounded-from-below choice sets: we prove the existence of a competitive equilibrium (to be exact, a quasi-equilibrium) by assuming “boundary satiation” introduced in Sato (2010) and the “strong compactness of the...

We revisit a classical theme of general equilibrium theory, namely the continuity of the Walras correspondence. Using a remarkable theorem due to Fort (1951) which has widely been used in recent literature on game theory, we are able to prove the generic continuity of the price equilibrium-set...