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Money and the Decentralization of Exchange

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  • Joseph M. Ostroy

    (UCLA)

  • Ross M. Starr

    (UCLA)

Abstract

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.

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File URL: http://www.econ.ucla.edu/workingpapers/wp041.pdf
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Bibliographic Info

Paper provided by UCLA Department of Economics in its series UCLA Economics Working Papers with number 041.

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Date of creation: 01 Oct 1973
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Handle: RePEc:cla:uclawp:041

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Web page: http://www.econ.ucla.edu/

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  1. Joseph M. Ostroy, 1972. "The Informational Efficiency of Monetary Exchange," UCLA Economics Working Papers 021, UCLA Department of Economics.
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