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Money and the Decentralization of Exchange

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Author Info
Joseph M. Ostroy
Ross M. Starr (Cowles Foundation, Yale University)

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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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Publisher Info
Paper provided by Cowles Foundation, Yale University in its series Cowles Foundation Discussion Papers with number 349.

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Length: 52 pages
Date of creation: 1973
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Publication status: Published in Econometrica (November 1974), 42(6): 1093-1113
Handle: RePEc:cwl:cwldpp:349

Note: CFP 422.
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Postal: Cowles Foundation, Yale University, Box 208281, New Haven, CT 06520-8281 USA

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  1. Ostroy, Joseph M, 1973. "The Informational Efficiency of Monetary Exchange," American Economic Review, American Economic Association, vol. 63(4), pages 597-610, September. [Downloadable!] (restricted)
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