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The Extent of the Market and the Optimal Degree of Specialization

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  • Shouyong Shi

Abstract

In this paper I examine the socially optimal allocation in a random matching economy. The optimal allocation is supported by punishment to defections, using the public record of agents transaction. However, public record-keeping is imperfect, as an agent s transaction is updated into the public record with probability r

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File URL: http://www.economics.utoronto.ca/public/workingPapers/UT-ECIPA-SHOUYONG-02-02.pdf
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Bibliographic Info

Paper provided by University of Toronto, Department of Economics in its series Working Papers with number shouyong-02-02.

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Length: 33 pages
Date of creation: 11 Jul 2002
Date of revision:
Handle: RePEc:tor:tecipa:shouyong-02-02

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Related research

Keywords: Record-keeping; specialization; incentive constraints.;

This paper has been announced in the following NEP Reports:

References

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  1. Kocherlakota, Narayana R., 1998. "Money Is Memory," Journal of Economic Theory, Elsevier, vol. 81(2), pages 232-251, August.
  2. Shi Shougong, 1995. "Money and Prices: A Model of Search and Bargaining," Journal of Economic Theory, Elsevier, vol. 67(2), pages 467-496, December.
  3. Kiyotaki, Nobuhiro & Wright, Randall, 1993. "A Search-Theoretic Approach to Monetary Economics," American Economic Review, American Economic Association, vol. 83(1), pages 63-77, March.
  4. Trejos, Alberto & Wright, Randall, 1995. "Search, Bargaining, Money, and Prices," Journal of Political Economy, University of Chicago Press, vol. 103(1), pages 118-41, February.
  5. Kocherlakota, Narayana & Wallace, Neil, 1998. "Incomplete Record-Keeping and Optimal Payment Arrangements," Journal of Economic Theory, Elsevier, vol. 81(2), pages 272-289, August.
  6. Gabriele Camera & Robert R. Reed & Christopher J. Waller, 2003. "Jack of All Trades or a Master of One? Specialization, Trade, and Money," International Economic Review, Department of Economics, University of Pennsylvania and Osaka University Institute of Social and Economic Research Association, vol. 44(4), pages 1275-1294, November.
  7. Shouyong Shi, 1997. "Money and specialization," Economic Theory, Springer, vol. 10(1), pages 99-133.
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Cited by:
  1. Ed Nosal & Guillaume Rocheteau, 2006. "The economics of payments," Policy Discussion Papers, Federal Reserve Bank of Cleveland, issue Feb.

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