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To Trade Or Not To Trade: Economies With A Variable Number Of Tradeables

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  • Robert P. Gilles
  • Dimitrios Diamantaras

Abstract

We present a general equilibrium model that encompasses the endogenous selection and shadow-pricing of a set of tradeable commodities, with home-based and social production activities. In the model, a "market system" is a set of costly social institutions which embody the trade and production technologies available in the economy. Our equilibrium concept describes the pricing of market institutions, thus pricing the "tradeability" of a commodity. We obtain the existence and the decentralization of Pareto-efficient allocations. We discuss an example regarding the transition of a guild-based economy into a market-based economy. Copyright 2003 By The Economics Department Of The University Of Pennsylvania And Osaka University Institute Of Social And Economic Research Association.

Suggested Citation

  • Robert P. Gilles & Dimitrios Diamantaras, 2003. "To Trade Or Not To Trade: Economies With A Variable Number Of Tradeables," International Economic Review, Department of Economics, University of Pennsylvania and Osaka University Institute of Social and Economic Research Association, vol. 44(3), pages 1173-1204, August.
    • Handle: RePEc:ier:iecrev:v:44:y:2003:i:3:p:1173-1204
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    Cited by:

    1. Hans Gersbach & Hans Haller, 2011. "General Equilibrium with Multi-Member Households and Production," CESifo Working Paper Series 3659, CESifo.
    2. Diamantaras, Dimitrios & Gilles, Robert P., 2004. "On the microeconomics of specialization," Journal of Economic Behavior & Organization, Elsevier, vol. 55(2), pages 223-236, October.
    3. Achille Basile & Robert P. Gilles & Maria Gabriella Graziano & Marialaura Pesce, 2021. "The Core of economies with collective goods and a social division of labour," Economic Theory, Springer;Society for the Advancement of Economic Theory (SAET), vol. 71(3), pages 1085-1119, April.
    4. Gilles, Robert P. & Pesce, Marialaura & Diamantaras, Dimitrios, 2020. "The provision of collective goods through a social division of labour," Journal of Economic Behavior & Organization, Elsevier, vol. 178(C), pages 287-312.
    5. Niccolò Urbinati & Marco Li Calzi, 2022. "Market equilibrium via classifications of commodities," Working Papers 2022:05, Department of Economics, University of Venice "Ca' Foscari".

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