Unimprovable allocations in economies with incomplete information

Article Abstract:

An exchange economy with incomplete information in which agents can retrade goods until all gains from trade are exhausted was studied. Allocations from which agents would not wish to deviate either by retrading goods or by revealing further information are considered unimprovable allocations. The concept of unimprovability was then used to analyze a lemons market and an adverse selection insurance market in which agents can renegotiate after information has been revealed. Unimprovability was then compared to different concepts of efficiency and to the concept of durability.

Economic aspects, Efficient market theory

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Search, evolution, and money

Article Abstract:

The search-theoretic approach in monetary economics is used to identify which objects serve as money or media of exchange. Versions of the model currently existing are generalized to permit the arbitrary distribution of agents specializing in different consumption and production activities. The manner by which the numbers of consumers and producers of the various goods assist in determining which goods serve as money are characterized. A unique equilibrium is generated from the endogenized distribution.

Usage, Money, Search theory

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Government transaction policy, media of exchange and prices

Article Abstract:

Search-theoretic models of government transaction policies effects on private agents depend on the size of government, intrinsic properties of money and the availability and efficacy of substitutes. The government is modeled as a subset of agents subject to the same random matching technology and other constraints as that faced by private agents.

Econometrics & Model Building, Econometrics, Government spending policy, Business models

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