A Theory of Money and Financial Institutions. Part 26. On the Number of Types of Markets with Trade in Money,
YALE UNIV NEW HAVEN CONN COWLES FOUNDATION FOR RESEARCH IN ECONOMICS
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In several previous papers models of closed exchange economies with trading using a money have been built. This paper explores the number of different market structures that are to be expected under certain reasonable restrictions on the nature of trade. In particular we limit ourselves to markets without bargaining, haggling or recontracting mechanisms. A move by a trader will be construed as a bid or offer which is accepted or rejected.
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