Samuelson (1947) stated that a regular equilibrium exhibits the transfer paradox if and only if it is unstable. Gale (1974) and many in the early 1980’s debunked this equivalence by adding extra countries, reaching an anti consensus. We reinterpret Samuelson’s result as identifying the threshold, i.e. the minimum level of trade beyond which the transfer paradox appears. This reinterpretation ge...

This paper develops a dynamic model of an economy in which homogeneous agents choose between specializing as producers or as merchants, and can change occupation at any time. Merchants operate alongside a decentralized search market and provide immediacy in exchange in return for a price. We characterize equilibria in symmetric Markov strategies, and derive conditions under which merchants and ...

Abstract This study evaluated the antibacterial activity of bacteriocin produced by Bacillus strains against biogenic amines (BA)-forming lactic acid bacteria (LAB), and applicability desirable as starters for safety quality improvement fermented soybean products. The BA-forming ability tested LAB in amino decarboxylase broth was mostly strain specific rather that species specific. strains: sp....

Existence and efficiency of general equilibrium with commodity money is investigated in an economy where N commodities are traded at N(N − 1)/2 commodity-pairwise trading posts. Trade is a resource-using activity recovering transaction costs through the spread between bid (wholesale) and ask (retail) prices. Budget constraints, enforced at each trading post separately, imply demand for a carrie...

A temporary-equilibrium model replicating institutional features of low-income agricultural economies is developed. In this model, food is held as an asset; because food production is relatively volatile, those with negative temporary income are net buyers of food. When food is the only asset, asset effects are likely to reduce the price-elasticity of the demand for food and can make it tatonne...

In this paper, in an exchange economy with atoms and an atomless part, we analyze the relationship between the set of the Cournot-Nash equilibrium allocations of a strategic market game and the set of the Walras equilibrium allocations of the exchange economy with which it is associated. In an example, we show that, even when atoms are countably infinite, Cournot-Nash equilibria yield different...

Strategic market games model strategic exchange economies as noncooperative simultaneous moves games. A recent paper by Bloch and Ghosal (J. Econ. Theory, 74 (1997), 368{384.) has shown that strategic market games might exhibit a rather counterintuitive comparative statics property: an increase in the number of traders on the own side of the market might increase the equilibrium utility for any...

This paper considers a pure exchange stochastic overlapping generations model in which agents live for two periods. At each date, either a young or an old agent has larger endowments than the other, which is stochastically determined. In addition to the uncertainty, commitment cannot be externally enforced in this economy. In this environment, I suggest a transfer rule from a young agent to an ...

We present analytic results for ground-state properties of Hubbard-type models in terms of the Gutzwiller variational wave function with nonzero values of the magnetization m. In dimension D51 approximation-free evaluations are made possible by appropriate canonical transformations and an analysis of umklapp processes. We calculate the double occupation and the momentum distribution, as well as...

We study environments where a production process is jointly shared by a finite group of agents. The social decision involves the determination of input contribution and output distribution. We define a competitive solution when there is decreasing-returns-to-scale which leads to a Pareto optimal outcome. Since there is a finite number of agents, the competitive solution is prone to manipulation...