The analysis of markets with indivisible goods and fixed exogenous prices has played an important role in economic models, especially in relation to wage rigidity and unemployment. This paper provides a novel mathematical programming based approach to study pure exchange economies where discrete amounts of commodities are exchanged at fixed prices. Barter processes, consisting in sequences of e...

Payments in kind pose an enduring and empirically important puzzle. The paper provides a formalization of the popular view that payments in kind are due to financial constraints. The key assumption is that buyers’ liquidity is private information. Buyers who are financially constrained may prove their hardship by making part of the payment in kind. The paper models explicitly the credit market ...

We address problems of debt, virtuality, and destructive feedback in the Russian economy. Official data fails to reflect reality. Much of the advice by reformers was flawed in that it ignored the importance of market. A positive feedback cycle of arrears, barter, and non-competitiveness evolved. Feedback systems are critical to market economies generally. Contagion from Asia was merely the trig...

An economy is presented where trade is beneficial but not assumed. If trade is to occur, it must arise endogenously as either barter or mediated trade. The role decision costs play in the development of trade is explicitly recognized. The theoretical model is examined in an experimental setting by imbedding it in a computer trading game. The data obtained from the experiments are used to examin...

down in the trenches and barter for access to taxpayer dollars. Figuring out which agency programs deserve these scarce resources is in many ways the government's chief responsibility. It's a tough job made even more so by all the political maneuvering that goes on in the nation's capital. To help make fair decisions, the government needs an unbiased watchdog, free of political affiliations, to...

Berbicara budaya masyarakat Lamalera maka tidak akan jauh dari tradisi menangkap ikan paus secara turun temurun yang telah berakar dan berkembang di masyarakat. Penelitian ini membahas aspek etnomatematika terkandung pada pembagian daging dilakukan Lembata. Tujuan penelitian adalah untuk mendeskripsikan sudut pandang matematika. Metode digunakan dalam etnografi dimana data diperoleh berdasarkan...

The structure employed is a small open economy, with one city and rural hinterland, two traded goods, transport sector, specific factors, mobile labour. A socially profitable programme will promote not only internal, but also external trade. Theory numerical examples indicate that aggregate social profitability its distribution between town country are rather insensitive to the city’s location ...