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Markeless Set-Up vs Trading Posts : A Comparative Analysis

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  • Meenakshi Rajeev

Abstract

This paper studies the efficiency properties with respect to transactions cost, of a trading post set-up vis-à-vis a marketless trading arrangement under the well-known frame-work of Ostroy and Starr [1974]. It is revealed from this exercise that the social institute of money works better when coupled with the social institution of markets and further shows the extent of inefficiency that can be potentially associated with marketless trade in large economies. This gives some insight into why, historically speaking, a market set-up has evolved over time replacing a marketless set-up.

Suggested Citation

  • Meenakshi Rajeev, 1999. "Markeless Set-Up vs Trading Posts : A Comparative Analysis," Annals of Economics and Statistics, GENES, issue 53, pages 197-211.
    • Handle: RePEc:adr:anecst:y:1999:i:53:p:197-211
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    File URL: http://www.jstor.org/stable/20076171
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    Cited by:

    1. Starr, Ross M., 2003. "Monetary general equilibrium with transaction costs," Journal of Mathematical Economics, Elsevier, vol. 39(3-4), pages 335-354, June.
    2. Starr, Ross M., 1999. "Why is there Money? Convergence to a Monetary Equilibrium in a General Equilibrium Model with Transaction Costs," University of California at San Diego, Economics Working Paper Series qt253553nn, Department of Economics, UC San Diego.
    3. Starr, Ross M., 2001. "Why Is There Money? Endogenous Derivation of "Money" as the Most Liquid Asset: A Class of Examples," University of California at San Diego, Economics Working Paper Series qt2rt3k4r7, Department of Economics, UC San Diego.
    4. Ross Starr, 2000. "Why is there Money? Convergence to a Monetary Equilibrium in a General Equilibrium Model with Transaction Costs," Econometric Society World Congress 2000 Contributed Papers 0058, Econometric Society.
    5. Starr, Ross M., 2002. "Existence of Uniqueness of "Money" in General Equilibrium: Natural Monopoly in the Most Liquid Asset," University of California at San Diego, Economics Working Paper Series qt660465rm, Department of Economics, UC San Diego.
    6. Starr, Ross M., 2000. "Why is there Money? Endogenous Derivation of "Money" as the Most Liquid Asset: A Class of Examples," University of California at San Diego, Economics Working Paper Series qt9bm927sh, Department of Economics, UC San Diego.
    7. Ross M. Starr, 2012. "Why is there Money?," Books, Edward Elgar Publishing, number 13763.

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