Econometrica: Jan 1974, Volume 42, Issue 1

Equilibrium in a Finite Sequence of Markets with Transaction Cost

https://doi.org/0012-9682(197401)42:1<1:EIAFSO>2.0.CO;2-7
p. 1-20

Mordecai Kurz

The work extends the results of an earlier paper by Hahn; it presents a model of a barter economy with a sequence of markets in which each trader operates with his own transaction technology. An equilibrium is proved to exist and the efficiency of equilibrium is discussed.
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