When a rich variety of available goods is classified into a smaller number of tradable commodities, we have a market economy that relies on a simplified representation. We study how the classification of goods into commodities affects the allocation of scarce resources among agents. We also consider a notion of decentralized equilibrium that is achieved merely by an appropriate classification of the goods, regardless of the presence of a price-based mechanism.
Market equilibrium via classifications of commodities
LI CALZI, MARCO;URBINATI, Niccolò
2022-01-01
Abstract
When a rich variety of available goods is classified into a smaller number of tradable commodities, we have a market economy that relies on a simplified representation. We study how the classification of goods into commodities affects the allocation of scarce resources among agents. We also consider a notion of decentralized equilibrium that is achieved merely by an appropriate classification of the goods, regardless of the presence of a price-based mechanism.File in questo prodotto:
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