Contractual Arrangements for Intertemporal Trade

by Edward C. Prescott, Neil Wallace (Editor)

Contractual Arrangements for Intertemporal Trade was first published in 1987.The seven papers in this volume were presented at a conference at the University of Minnesota in 1984. They deal with various aspects of the specialness of intertemporal trade by studying environments in which such trade is more difficult to carry out than is trade in the standard general equilibrium model. Most of the papers impose difficulties in the form of private information or spatial separation linked with private information. The focus on intertemporal trade was motivated by observations related to such trade that seem anomalous from the point of view of the standard general equilibrium the semming incompleteness of risk-sharing markets, the existence of intermediaries, the occurrence of financial panics and run on banks, and the relatively heavy regulation of credit Edward J. Green, Charles J. Jacklin, Bruce D. Smith, Sudipto Bhattacharya, Kathleen Hagerty, Robert Townsend, Neil Wallace, Lawrence M. Benveniste, Edward C. Prescott, and John H. Boyd.

160 pages, Hardcover

First published January 1, 1987