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- W1525692056 abstract "Transactions costs are a potentially important friction in macroeconomics. Yet, the task of assessing the effects of measured transactions costs on aggregate equilibrium has proceeded very slowly. For instance, in the field of asset-pricing, the effects of observed transactions costs on security prices (and other aspects of financial equilibrium) remain more or less unmeasured. In the area of growth-accounting, the effect of increased value-added in the financial-services sector on the efficiency of resource allocation, and hence total factor productivity, remains largely unmeasured as well. In our view, these tasks have been hindered by a perception that standard general-equilibrium theory is not applicable to problems in which the (re)allocation of resources among users is costly. For instance, Walter Heller and Ross Starr's (1976) formulation of the equilibrium problem for transactions-costs economies does not make the connection with standard general-equilibrium theory. In contrast, the objective of this paper is to show that for a class of economic environments with transactions costs a simple reformulation of the commodity space allows these transactions-costs economies to be studied as particular instances of Gerard Debreu's (1954) valuation equilibrium. Making the connection with established general-equilibrium theory (as in Debreu, 1954) is a useful step in the study of transactions costs and should facilitate the types of measurement tasks noted above. In particular, the close connection between Pareto-optimality and valuation equilibrium (i.e., the first and second welfare theorems) should provide a solid foundation for the quantitative study of resource allocation in the presence of transactions costs. The fact that the gains from trade have been exhausted means that valuation equilibria with transactions costs cannot be improved upon (i.e., allocations that make all consumers better-off do not exist). This should permit researchers to sidestep issues about institutional design which tend to make analyses of transactions costs difficult." @default.
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- W1525692056 date "1995-01-01" @default.
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- W1525692056 title "Valuation Equilibria with Transactions Costs" @default.
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