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Health Care Policy: A Political Economy Approach. Theodore R. Marmor , Jon B. Christianson
Disequilibrium Dynamics: A Theoretical Analysis of Inflation and Unemployment. Katsuhito Iwai
Airline Deregulation: The Early Experience. J. R. Meyer , C. V. Oster , I. P. Morgan , B. A. Berman , D. L. Strassman
Female Labor Supply: Theory and Estimation. James P. Smith
Subsidies to New Energy Sources: Do They Add to Energy Stocks? A Comment
An Evolutionary Theory of Economic Change. Richard R. Nelson , Sidney G. Winter
Imperfect Information and Wage Inertia in the Business Cycle: A Comment
Growth and Inflationary Finance: Variations on a Mundellian Theme
On Competitive Price Adjustment for a Storable Good and Abstention from Trade
The public good aspect of information is used to account for periods in which the aggregate level of trade is low. It is shown that abstention from trade may occur when the uncertainty with respect to the market-clearing price (there is no auctioneer) gets large relative to the cost of getting information about it and relative to the cost of postponing transactions. In this case, all agents are aware of bilateral Pareto-improving trading opportunities, but these opportunities are not exploited.