I. Ex ante and ex post optimum, 81. — II. Consumers and commodities, 83. — III. Consumer choice and the subjectivity theorem, 85. — IV. Necessary conditions for ex post Pareto optimum given Arrow optimum, 88. — V. Production, 89. — VI. Efficiency, 91. — VII. Economies where the necessary conditions for Arrow optimum to imply ex post Pareto optimum are sufficient, 93. — Table of notation, 94.

I. Transactions and money in general equilibrium models, 290. — II. Representation of equilibrium and exchange, 292. — III. The barter economy, 293. — IV. The money economy, 297. — V. Relation of monetary to barter exchange, 299. — VI. Behavior of money balances, 300. — VII. Conclusion, 301.

[Market determination of the value in exchange (price) of money is considered in a general equilibrium finite horizon model. The possibility of the price of money being zero in equilibrium and the role of taxes (payable in money) in preventing a zero price are considered.]

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Walter Perrin Heller, Ross M. Starr; Unemployment Equilibrium with Myopic Complete Information, The Review of Economic Studies, Volume 46, Issue 2, 1 April 1979

Journal Article Equilibrium with Non-convex Transactions Costs: Monetary and Non-monetary Economies Get access Walter Perrin Heller, Walter Perrin Heller University of California, San Diego Search for other works by this author on: Oxford Academic Google Scholar Ross M. Starr Ross M. Starr University of California, Davis Search for other works by this author on: Oxford Academic Google Scholar The Review of Economic Studies, Volume 43, Issue 2, June 1976, Pages 195–215, https://doi.org/10.2307/2297318 Published: 01 June 1976

I. Income and consumption, 455.—II. Optimal consumption plans subject to borrowing constraint, 457.—III. Dependence of consumption on income in the short run: a consumption function, 460.—IV. Summary, 462.

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A pairwise trading process is formulated subject to conditions of nonnegativity of traders' holdings and quid pro quo. It is shown that that: (i) There is a centralized procedure that achieves the equilibrium allocation for an arbitrary economy. (ii) It is not in general possible to find a decentralized procedure that achieves the equilibrium allocation for an arbitrary economy. (iii) In a monetary economy there is a decentralized procedure that achieves the equilibrium allocation. The usefulness of money is that it allows decentralization of the trading process.