This paper develops a dynamic model of an economy in which homogeneous agents choose between specializing as producers or as merchants, and can change occupation at any time. Merchants operate alongside a decentralized search market and provide immediacy in exchange in return for a price. We characterize equilibria in symmetric Markov strategies, and derive conditions under which merchants and ...

This essay analyzes the circumstances under which a barter system based on merchants and centralized markets dominates an unstructured primitive barter system. For that purpose, we set up a spatial general equilibrium model where exchange is costly. In an unstructured barter system, as population increases, the transaction costs may become cumbersome and the cost of trade expansion surpasses it...

The level of usage of modern e-money systems in Australia remains low, despite potential benefits and widespread use internationally. This study investigated the characteristics of modern Australian e-money products perceived as most problematic by Australian merchants. Forty-one merchants accepting e-money online and 41 merchants accepting alternative online payments methods identified which o...

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