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JackofA llTradesoraM asterofO ne?
Specialization, TradeandM oney
¤
G abrieleCamera, R obertR .R eed, andChristopherJ.W aller
A pril19 , 2000
A bstract
W econsideramodelofdecentralizedexchangewhereindividuals
areallowedtochoosethesetofgoodstheyproduce. Specializationin-
volvesproducingasmallersetofgoodsanddoingitmorepro…ciently.
Indoingso, agents reduceproductioncosts butreducetheprobabil-
ityofbeingmatchedwithanacceptabletradingpartner. W ederive
theindividuallyoptimaldegreeofspecializationandexaminehowit
is a¤ected by underlyingfundamentals. Itis shownthatamatching
externalityexists whichmakes theindividualchoiceofspecialization
socially ine¢cient. Introducingmoney willlead tomorespecializa-
tion relative tobarter, and has ambiguous e¤ects onwelfare. T hus,
surprisingly, introducingmoneymayreducewelfare.
JEL Classi…cation: C7 8, D 83, E41
Keywords: search, specialization, money, barter
¤
Purdue U niversity, IowaState U niversity, and U niversity ofKentucky, respectively.
For correspondence: ChristopherW aller, D epartment of Economics, G atton College
of B usiness and Economics, U niversity of Kentucky, L exington, KY 40506; email:
cjwall@ pop.uky.edu, phone: (606) 257 -6226, andfax: (606) 323-19 20. W ewanttothank
RandyW right, ShouyongShi, PingW angand D aveW ildasinforcomments andsugges-
tions.
JackofA llTradesoraM asterofO ne?
Specialization, TradeandM oney
A bstract
W econsideramodelofdecentralizedexchangewhereindividualsareallowed
tochoosethesetofgoods they produce. Specialization involves producinga
smallersetofgoodsanddoingitmorepro…ciently. Indoingso, agents reduce
product
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