–defense balance; appropriation and exchange theory, wherein appropriation undermines the security of exchange at the same time that … exchange shapes the incentives for appropriation; experiments in peace economics, most notably the path-breaking prisoner …

This paper explores the private and social benefits from barter exchange in a monetized economy. We first prove a no …-monetary exchange avoids this limitation and enhances trade by (1) generating liquidity and (2) by segmenting the market place into low …-demand and high-demand customers in a manner which is impossible with pure monetary exchange. We provide comparative statics …

buyer) always moves second in the exchange gives higher payoffs than exchangesin which it is randomly determined who moves …