Jack of All Trades or a Master of One? Specialization, Trade, and Money*
研究个体选择生产商品集合的分散交换模型，分析专业化程度如何受基础因素影响，发现由于敲竹杠问题，个体专业化程度低于社会最优，引入货币能促进专业化并提高福利。
We consider a model of decentralized exchange where individuals choose the set of goods they produce. Specialization involves producing a smaller set of goods and doing it more proficiently. In doing so, agents reduce production costs, but also reduce the ease of trading their output. We derive the equilibrium degree of specialization and examine how it is affected by underlying fundamentals. Due to the existence of a hold‐up problem, individuals specialize too little relative to the social optimum. Introducing money leads to more specialization relative to barter and increases welfare.