Intermediation Under Trade Restrictions
从一般均衡交换模型出发，将任意商品市场的中介行为归因于贸易限制，并证明即使偏好良好、价格完全灵活，均衡也可能不存在。
Intermediation is the activity of buying and selling simultaneously in one market. In this paper intermediation in the market for an arbitrary good is derived from trade restrictions in a general equilibrium exchange model. The trade restrictions are given by a trade feasibility relation defined on the set of households, and they necessitate dropping the one price assumption of standard general equilibrium theory. It is shown that in this setting equilibria need not exist in spite of well-behaved preferences and fully flexible prices. As a special case a simple economy with a linear market structure is analyzed in detail.