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We study a model in which heterogeneous agents first form a trading network where linking costs are positive but infinitesimally small. Then, a seller and a buyer are randomly selected among the agents to bargain through a chain of intermediaries. We determine both the trading path and the allocation of the surplus among the seller, the buyer and the intermediaries at equilibrium. We show that, under the initiator bargaining protocol, a trading network is pairwise stable if it is a core–periphery network where the core consists of all impatient agents who are linked to each other and the periphery consists of all patient agents who have a single link towards an impatient agent. Once agents do not know the impatience of other agents, each bilateral bargaining session may involve delay. Then, core–periphery networks may not be pairwise stable because agents may prefer to add links for reducing the length of trading paths and so avoiding costly delays in reaching a global agreement.

AbstractIn the canonical model of frictionless markets, arbitrage is usually taken to force all trades of homogeneous goods to occur at essentially the same price. In the real world, however, arbitrage possibilities are often severely restricted and this may lead to substantial price heterogeneity. Here we focus on frictions that can be modeled as the bargaining constraints induced by an incomplete trading network. In this context, the interplay among the architecture of the trading network, the buyers' valuations, and the sellers' costs shapes the effective arbitrage possibilities of the economy. We characterize the configurations that, at an intertemporal bargaining equilibrium, lead to a uniform price. Conceptually, this characterization involves studying how the network positions and valuations/costs of any given set of buyers and sellers affect their collective bargaining power relative to a notional or benchmark situation in which the connectivity is complete. Mathematically, the characterizing conditions can be understood as price-based counterparts of those identified by the celebrated Marriage Theorem in matching theory.

"The present volume, composed of six contributions by different scholars, seeks to show the intensity of exchange relations and trading networks in the early modern to late imperial "East Asian 'Mediterranean'", arguing that these exchange relations and trading networks already had their roots and origins in the tenth to thirteenth centuries at the latest. In this context, the first two contributions discuss local society and socio-economic changes within local Chinese society during the Song to Ming periods - while the other four contributions concentrate on aspects of commercial exchange and administration during the Qing period. Two contributions in particular analyze the indirect and direct importance respectively of religion for social life and commercial activities as a basic precondition for success in non-religious affairs. One chapter investigates Sino-Ryukyuan trade relations during the Kangxi reign (1662-1722), another one Sino-Taiwanese trade relations in late imperial China, while one chapter is in particular dedicated to an analysis of the characteristics and developments within the maritime trade administration of the Manchu Qing (1644-1911) government, with emphasis on hitherto rather neglected aspects, for example institutional-administrative details, including questions such as if Manchus or Han Chinese were responsible for the administration of trade."--Provided by publisher

AbstractThe objective of this paper is to draw on archaeological data from Bengal to address issues relating to the social and cultural milieu of trade from the 5th-4th centuries BC to the 6th-7th centuries AD. Trading activity by its very nature was mobile, cut across political frontiers and as a result created its own networks of communication and information transfer. Within this extensive trading system, diverse communities in Bengal developed distinctive cultural identities as they interacted with their unique environment as well as with the larger Indic cultural sphere. This cultural identity included religious affiliation and it is important to highlight the vibrancy and dynamism of these cultural identities from the prehistoric period to the 8th-9th centuries AD. L'objectif de cet article est de partir des données archéologiques du Bengale pour en extraire les problématiques en relation avec le milieu social et culturel du monde commercial du 5eme-4eme s. av. J.-C. au 6eme-7eme s. de notre ère. L'activité commerciale fut, par sa nature même, mobile, au-delà des frontières politiques et créa en conséquence ses propres réseaux de communication et de transfert de l'information. Dans le cadre de ce système de commerce extensif, diverses communautés au Bengale ont développé des identités culturelles spécifiques en établissant des relations aussi bien avec leur propre environnement qu'avec la sphère culturelle indienne plus générale. Cette identité culturelle inclut les affiliations religieuses et il est important de mettre en valeur la vivacité et le dynamisme de ces identités culturelles de la période préhistorique au 8eme-9eme siècle de notre ère.

In the prevailing state of market circumstances, the revival and efficient operation of trade companies are on the basis of a proper data support system, the primary factors of which are control and budgeting. This current study attempts to focus on budgeting as an efficient means to curb and manage a retail trade network. Budgeting serves as the foundation for planning in the management procedure, for making managerial and economic decisions, evaluating financial solvency, and finally to reinforce economic disciplines. To meet the study's aim, several general methods, including synthesis, analysis, assessment, comparison, generalization method, and system analysis are taken into account. Based on the results, it can be perceived that the regulation of the budgeting tool used in management is dependent upon the company's action type immediately. The needs are established, based on which the efficiency of that controlling and managing means is defined. They defined the particulars of network retail and the trading actions that impact the operating budgets' structure, which is the beginning point in the procedure of budgeting.

The focus of this chapter is the city of Yiwu and the nature of Afghan networks present there. By inserting such networks both in the context of the wider global settings, and in terms of the traders' experience of space in Yiwu, we seek to contribute to an emerging body of literature on Muslim cosmopolitanism in two ways. First, we bring attention to the ways in which the expressions of Muslim cosmopolitanism visible in Yiwu are premised on violent histories of international conflict and interference that have led to massive displacements of the country's people, as well the bleaching out of the country's own religious diversity. Secondly, we recognise that if the traders with whom we work are cosmopolitan in some aspects of their lives, then in others they reinforce and sustain collective commitment to national, regional, ideological and confessional identities, identities that are also of critical significance to their activities as traders.