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Experimental results on market behavior establish a lower stability andefficiency of markets for durable re-tradable assets compared to markets fornon-durable, or perishable, goods. In this chapter, we revisit this known butunderappreciated dichotomy of goods in the light of our theory of competitivemarket price formation, and we emphasize the fundamental nature of the conceptof asset re-tradability in neoclassical finance through a simple reformulationof the famous no-trade and no-arbitrage theorems.

Perishable Goods versus Re-tradable Assets: A Theoretical Reappraisal of a Fundamental Dichotomy