Exchange and Arbitrage

Price, Evaluation, and the Principle of Exchange
  • Yoshinori Shiozawa
  • Masashi Morioka
  • Kazuhisa Taniguchi
Part of the Evolutionary Economics and Social Complexity Science book series (EESCS, volume 15)


This chapter considers buying and selling transactions and arbitrage based on the Principle of Exchange and the Equivalence Relation. Since money has emerged and price can be observed objectively, buying and selling can be conducted by referring to objective indexes. In this instance, “evaluation” has to be explicitly distinguished from prices. It is important for executing buying and selling transactions that there be a different “evaluation” formed by each buying party and selling party. Arbitrage is defined as the use of differences in exchange rates to earn a profit. Presenting specific cases with respect to these phenomena, this chapter considers the stability and instability of prices in financial markets and product markets based on the formation of “evaluations” and the function of arbitrage.


The principle of exchange Money Price Arbitrage Equivalence relation Buy and sell Exchange 


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Copyright information

© Springer Japan KK, part of Springer Nature 2019

Authors and Affiliations

  • Yoshinori Shiozawa
    • 1
  • Masashi Morioka
    • 2
  • Kazuhisa Taniguchi
    • 3
  1. 1.Osaka City UniversityOsakaJapan
  2. 2.College of International RelationsRitsumeikan UniversityKyotoJapan
  3. 3.Faculty of EconomicsKindai UniversityOsakaJapan

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