"Intermediation with Costly Bilateral Exchange." Robert M. Townsend.  Review of Economic Studies XLV (3), October 1978: 417-425. PDF

"Market Anticipations, Rational Expectations, and Bayesian Analysis." Robert M. Townsend. International Economic Review 19(2), June 1978: 481-494. PDF

"On the Optimality of Forward Markets." Robert M. Townsend. American Economic Review 68(1), March 1978: 54-56. ABSTRACT PDF

"The Eventual Failure of Price Fixing Schemes." Robert M. Townsend. Journal of Economic Theory 14(3), February 1977: 190-199. ABSTRACT PDF

"Allocation Mechanisms, Asymmetric Information, and the Revelation Principle." Milton Harris and Robert M. Townsend. In Issues in Contemporary Microeconomics and Welfare, George R. Feiwel ed., SUNY Press, 1975. PDF