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Enough Commodity Money and the Selection of a Unique Competitive Equilibrium

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Abstract

Suppose that we reformulate the exchange economy as a strategic market game. As all purchases are paid for in cash it is possible to attach precise meaning to what is meant by enough money. As the game is a single simultaneous bid and offered at m trading posts and m prices are all simultaneously determined, in essence the trading technology is completely specified.

Suggested Citation

  • Martin Shubik, 1986. "Enough Commodity Money and the Selection of a Unique Competitive Equilibrium," Cowles Foundation Discussion Papers 804, Cowles Foundation for Research in Economics, Yale University.
    • Handle: RePEc:cwl:cwldpp:804
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    References listed on IDEAS

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    1. Shapley, Lloyd S & Shubik, Martin, 1977. "Trade Using One Commodity as a Means of Payment," Journal of Political Economy, University of Chicago Press, vol. 85(5), pages 937-968, October.
    2. Pradeep Dubey & Lloyd S. Shapley, 1977. "Noncooperative Exchange with a Continuum of Traders," Cowles Foundation Discussion Papers 447, Cowles Foundation for Research in Economics, Yale University.
    3. Shubik, Martin, 1987. "The unique minimal cash flow competitive equilibrium," Economics Letters, Elsevier, vol. 25(4), pages 303-306.
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    1. Martin Shubik & D.P. Tsomocos, 1990. "A Strategic Market Game with a Mutual Bank with Fractional Reserves and Redemption in Gold (A Continuum of Traders)," Cowles Foundation Discussion Papers 964, Cowles Foundation for Research in Economics, Yale University.
    2. M. Shubik & D. Tsomocos, 1992. "A strategic market game with a mutual bank with fractional reserves and redemption in gold," Journal of Economics, Springer, vol. 55(2), pages 123-150, June.

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