Strategic Market Game with Transactions Costs

摘要

Money is a complex institutional phenomenon with many features depending delicately upon the structure of markets, customs of society and other rules of the game which fully specify how trade may take place. There are three broadly recognized features of money (by no means the only ones: see Shubik, 1983, Chapter 2) which are considered here. They are money: as a numeraire: as a store of wealth; and as a means of payment. Implicit in the above statement is that a money is somehow operationally different from other commodities. Using strategic market games, we attempt to make these properties of a money precise and easy to identify in the mathematical structures being studied. (Author)