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Monetary theorists have advanced an intriguing notion: we exchange money to make up for a lack of enforcement, when it is difficult to monitor and sanction opportunistic behaviors. We demonstrate that, in fact, monetary equilibrium cannot generally be sustained when monitoring and punishment...
Persistent link: https://www.econbiz.de/10010226612
Studies of cooperation in infinitely repeated matching games focus on homogeneous economies, where full cooperation is …
Persistent link: https://www.econbiz.de/10011584447
Monetary theorists have advanced an intriguing notion: we exchange money to make up for a lack of enforcement, when it is difficult to monitor and sanction opportunistic behaviors. We demonstrate that, in fact, monetary equilibrium cannot generally be sustained when monitoring and punishment...
Persistent link: https://www.econbiz.de/10010327830
Studies of cooperation in infinitely repeated matching games focus on homogeneous economies, where full cooperation is …
Persistent link: https://www.econbiz.de/10011584815