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Minimally Complex Exchange Mechanisms: Emergence of Prices, Markets, and Money

Dubey, Pradeep; Sahi, Siddhartha; Shubik, Martin - Cowles Foundation for Research in Economics, Yale University - 2014

mechanism has a distinguished commodity -- the money -- that serves as the sole medium of exchange. As m approaches infinity it …

Persistent link: https://www.econbiz.de/10010817223

Money as Minimal Complexity

Dubey, Pradeep; Sahi, Siddhartha; Shubik, Martin - Cowles Foundation for Research in Economics, Yale University - 2015

mechanism has a distinguished commodity -- the money -- that serves as the sole medium of exchange and mediates trade between …

Persistent link: https://www.econbiz.de/10011170531

Monetary Equilibrium with Missing Markets

Dubey, Pradeep; Geanakoplos, John - Cowles Foundation for Research in Economics, Yale University - 2003

We consider a two-period model with missing assets and missing market links, in which money plays a central role and is … inside money, then monetary equilibrium (ME) exists and money has positive value. The nonexistence of GEI (of the underlying …

Persistent link: https://www.econbiz.de/10005762771

From Nash to Walras via Shapley-Shubik

Dubey, Pradeep; Geanakoplos, John - Cowles Foundation for Research in Economics, Yale University - 2002

We derive the existence of a Walras equilibrium directly from Nash's theorem on noncooperative games. No price player is involved, nor are generalized games. Instead we use a variant of the Shapley-Shubik trading-post game.

Persistent link: https://www.econbiz.de/10004990746