An exchange economy with three equilibrium points is considered. The core of this economy is studied under replication. It is shown that the core splits into separate segments after 5 and then 12 replications and that convergences proceeds at different rates towards the three equilibria.

This is a sketch of a game theoretic and gaming approach to the development of an appropriate microeconomic theory of money and financial institutions. The phrase "money and financial institutions" is used to stress that a theory of money alone cannot be fruitfully constructed in an...