Embedded options in the worlds physical monies, both coin and paper, are introduced. The option value for base metal coins is presented. The various strategies for redemption by the owner and the prevention of redemption by the issuer (central banks) are discussed. The market values of gold...

The spot foreign exchange marketplaces are split into two types by their respective trading rules: markets with conventional resting orders versus markets with resting orders that include optionality. This optionality is owned by the counterparty who placed the resting order and provides the...

A simple generative model of a foraging society generates significant wealth inequalities from identical agents on an equal opportunity landscape. These inequalities arise in both equilibrium and non-equilibrium regimes with some societies essentially never reaching equilibrium. Reproduction...