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Does commodity money eliminate the indeterminacy of equilibrium?

Article Abstract:

The use of commodity money instead of fiat money does not overturn the equilibrium indeterminacy results in the steady-state random-matching model. The commodity-money standard or other commodity-money-like system may also possess the arbitrariness that is often reserved for describing the fiat money system.

Author: Zhou, Ruilin

Publisher: Elsevier B.V.
Publication Name: Journal of Economic Theory
Subject: Economics
ISSN: 0022-0531
Year: 2003

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Approximate cores of games and economies with clubs

Article Abstract:

For the purpose of research, a new model of an economy with club and analogues of the nonemptiness results for games is developed. This model allows utilities to be affected directly by the composition and size of the economy containing the club.

Author: Kovalenkov, Alexander, Wooders, Myrna

Publisher: Elsevier B.V.
Publication Name: Journal of Economic Theory
Subject: Economics
ISSN: 0022-0531
Year: 2003

Usage, Games, Approximation theory, Approximation

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Subjects list: Models, United States, Evaluation, Economics, Economic research, Economic theory

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