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A Note On “Money Is Memory“: A Counterexample

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  • Awaya, Yu
  • Fukai, Hiroki

Abstract

A counterexample to the notion that money is memory is provided—one that relies on incomplete information. There exists an implementable allocation for it with money that is not implementable with memory. The result arises because money conveys only a limited amount of information about past actions, which can be beneficial in settings with incomplete information.

Suggested Citation

  • Awaya, Yu & Fukai, Hiroki, 2017. "A Note On “Money Is Memory“: A Counterexample," Macroeconomic Dynamics, Cambridge University Press, vol. 21(2), pages 545-553, March.
  • Handle: RePEc:cup:macdyn:v:21:y:2017:i:02:p:545-553_00
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    Cited by:

    1. Davis, Douglas & Korenok, Oleg & Norman, Peter & Sultanum, Bruno & Wright, Randall, 2022. "Playing with money," Journal of Economic Behavior & Organization, Elsevier, vol. 200(C), pages 1221-1239.
    2. Hiroki Fukai, 2019. "Imperfect monitoring is necessary for essentiality of money," Economic Theory Bulletin, Springer;Society for the Advancement of Economic Theory (SAET), vol. 7(1), pages 19-26, May.
    3. Janet Hua (duplicate record) Jiang & Peter Norman & Daniela Puzzello & Bruno Sultanum & Randall Wright, 2021. "Is Money Essential? An Experimental Approach," Working Paper 21-12, Federal Reserve Bank of Richmond.

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