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Non-robustness of the cash-in-advance equilibrium in the trading post model

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  • R. Vijay Krishna

    ()
    (University of Edinburgh)

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    Abstract

    The main justification for cash-in-advance (CIA) equilibria when there are multiple assets is a Shapley-Shubik trading-post model where the agents coordinate on a particular medium of exchange. Of course, there are other equilibria. We introduce a refinement and show that the CIA equilibrium does not satisfy our refinement while there exist equilibria that do.

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    File URL: http://www.accessecon.com/pubs/EB/2005/Volume5/EB-05E40002A.pdf
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    Bibliographic Info

    Article provided by AccessEcon in its journal Economics Bulletin.

    Volume (Year): 5 (2005)
    Issue (Month): 3 ()
    Pages: 1-5

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    Handle: RePEc:ebl:ecbull:eb-05e40002

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    Cited by:
    1. Zhu, Tao & Wallace, Neil, 2007. "Pairwise trade and coexistence of money and higher-return assets," Journal of Economic Theory, Elsevier, Elsevier, vol. 133(1), pages 524-535, March.

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