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The Jevons double coincidence condition and local uniqueness of money: An example

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  • Starr, Ross M.
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    Abstract

    Jevons's double coincidence of wants condition is derived as the result of household level transaction costs in general equilibrium where N commodities are traded at (1/2)N(N-1) commodity-pairwise trading posts. Each household experiences a set-up cost on entering an additional trading post. Budget constraints are enforced at each trading post separately implying demand for a carrier of value between trading posts, commodity money. General equilibrium consists of prices so that each trading post clears. Existence and local uniqueness of commodity money in equilibrium can follow from the scale economy implied by the household set-up cost.

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    File URL: http://www.sciencedirect.com/science/article/B6VBY-507BHW5-6/2/9f7a545b473282b9ff2bb6d87dfdbcd4
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    Bibliographic Info

    Article provided by Elsevier in its journal Journal of Mathematical Economics.

    Volume (Year): 46 (2010)
    Issue (Month): 5 (September)
    Pages: 786-792

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    Handle: RePEc:eee:mateco:v:46:y:2010:i:5:p:786-792

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    Web page: http://www.elsevier.com/locate/jmateco

    Related research

    Keywords: Commodity money Barter Double coincidence of wants Trading post General equilibrium;

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    1. Hahn, F H, 1971. "Equilibrium with Transaction Costs," Econometrica, Econometric Society, vol. 39(3), pages 417-39, May.
    2. Starr, Ross M., 2008. "Mengerian Saleableness and Commodity Money in a Walrasian Trading Post Example," University of California at San Diego, Economics Working Paper Series qt92k1n9mn, Department of Economics, UC San Diego.
    3. Hahn, Frank H, 1973. "On Transaction Costs, Inessential Sequence Economies and Money," Review of Economic Studies, Wiley Blackwell, vol. 40(4), pages 449-61, October.
    4. Kiyotaki, Nobuhiro & Wright, Randall, 1989. "On Money as a Medium of Exchange," Journal of Political Economy, University of Chicago Press, vol. 97(4), pages 927-54, August.
    5. Shapley, Lloyd S & Shubik, Martin, 1977. "Trade Using One Commodity as a Means of Payment," Journal of Political Economy, University of Chicago Press, vol. 85(5), pages 937-68, October.
    6. Starr, Ross M., 2008. "Mengerian saleableness and commodity money in a Walrasian trading post example," Economics Letters, Elsevier, vol. 100(1), pages 35-38, July.
    7. Menger, Carl, 1892. "On the Origins of Money," History of Economic Thought Articles, McMaster University Archive for the History of Economic Thought, vol. 2, pages 239-255.
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