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Is gold an efficient store of value?

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Author Info
Pradeep Dubey
John Geanakoplos
Martin Shubik

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Abstract

Gold and tobacco have both been used as commodity money. One difference between the two is that gold yields utility, on account of its beauty, without diminishing its quantity. Tobacco yields utility when it is consumed. If this were the only difference, Copyright Springer-Verlag Berlin Heidelberg 2003

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File URL: http://hdl.handle.net/10.1007/s00199-002-0266-y
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Publisher Info
Article provided by Springer in its journal Economic Theory.

Volume (Year): 21 (2003)
Issue (Month): 4 (06)
Pages: 767-782
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Handle: RePEc:spr:joecth:v:21:y:2003:i:4:p:767-782

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Related research
Keywords: Keywords and Phrases: Gold; Tobacco; Store of value; Liquidity.; JEL Classification Numbers: D4; D5; D61; E40; E41.;

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  1. Thomas Quint & Martin Shubik, 2004. "A Consumable Money. An Elementary Discussion of Commodity Money, Fiat Money and Credit: Part I," Cowles Foundation Discussion Papers 1455, Cowles Foundation, Yale University. [Downloadable!]
  2. Martin Shubik, 1993. "The Theory of Money and Financial Institutions," Cowles Foundation Discussion Papers 1056, Cowles Foundation, Yale University. [Downloadable!]
  3. Martin Shubik & Shuntian Yao, 1992. "Transactions Loans, Intertemporal Loans, Variable Velocity, the Rates of Interest and Commodity Money: Part 1. Transactions Loans," Cowles Foundation Discussion Papers 1014, Cowles Foundation, Yale University. [Downloadable!]
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This page was last updated on 2009-11-25.

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