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Mengerian Saleableness and Commodity Money in a Walrasian Trading Post Example

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Author Info
Ross Starr (University of California, San Diego)
Abstract

In an economy with commodity-pairwise trading posts and transaction costs, commodity money is endogenously determined in general equilibrium. Absent double coincidence of wants, the low-transaction cost commodity (with the narrowest proportional bid/ask price spread) becomes the common medium of exchange.

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Paper provided by Department of Economics, UC San Diego in its series University of California at San Diego, Economics Working Paper Series with number 2008-02.

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Date of creation: 01 Jan 2008
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Handle: RePEc:cdl:ucsdec:2008-02

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Related research
Keywords: trading post; transaction cost; commodity money; bid/ask spread; medium of exchange;

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  1. Ross Starr, 2008. "Commodity Money in a Convex Trading Post Sequence Economy," University of California at San Diego, Economics Working Paper Series 2008-09, Department of Economics, UC San Diego. [Downloadable!]
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This page was last updated on 2009-11-17.

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