A Strategic Market Game with Seigniorage Costs of Fiat Money

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A Strategic Market Game with Seigniorage Costs of Fiat Money

Author Info

Martin Shubik () (Cowles Foundation, Yale University)
D.P. Tsomocos

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Abstract

A model that includes the cost of producing money is presented and the nature of the inefficient equilibria in the model are examined. It is suggested that if one acknowledges that transactions are a form of production, which requires the consumption resources, then the concept of Pareto optimality is inappropriate for assessing efficiency. Instead it becomes necessary to provide an appropriate comparative analysis of alternative transactions mechanisms in the appropriate context.

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Publisher Info
Paper provided by Cowles Foundation, Yale University in its series Cowles Foundation Discussion Papers with number 1043.

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Length: 16 pages
Date of creation: Mar 1993
Date of revision:
Publication status: Published in Economic Theory (2002), 19(1): 187-201
Handle: RePEc:cwl:cwldpp:1043

Note: CFP 1033.
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Postal: Yale University, Box 208281, New Haven, CT 06520-8281 USA
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Web page: http://cowles.econ.yale.edu/
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Postal: Cowles Foundation, Yale University, Box 208281, New Haven, CT 06520-8281 USA

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Find related papers by JEL classification:
D51 - Microeconomics - - General Equilibrium and Disequilibrium - - - Exchange and Production Economies
E51 - Macroeconomics and Monetary Economics - - Monetary Policy, Central Banking, and the Supply of Money and Credit - - - Money Supply; Credit; Money Multipliers

References listed on IDEAS
Please report citation or reference errors to , or , if you are the registered author of the cited work, log in to your RePEc Author Service profile, click on "citations" and make appropriate adjustments.:

M. Shubik & D. Tsomocos, 1992. "A strategic market game with a mutual bank with fractional reserves and redemption in gold," Journal of Economics, Springer, vol. 55(2), pages 123-150, June. [Downloadable!] (restricted)
Shubik, Martin & Yao, Shuntian, 1990. "The transactions cost of money (a strategic market game analysis)," Mathematical Social Sciences, Elsevier, vol. 20(2), pages 99-114, October. [Downloadable!] (restricted)
Martin Shubik & D.P. Tsomocos, 1990. "A Strategic Market Game with a Mutual Bank with Fractional Reserves and Redemption in Gold (A Continuum of Traders)," Cowles Foundation Discussion Papers 964, Cowles Foundation, Yale University. [Downloadable!]

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Cited by:
(explanations, Please report citation or reference errors to , or , if you are the registered author of the cited work, log in to your RePEc Author Service profile, click on "citations" and make appropriate adjustments.)

F H Capie & Dimitrios P Tsomocos & Geoffrey E Wood, . "E-barter versus fiat money: will central banks survive?," Bank of England working papers 197, Bank of England. [Downloadable!]
Martin Shubik, 2006. "The Theory of Money and Financial Institutions: A Summary of a Game Theoretic Approach," Cowles Foundation Discussion Papers 1572, Cowles Foundation, Yale University. [Downloadable!]
Other versions:
- Martin Shubik, 2006. "The Theory of Money and Financial Institutions: A Summary of a Game Theoretic Approach," Levine's Bibliography 321307000000000299, UCLA Department of Economics. [Downloadable!]
- Martin Shubik, 2007. "The Theory of Money and Financial Institutions: A Summary of a Game Theoretic Approach," Icfai University Journal of Monetary Economics, Icfai Press, vol. 0(2), pages 6-26, May.
F. H. Capie & D. P. Tsomocos & G. E. Wood, 2005. "Modelling Institutional Change in the Payments System, and its Implications for Monetary Policy," OFRC Working Papers Series 2005fe01, Oxford Financial Research Centre. [Downloadable!]

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