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A Note on Enough Money in a Strategic Market Game with Complete or Fewer Markets

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Author Info
Martin Shubik () (Cowles Foundation, Yale University)

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Abstract

This paper discusses the notion of "enough money" in strategic market games. In an economy with one money, m-1 markets and no credit, in order to be able to achieve efficient trade there must be "enough money" held by all traders. In essence "enough money" means that the noncooperative equilibrium solutions to a strategic market game is interior, in other words it is not considered by lack of liquidity. For simplicity two specific market mechanisms are described to illustrate the relationship between market structure and liquidity.

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Publisher Info
Paper provided by Cowles Foundation, Yale University in its series Cowles Foundation Discussion Papers with number 730.

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Length: 10 pages
Date of creation: Nov 1984
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Publication status: Published in Economics Letters (1985), 19: 231-235
Handle: RePEc:cwl:cwldpp:730

Note: CFP 632.
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Postal: Cowles Foundation, Yale University, Box 208281, New Haven, CT 06520-8281 USA

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Related research
Keywords: Enough money in trade; price system; market structure;

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References listed on IDEAS
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  1. Dubey, Pradeep & Mas-Colell, Andreau & Shubik, Martin, 1980. "Efficiency properties of strategies market games: An axiomatic approach," Journal of Economic Theory, Elsevier, vol. 22(2), pages 339-362, April. [Downloadable!] (restricted)
  2. 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. [Downloadable!] (restricted)
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Cited by:
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  1. 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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