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

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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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File URL: http://cowles.econ.yale.edu/P/cd/d07a/d0730.pdf
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Bibliographic Info

Paper provided by Cowles Foundation for Research in Economics, Yale University in its series Cowles Foundation Discussion Papers with number 730.

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

Note: CFP 632.
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Keywords: Enough money in trade; price system; market structure;

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References

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  1. 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.
  2. 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.
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Cited by:
  1. Dmitry Levando, 2012. "A Survey Of Strategic Market Games," Economic Annals, Faculty of Economics, University of Belgrade, vol. 57(194), pages 63-106, July - Se.
  2. 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 for Research in Economics, Yale University.

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