Commodity Money in the Presence of Goods of Heterogeneous Quality
The aim of this paper is to demonstrate that uncertainty about the quality of a particular commodity does not necessarily exclude it from emerging as commodity money. This is shown in the context of the model of a simple economy with specialized agents and decentralized trade described in Kiyotaki and Wright (1989). In order to derive this result, considerations about marketability of the different goods are taken into account.
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Volume (Year): 4 (1994)
Issue (Month): 4 (May)
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