Non-robustness of the Cash-in-advance Equilibrium in the Trading-Post Model
نویسنده
چکیده
The main justification for cash-in-advance (CIA) equilibria when there are multiple assets is a Shapley-Shubik trading-post model where the agents coordinate on a particular medium of exchange. Of course, there are other equilibria. We introduce a refinement and show that the CIA equilibrium does not satisfy our refinement while there exist equilibria that do.
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تاریخ انتشار 2003