This paper investigates a Trejos-Wright random matching model of money with a consumer take-it-or-leave-it offer and with individual money holdings in the set {0, 1, 2}. It is shown that three kinds of monetary steady states exist generically: (1) purestrategy full-support steady states, (2) mixed-strategy full-support steady states, and (3) non-full-support steady states. A full-support steady...

In a recent paper, Duersch et.al (2012) showed that in a rather broad class of repeated symmetric two-player games, a player who uses the simple “imitate-ifbetter” heuristic cannot be subject to a money pump. In this paper, we extend the analysis to games with randomly perturbed payoffs and we show that this result is not robust to, even arbitrarily small, payoff perturbations. In particular, w...

In 2012, Aaronson and Christiano introduced the idea of hidden subspace states to build public-key quantum money [STOC ’12]. Since then, this has been applied realize several other cryptographic primitives which enjoy some form unclonability.

Both artificial as well as natural atoms have been proposed as quantum objects in the realisation of quantum information schemes. As a result of their confinement, electrons in both natural atoms and in quantum dots, so-called artificial atoms, are characterized by the formation of discrete energy levels. Similarly, in the case of a Josephson junction, Cooper pairs are confined in the potential...

The British Pound (GBP ) is not part of the Euro (EUR) monetary system. In order to find out arguments on whether GBP should join the EUR or not correlations are calculated betweenGBP and EUR, including a reconstructed EUR for the time interval from 1993 till June 30, 2000. The distribution of fluctuations of the exchange rates is Gaussian for the central part of the distribution, but has fat t...

T he IS-LM model has been a central tool of macroeconomic teaching and practice for over half a century. Legions of earlier writers have offered criticisms of the model that have become familiar with the passage of time: the model lacks microeconomic foundations, assumes price stickiness, has no role for expectations, and simplifies the economy’s complexities to a handful of crude aggregate rel...

Online marketplaces allow consumers to leave reviews about the products they purchase, which are visible to potential customers and competitors. While the impact of reviews on valuations of worth and purchasing decisions has been intensively studied, little is known about how the reviews themselves are attended to, and the relation between attention and valuations. In three studies we use eye-t...