Monetary Trading: an Optimal Exchange System

Carmona, Guilherme

http://hdl.handle.net/10362/83510

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Autores

Carmona, Guilherme

Resumo(s)

We show that monetary trading is simple, self-enforcing, symmetric, and irreducible in a natural framework. Furthermore, we will show that the utility for each economic agent is at least as big under the monetary system as under any other simple, self-enforcing, symmetric, and irreducible trading system of the same complexity. Thus, we rationalize the monetary nature of real-world trade as being an efficient way to achieve those properties.

URI

http://hdl.handle.net/10362/83510

Citação

Carmona, Guilherme, Monetary Trading: an Optimal Exchange System (October, 2002). FEUNL Working Paper Series No. 420

Editora

Nova SBE

Coleções

NSBE - Working Paper Series

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