A commodity-money refinement in matching models

Neil Wallace; Tao Zhu

doi:10.1016/j.jet.2003.07.007

A commodity-money refinement in matching models

Neil Wallace, Tao Zhu

Economics

Research output: Contribution to journal › Article › peer-review

22 Scopus citations

Abstract

We apply a commodity-money refinement to matching models in which people meet in pairs and buyers make take-it-or-leave-it offers to sellers. The refinement is applied by attaching a utility value to nominal money and letting that value approach zero. An equilibrium satisfies the refinement if it is such a limit. We show that the refinement eliminates a class of non-full-support steady states.

Original language	English (US)
Pages (from-to)	246-258
Number of pages	13
Journal	Journal of Economic Theory
Volume	117
Issue number	2
DOIs	https://doi.org/10.1016/j.jet.2003.07.007
State	Published - Aug 2004

All Science Journal Classification (ASJC) codes

Economics and Econometrics

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10.1016/j.jet.2003.07.007

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title = "A commodity-money refinement in matching models",

abstract = "We apply a commodity-money refinement to matching models in which people meet in pairs and buyers make take-it-or-leave-it offers to sellers. The refinement is applied by attaching a utility value to nominal money and letting that value approach zero. An equilibrium satisfies the refinement if it is such a limit. We show that the refinement eliminates a class of non-full-support steady states.",

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AB - We apply a commodity-money refinement to matching models in which people meet in pairs and buyers make take-it-or-leave-it offers to sellers. The refinement is applied by attaching a utility value to nominal money and letting that value approach zero. An equilibrium satisfies the refinement if it is such a limit. We show that the refinement eliminates a class of non-full-support steady states.

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A commodity-money refinement in matching models

Abstract

All Science Journal Classification (ASJC) codes

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