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

23 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

Access to Document

10.1016/j.jet.2003.07.007

Cite this

@article{1c71c273462948398ab5cc34a3329c8c,

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.",

author = "Neil Wallace and Tao Zhu",

year = "2004",

month = aug,

doi = "10.1016/j.jet.2003.07.007",

language = "English (US)",

volume = "117",

pages = "246--258",

journal = "Journal of Economic Theory",

issn = "0022-0531",

publisher = "Academic Press Inc.",

number = "2",

}

TY - JOUR

T1 - A commodity-money refinement in matching models

AU - Wallace, Neil

AU - Zhu, Tao

PY - 2004/8

Y1 - 2004/8

N2 - 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.

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.

UR - https://www.scopus.com/pages/publications/3342892256

UR - https://www.scopus.com/inward/citedby.url?scp=3342892256&partnerID=8YFLogxK

U2 - 10.1016/j.jet.2003.07.007

DO - 10.1016/j.jet.2003.07.007

M3 - Article

AN - SCOPUS:3342892256

SN - 0022-0531

VL - 117

SP - 246

EP - 258

JO - Journal of Economic Theory

JF - Journal of Economic Theory

IS - 2

ER -

A commodity-money refinement in matching models

Abstract

All Science Journal Classification (ASJC) codes

Access to Document

Other files and links

Fingerprint

Cite this