The Numeraire, Money and the Missing Degree of Freedom

Martin Shubik

No 750, Cowles Foundation Discussion Papers from Cowles Foundation for Research in Economics, Yale University

Abstract: The prime purpose of this article is to illustrate some basic problems in the modelling of strategic market games with a single means of exchange or with complete markets. A simple example involving three types of traders trading in three commodities serves to make the points clear.

Keywords: Strategic market games; numeraire; single means of exchange (search for similar items in EconPapers)
Pages: 13 pages
Date: 1985-05
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