A NOTE ON “MONEY IS MEMORY“: A COUNTEREXAMPLE
Yu Awaya () and
Hiroki Fukai
Macroeconomic Dynamics, 2017, vol. 21, issue 2, 545-553
Abstract:
A counterexample to the notion that money is memory is provided—one that relies on incomplete information. There exists an implementable allocation for it with money that is not implementable with memory. The result arises because money conveys only a limited amount of information about past actions, which can be beneficial in settings with incomplete information.
Date: 2017
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