A NOTE ON â€œMONEY IS MEMORYâ€œ: A COUNTEREXAMPLE
Yu Awaya () and
Macroeconomic Dynamics, 2017, vol. 21, issue 2, 545-553
A counterexample to the notion that money is memory is providedâ€”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.
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