Mengerian saleableness and commodity money in a Walrasian trading post example

Ross M. Starr

Economics Letters, 2008, vol. 100, issue 1, 35-38

Abstract: In an economy with commodity-pairwise trading posts and transaction costs, commodity money is endogenously determined in general equilibrium. Absent double coincidence of wants, the low-transaction cost commodity (with the narrowest proportional bid/ask price spread) becomes the common medium of exchange.

Date: 2008
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