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Is Gold an Efficient Store of Value?

Pradeep Dubey, John Geanakoplos () and Martin Shubik
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John Geanakoplos: Cowles Foundation, http://economics.yale.edu/people/john-geanakoplos

No 1031R, Cowles Foundation Discussion Papers from Cowles Foundation for Research in Economics, Yale University

Abstract: Gold and tobacco have both been used as commodity money. One difference between the two is that gold yields utility, on account of its beauty, without diminishing its quantity. Tobacco yields utility when it is consumed. If this were the only difference, which would be the better money?

Date: 2002-02
Note: CFP 1084.
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Published in Economic Theory (2003), 21(4): 767-782

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